Which of the following statements about treasury arbitrage is correct? Select ALL that apply

It is common to use leverage for treasury arbitrage

Treasury arbitrage involves shorting the off-the-run issue and going long the on-the-run issue

On-the-run bonds are priced slightly higher than off-the-run bonds due to higher liquidity and demand (resulting in a lower yield)

New treasury bond issues (on-the-run) have lower liquidity compared to older bond issues (off-the-run)