4Q/2002 Worst Bid-side Spreads

Here is the 2002 Q4 list of the one hundred worst "bid side" spreads when comparing lowest bid to highest bid. This study is limited to "actively traded" Municipal Bonds. To be labeled as actively traded on a specific day, a Municipal Bond must have traded at least four, three or two times.

Date	CUSIP	Municipal Bond Name / Description	Coupon	Maturity	Bid Side Customer Sold to Dealer (Lowest / Highest)	Spread	Offer Side Customer Purchase from Dealer (Lowest / Highest)	# of Trades	Volume (000)
12/12/2002	715875-LU-2	PETALUMA CALIF CITY JT UN HIGH SCH DIST CAP APPREC-REF		08/01/2013	62.750 / 133.500	70.750		2	165
10/03/2002	794884-FW-1	SALINAS CALIF IMPT BD ACT 1915 OM-ASSMT DIST NO 86-1-MARYAL	7.800	09/02/2003	35.000 / 101.250	66.250		4	35
12/04/2002	585650-GJ-7	MELROSE PARK ILL TAX INCREMENT-SER A	4.900	12/15/2021	33.386 / 99.386	66.000	99.386 / 99.386	5	835
10/01/2002	795869-DA-1	SAM RAYBURN TEX MUN PWR AGY PWR SUPPLY SYS REV REF-SER A	6.750	10/01/2014	51.000 / 102.000	51.000		25	400
10/04/2002	924211-F2-6	VERMONT MUN BD BK SER 1	5.000	12/01/2012	65.712 / 110.594	44.882		4	320
12/26/2002	123593-BS-3	BUTLER CNTY PA INDL DEV AUTH COML DEV FIRST MTG REV REF-KMART CORP-SER A	6.875	06/15/2006	63.000 / 100.000	37.000	64.000 / 64.000	3	190
11/14/2002	544628-GA-2	LOS ANGELES CALIF REGL ARPTS IMPT CORP LEASE REV FACS-SUBLEASE-CONTINENTAL	9.250	08/01/2024	70.250 / 99.000	28.750	99.250 / 99.250	5	2045
12/11/2002	645913-AA-2	NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER A	7.425	02/15/2029	99.500 / 122.611	23.111	106.125 / 106.125	7	1928
12/06/2002	645913-AA-2	NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER A	7.425	02/15/2029	99.000 / 120.310	21.310	120.410 / 120.410	5	68453
12/11/2002	786744-GH-9	SAGINAW MICH HOSP FIN AUTH HOSP REV COVENANT MEDICAL CENTER INC-F	6.500	07/01/2030	87.000 / 106.740	19.740	90.000 / 90.000	3	520
10/18/2002	785652-BW-7	SABINE RIVER AUTH TEX POLLUTN CTL REV ADJ-REF-TXU ELEC CO PJ-SER A	5.500	05/01/2022	83.500 / 102.000	18.500	84.250 / 102.000	8	9085
11/13/2002	660588-AV-6	NORTH LITTLE ROCK ARK RESIDNTL HSG FACS BRD SGLE FAM MTG REV	7.300	05/01/2010	99.300 / 116.000	16.700	100.000 / 100.000	3	110
12/11/2002	13077L-AR-5	CALIFORNIA STATEWIDE CMNTYS DEV AUTH LEASE REV SPL FACS-UNITED AIRLINES-SER	5.700	10/01/2033	15.000 / 31.500	16.500	15.000 / 38.000	18	7225
10/07/2002	360052-AJ-3	FULTON CNTY GA DEV AUTH SPL FACS REV DELTA AIRLINES INC PROJ	5.450	05/01/2023	44.000 / 60.420	16.420	48.410 / 56.864	11	175
12/02/2002	184160-HQ-5	CLAYTON CNTY GA HSG AUTH MULTIFAMILY HSG REV MAGNOLIA PARK APTS PJ-SER A	5.500	12/01/2009	83.810 / 100.000	16.190	100.000 / 100.000	3	290
12/10/2002	745272-BX-1	PUERTO RICO INDL TOURIST EDL MED & ENVIRONMENTAL CTL FACS FING AUTH HIGHER	5.375	02/01/2029	80.380 / 96.500	16.120		4	115
10/10/2002	646139-JP-1	NEW JERSEY ST TPK AUTH TPK REV SER C	6.500	01/01/2016	108.000 / 123.953	15.953	121.266 / 121.266	8	5100
11/06/2002	184150-AB-6	CLAYTON CNTY GA DEV AUTH REV 1ST MTG-SR CARE-BAYBERRY PJ-A	6.750	07/01/2029	20.930 / 36.830	15.900	21.555 / 21.555	4	2370
11/26/2002	796788-AQ-0	SAN BERNARDINO CALIF REDEV AGY SINGLE FAMILY RESIDNTL MTG REV	7.125	01/01/2011	97.500 / 113.152	15.652		4	35
11/27/2002	649892-KN-5	NEW YORK ST PWR AUTH REV & GEN PURP	7.500	01/01/2010	101.000 / 116.500	15.500	116.380 / 116.380	4	75
12/03/2002	042686-EY-7	ARP TEX INDPT SCH DIST SER A	6.000	02/15/2010	100.000 / 115.263	15.263		3	390
10/01/2002	793044-AC-2	ST PAUL MINN PORT AUTH PKG REV SR LIEN-4TH PKG RAMP PJ-SER 1	8.000	12/01/2027	54.750 / 69.310	14.560	60.500 / 60.500	4	85
12/03/2002	826310-AE-4	SIERRA FOOTHILLS CALIF PUB FING AUTH CTFS PARTN SER A	8.000	12/15/2005	22.400 / 36.500	14.100	23.920 / 38.000	5	70
10/07/2002	106213-FH-9	BRAZOS RIVER AUTH TEX POLLUTN CTL REV ADJ-REF-TXU ELEC CO PJ-SER C	5.750	05/01/2022	88.000 / 102.000	14.000	100.000 / 100.000	13	1050
12/19/2002	802576-AA-6	SANTA ROSA BAY BRDG AUTH FLA REV	6.250	07/01/2028	68.000 / 82.000	14.000		4	150
12/11/2002	040871-CU-7	ARKANSAS HSG DEV AGY SINGLE FAM MTG PUR	8.375	07/01/2010	102.715 / 116.560	13.845		3	50
10/09/2002	16876Q-AQ-2	CHILDRENS TR FD P R TOB SETTLEMENT REV ASSET BACKED BDS	6.000	07/01/2026	105.375 / 119.185	13.810	105.375 / 120.379	28	3555
12/03/2002	042686-EW-1	ARP TEX INDPT SCH DIST SER A	6.000	02/15/2008	100.000 / 113.593	13.593		3	360
10/07/2002	509438-AR-8	LAKE CNTY OHIO HOSP IMPT REV RIDGECLIFF HOSP PROJ	8.000	10/01/2009	99.000 / 112.590	13.590	100.000 / 100.000	5	25
10/22/2002	826310-AF-1	SIERRA FOOTHILLS CALIF PUB FING AUTH CTFS PARTN SER A	8.500	12/15/2018	25.000 / 38.500	13.500	40.000 / 40.000	4	140
10/21/2002	953452-AC-3	WEST JEFFERSON AMUSEMENT & PUB PK AUTH ALA REV 1ST MTG-VISIONLAND ALA PJ	7.250	12/01/2027	95.500 / 108.845	13.345		4	40
10/01/2002	076099-AW-0	BEDFORD CNTY VA INDL DEV AUTH INDL DEV REV REF-NEKOOSA PACKAGING PJ-SER A	6.550	12/01/2025	73.463 / 86.800	13.337	87.750 / 87.750	8	2560
11/20/2002	544628-GA-2	LOS ANGELES CALIF REGL ARPTS IMPT CORP LEASE REV FACS-SUBLEASE-CONTINENTAL	9.250	08/01/2024	86.190 / 99.250	13.060	99.500 / 99.500	4	3050
10/30/2002	79306E-DG-6	ST PAUL MINN PORT AUTH INDL DEV REV SER C-1996 LOTTERY	10.000	12/01/2006	69.000 / 82.000	13.000		6	45
11/26/2002	491026-JF-8	KENTON CNTY KY ARPT BRD ARPT REV SPL FACS-DELTA AIRLINES PJ-A	7.500	02/01/2012	70.750 / 83.500	12.750		4	50
11/12/2002	745235-LR-0	PUERTO RICO PUB BLDGS AUTH REV GTD GOVT FACS-SER A	5.500	07/01/2021	95.657 / 108.270	12.613		3	370
12/03/2002	042686-EV-3	ARP TEX INDPT SCH DIST SER A	6.000	02/15/2007	100.000 / 112.326	12.326		3	330
11/19/2002	659154-YS-1	NORTH EAST INDPT SCH DIST TEX CAP APPREC-SER D		02/01/2006	77.497 / 89.793	12.296	78.497 / 90.418	4	50
10/03/2002	452010-SK-8	ILLINOIS HSG DEV AUTH MULTI-FAMILY HSG	5.000	07/01/2025	81.280 / 93.549	12.269	94.849 / 94.849	6	50
10/31/2002	837033-EZ-8	SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH HEALTH FACS REV REF-1ST MTG-LUTHERAN	5.700	05/01/2026	69.464 / 81.650	12.186	86.140 / 86.140	12	370
11/25/2002	01852L-AA-8	ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLINES INC PROJ	7.500	12/01/2029	33.000 / 45.000	12.000	45.400 / 45.400	7	150
10/01/2002	207726-SB-7	CONNECTICUT ST CAP APPREC-SER A		07/01/2008	71.000 / 82.909	11.909	83.809 / 83.809	3	22
10/16/2002	649715-BQ-1	NEW YORK N Y CITY TRAN AUTH TRAN FACS REV REF-LIVINGSTON PLAZA PROJ	5.400	01/01/2018	96.048 / 107.821	11.773		3	35
12/09/2002	442348-P8-5	HOUSTON TEX ARPT SYS REV SPL FACS-CONTINENTAL-SER E	6.750	07/01/2029	53.000 / 64.750	11.750	56.250 / 65.000	8	6130
11/21/2002	733581-SF-0	PORT AUTH N Y & N J CONS-ONE HUNDRED SIXTEENTH SER	4.250	10/01/2026	78.098 / 89.804	11.706	89.614 / 92.904	26	605
10/02/2002	745181-FE-2	PUERTO RICO COMWLTH HWY & TRANSN AUTH HWY REV REF-SER X	5.250	07/01/2021	100.467 / 112.000	11.533	102.467 / 102.467	3	60
10/30/2002	717903-RS-9	PHILADELPHIA PA HOSPS & HIGHER ED FACS AUTH HOSP REV TEMPLE UNIV HOSP	6.625	11/15/2023	89.500 / 101.000	11.500		6	435
12/16/2002	13077L-AR-5	CALIFORNIA STATEWIDE CMNTYS DEV AUTH LEASE REV SPL FACS-UNITED AIRLINES-SER	5.700	10/01/2033	30.500 / 42.000	11.500		6	90
11/14/2002	23354M-DF-9	DADE CNTY FLA SCH BRD CTFS PARTN SER A	5.500	05/01/2025	98.673 / 110.128	11.455	98.673 / 110.328	5	165
12/26/2002	197048-AQ-4	COLTON CALIF REDEV AGY RESIDENTIAL MTG REV SINGLE FAMILY	7.250	08/01/2011	101.375 / 112.810	11.435		2	30
12/19/2002	103580-BW-5	BOYNTON BEACH FLA UTIL SYS REV PREREFUNDED	6.250	11/01/2020	107.150 / 118.581	11.431		4	40
12/09/2002	13062N-3M-7	CALIFORNIA ST	5.000	10/01/2032	98.000 / 109.216	11.216	98.375 / 101.000	56	4835
10/04/2002	491026-JH-4	KENTON CNTY KY ARPT BRD ARPT REV SPL FACS-DELTA AIRLINES PJ-A	6.500	02/01/2022	58.500 / 69.704	11.204	74.250 / 74.250	5	185
10/02/2002	765418-AC-2	RICHMOND VA MET AUTH EXPWY REV	5.600	01/15/2013	99.000 / 110.164	11.164	101.106 / 110.940	14	490
10/03/2002	733581-SF-0	PORT AUTH N Y & N J CONS-ONE HUNDRED SIXTEENTH SER	4.250	10/01/2026	92.012 / 103.040	11.028	96.375 / 98.519	12	410
11/07/2002	491026-JH-4	KENTON CNTY KY ARPT BRD ARPT REV SPL FACS-DELTA AIRLINES PJ-A	6.500	02/01/2022	70.000 / 81.000	11.000	68.350 / 76.000	11	420
10/09/2002	040506-HH-3	ARIZONA HEALTH FACS AUTH HOSP SYS REV PHOENIX CHILDRENS HOSP-SER A	5.500	11/15/2010	89.010 / 100.000	10.990	97.000 / 100.000	6	295
12/30/2002	883858-AA-0	THIEF RIVER FALLS MINN HSG & REDEV AUTH GROSS REV HSG & DEV-CMNTY COLLEGE H	6.000	07/01/2021	11.060 / 22.000	10.940	22.000 / 22.000	3	30
10/21/2002	797651-CR-5	SAN FRANCISCO CALIF ARPT IMPT CORP LEASE REV UTD AIRLS INC	8.000	07/01/2013	103.000 / 113.800	10.800		6	40
10/23/2002	649892-GD-2	NEW YORK ST PWR AUTH REV & GEN PURP	5.625	01/01/2010	97.200 / 108.000	10.800		5	280
10/16/2002	017289-HF-9	ALLEGHENY CNTY PA HOSP DEV AUTH REV ST MARGARET MEM HOSP	6.750	07/01/2010	100.500 / 111.260	10.760		4	80
11/18/2002	576233-KP-4	MASSILLON OHIO REF-GOLF COURSE-SER A	4.750	12/01/2031	85.546 / 96.292	10.746	96.192 / 99.375	18	6680
11/20/2002	491026-JK-7	KENTON CNTY KY ARPT BRD ARPT REV SPL FACS-DELTA AIRLINES PJ-A	7.125	02/01/2021	68.875 / 79.460	10.585	79.822 / 79.822	7	3110
12/03/2002	042686-EU-5	ARP TEX INDPT SCH DIST SER A	6.000	02/15/2006	100.000 / 110.550	10.550		3	315
12/09/2002	469404-HH-3	JACKSONVILLE FLA HEALTH FACS AUTH HOSP REV REF-METHODIST HOSP-SER B	8.000	10/01/2015	83.000 / 93.500	10.500		38	410
10/08/2002	432319-ES-6	HILLSBOROUGH CNTY FLA IMPT REV	8.200	10/01/2011	111.670 / 122.041	10.371		6	285
10/07/2002	68607F-8K-9	OREGON ST VETERANS WELFARE-SER 79A	6.000	04/01/2032	98.500 / 108.821	10.321	102.500 / 112.221	4	120
12/09/2002	888805-AF-5	TOBACCO SETTLEMENT AUTH IOWA TOB SETTLEMENT REV ASSET-BKD-SER B	5.300	06/01/2025	84.300 / 94.570	10.270	88.610 / 90.282	19	385
12/12/2002	167592-WL-4	CHICAGO ILL O HARE INTL ARPT REV REF-GEN ARPT THIRD LIEN-SER A	5.375	01/01/2032	90.500 / 100.670	10.170	102.698 / 104.170	12	185
12/18/2002	657902-TV-4	NORTH CAROLINA MED CARE COMMN HEALTH CARE FACS REV DUKE UNIV HEALTH SYS-SER	5.000	06/01/2028	89.000 / 99.170	10.170	99.736 / 99.736	5	50
11/21/2002	649839-PG-6	NEW YORK ST DORM AUTH REVS ST UNIV EDL FACS-B-MBIA IBC	4.750	05/15/2028	85.659 / 95.809	10.150	95.725 / 99.209	8	205
10/09/2002	681669-AR-8	OMAHA-DOUGLAS NEB PUB BLDG COMMN	5.750	05/01/2020	99.000 / 109.000	10.000	101.000 / 111.332	4	80
12/12/2002	664168-BU-4	NORTHEAST HOSP AUTH TEX REV	8.000	07/01/2008	102.100 / 112.000	9.900		3	35
10/15/2002	20772E-EM-1	CONNECTICUT ST CAP APPREC-COLLEGE SAVINGS-B		12/01/2008	73.000 / 82.716	9.716	80.000 / 84.099	7	610
11/26/2002	891368-BF-8	TORRANCE CALIF HOSP REV LITTLE CO OF MARY HOSP-SER A	7.100	12/01/2015	102.158 / 111.765	9.607	114.765 / 114.765	4	20
12/26/2002	646088-BP-8	NEW JERSEY ST HWY AUTH GARDEN ST PKWY GEN REV	6.600	01/01/2011	99.000 / 108.570	9.570		3	20
11/21/2002	64970K-FS-1	NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV SER A	4.750	06/15/2031	85.188 / 94.724	9.536	96.217 / 100.000	21	870
12/05/2002	64988H-N8-3	NEW YORK ST MED CARE FACS FIN AGY REV HOSP & NURSING HOME-INSD MTG-C	5.750	08/15/2019	101.477 / 111.000	9.523	109.000 / 109.000	6	105
10/02/2002	939741-ME-1	WASHINGTON ST ZERO CPN		08/01/2007	73.163 / 82.609	9.446	78.163 / 78.163	5	18
12/18/2002	546396-5R-9	LOUISIANA PUB FACS AUTH REV CUST RCPT-SER B		12/01/2019	31.880 / 41.200	9.320	41.200 / 41.200	7	190
10/15/2002	537346-AA-6	LITTLE RIV CNTY ARK REV REF-GEORGIA-PACIFIC CORP PROJ	5.600	10/01/2026	67.253 / 76.542	9.289	79.000 / 80.432	9	345
12/12/2002	888805-AE-8	TOBACCO SETTLEMENT AUTH IOWA TOB SETTLEMENT REV ASSET-BKD-SER B	5.500	06/01/2014	96.000 / 105.157	9.157	104.750 / 107.157	6	190
10/16/2002	654348-AA-9	NILES OHIO INDL DEV FIRST MTG REV K-MI ASSOC PROJ-K MART CORP	10.000	06/01/2005	81.100 / 90.250	9.150	90.250 / 90.250	5	230
10/23/2002	01852L-AA-8	ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLINES INC PROJ	7.500	12/01/2029	18.875 / 28.000	9.125	28.500 / 29.300	9	3640
12/18/2002	97710N-S7-2	WISCONSIN ST HEALTH & EDL FACS AUTH REV AURORA HEALTH CARE INC-SER A	5.600	02/15/2029	84.875 / 93.994	9.119		4	265
12/06/2002	181006-BV-8	CLARK CNTY NEV PASSENGER FAC CHARGE REV LAS VEGAS/MACARRAN INTL ARPT-A	5.750	07/01/2023	94.001 / 103.010	9.009		4	75
10/10/2002	340736-NM-5	FLORIDA HSG FIN AGY REF-MULTIFAM HSG-LAKE SIDE-A	7.000	12/01/2016	91.000 / 100.000	9.000	94.050 / 100.000	10	1150
10/10/2002	340736-NJ-2	FLORIDA HSG FIN AGY REF-MULTIFAM HSG-LAKE SIDE-A	7.250	12/01/2025	91.000 / 100.000	9.000	95.000 / 100.000	6	4930
10/16/2002	720653-BR-4	PIERCE CNTY WASH SWR REV SER A TERM	9.000	02/01/2005	101.000 / 110.000	9.000	102.000 / 102.000	4	50
11/06/2002	01852L-AA-8	ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLINES INC PROJ	7.500	12/01/2029	29.750 / 38.750	9.000	30.825 / 39.250	15	6695
11/13/2002	344630-EN-4	FONTANA CALIF SPL TAX CMNTY FACS DIST NO 90-3-EMPIRE	8.375	04/01/2011	76.000 / 85.000	9.000		4	90
12/12/2002	455254-DA-7	INDIANAPOLIS IND ARPT AUTH REV SPL FAC-UTD AIR LINES PJ-SER A	6.500	11/15/2031	41.000 / 50.000	9.000	46.000 / 50.825	19	3710
11/21/2002	649837-M7-3	NEW YORK ST DORM AUTH REVS FHA-HOSP-N Y & PRESBYTERIAN	4.750	08/01/2027	85.787 / 94.771	8.984	97.858 / 99.000	8	185
12/27/2002	382065-AA-8	GOOCHLAND CNTY VA INDL DEV AUTH INDL DEV REV REF-NEKOOSA PACKAGING CORP	5.650	12/01/2025	73.000 / 81.950	8.950	75.000 / 75.000	3	255
12/23/2002	523488-AK-0	LEE CNTY FLA JUSTICE CTR COMPLEX INC IMPT REV	11.125	01/01/2011	123.500 / 132.425	8.925		4	100
10/15/2002	523511-AQ-6	LEE CNTY FLA SOUTHWEST FLA REGL AIRPORT REV	8.625	10/01/2009	110.000 / 118.870	8.870		5	35
10/18/2002	649669-YZ-5	NEW YORK N Y SER F-FGIC TCRS	5.000	08/01/2015	93.500 / 102.316	8.816	104.044 / 104.044	7	175
12/11/2002	10088M-AP-0	BOSTON MASS INDL DEV FING AUTH REV REF-FIRST MTG-SPRINGHOUSE INC	5.875	07/01/2018	86.740 / 95.532	8.792	97.758 / 97.758	4	200
12/10/2002	650033-6S-7	NEW YORK ST URBAN DEV CORP REV CORRECTIONAL CAP FACS-SER 6	5.375	01/01/2025	100.440 / 109.227	8.787	103.227 / 110.871	15	735
11/19/2002	88880P-AC-8	TOBACCO SETTLEMENT FING CORP LA REV ASSET-BKD-SER B	5.875	05/15/2039	88.650 / 97.425	8.775	90.293 / 94.500	23	3450

These reports represent inter-dealer and customer trades in municipal securities that have been reported by dealers to the Municipal Securities Rulemaking Board. The reports do not necessarily reflect all transactions that were effected on the specific trade date. Because of the possibility of errors in the trade submission process or errors or omissions in other processing of data, the reports should not be used as the sole basis for pricing or executing transactions in municipal securities. Prices for securities transactions vary with market conditions and can be affected by trade size and other factors.

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