A standard bond against which the performance of other bonds is related or measured. Government bonds (of stable and credit-worthy economies) are often used as benchmark bonds, in view of their standard features and fundamentals. A benchmark bond is generally considered to signify the probable future movement or direction of the overall bond market. The price of a benchmark bond is also used to indicate the general direction of the prices of other bonds. In the Treasury bond market, the 10-year note is a benchmark bond.

Benchmark issues are usually used as the basis for constructing yield curves.

A benchmark bond is also known as a bellwether bond.