4Q/2002 Worst Offer-side Spreads

Here is the 2002 Q4 list of the one hundred worst "offer side" spreads when comparing lowest offer to highest offer. 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)	Offer Side Customer Purchase from Dealer (Lowest / Highest)	Spread	# of Trades	Volume (000)
12/04/2002	13062N-3M-7	CALIFORNIA ST	5.000	10/01/2032	97.750 / 98.000	31.125 / 101.250	70.125	93	14950
10/18/2002	647370-BV-6	NEW MEXICO ST HOSP EQUIP LN COUNCIL HOSP REV PRESBYTERIAN HEALTHCARE-SER A	5.500	08/01/2025		48.000 / 103.750	55.750	3	65
12/18/2002	249271-EY-9	DENVER COLO CITY & CNTY SPL FACS ARPT REV UNITED AIR LINES PROJ-SER A	6.875	10/01/2032		46.000 / 101.000	55.000	12	855
12/12/2002	914760-ZN-6	UNIVERSITY OKLA REVS TULSA CAMPUS-SER A	4.500	01/01/2018	98.817 / 98.817	57.792 / 100.795	43.003	17	2840
12/09/2002	341149-AD-4	FLORIDA ST BROWARD CNTY	10.000	07/01/2014		114.980 / 146.198	31.218	3	80
11/21/2002	796236-YU-5	SAN ANTONIO TEX REF & GEN IMPT	5.500	02/01/2016	108.276 / 108.276	79.440 / 108.276	28.836	24	3010
12/26/2002	544628-EZ-9	LOS ANGELES CALIF REGL ARPTS IMPT CORP LEASE REV REF-UNITED AIR LINES-L A I	6.875	11/15/2012	45.000 / 45.000	45.000 / 69.000	24.000	6	110
12/19/2002	130623-RM-5	CALIFORNIA ST AMBAC-TCRS	4.700	09/01/2007		84.969 / 108.668	23.699	2	15
11/12/2002	432308-KH-6	HILLSBOROUGH CNTY FLA AVIATION AUTH REV REF-SPL PURP-DELTA AIR LINES	6.800	01/01/2024	56.000 / 56.000	58.950 / 82.205	23.255	6	140
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	15.000 / 38.000	23.000	18	7225
12/12/2002	432308-JN-5	HILLSBOROUGH CNTY FLA AVIATION AUTH REV SPL PURPOSE FACS-US AIR PROJ	8.600	01/15/2022	37.820 / 38.000	17.000 / 40.000	23.000	7	9620
10/15/2002	546395-GR-9	LOUISIANA PUB FACS AUTH HOSP REV REF-SOUTHN BAPTIST HOSP INC PJ	8.000	05/15/2012		101.000 / 123.023	22.023	5	50
12/10/2002	010869-CD-5	ALAMEDA CORRIDOR TRANSN AUTH CALIF REV TAXABLE-SR LIEN-SER C	6.600	10/01/2029	108.501 / 108.641	110.285 / 132.110	21.825	7	3860
11/22/2002	969119-AA-4	WILLACY CNTY TEX PUB FAC CORP PROJ REV SER A-1	8.250	12/01/2023		78.278 / 100.000	21.722	4	160
11/14/2002	088621-AW-7	BI-STATE DEV AGY MO ILL MET DIST METROLINK CROSS CNTY PROJ-B	3.625	10/01/2011		100.433 / 121.657	21.224	20	1330
12/17/2002	60378N-AL-1	MINNEAPOLIS MINN POOLED REV CARECHOICE MEMBER PROJS	5.625	04/01/2014		78.963 / 99.989	21.026	11	115
11/15/2002	79306E-KS-2	ST PAUL MINN PORT AUTH INDL DEV REV SER C-1996 LOTTERY	7.000	09/01/2022	80.590 / 80.590	64.850 / 85.650	20.800	3	50
11/01/2002	491026-JH-4	KENTON CNTY KY ARPT BRD ARPT REV SPL FACS-DELTA AIRLINES PJ-A	6.500	02/01/2022	54.000 / 59.500	58.000 / 76.000	18.000	19	310
11/12/2002	592663-XH-6	METROPOLITAN WTR DIST SOUTHN CALIF WTRWKS REV VAR-SER B-3		07/01/2035	100.000 / 100.000	100.000 / 117.780	17.780	3	20400
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	84.250 / 102.000	17.750	8	9085
10/17/2002	13062N-3M-7	CALIFORNIA ST	5.000	10/01/2032	97.125 / 97.421	97.371 / 114.763	17.392	357	99040
10/24/2002	239874-AN-0	DAYTON OHIO SPL FACS REV REF-AIR FREIGHT-F-CONV-9/3/96	6.050	10/01/2009		79.000 / 95.500	16.500	3	25
12/31/2002	74527P-CS-0	PUERTO RICO HSG FIN CORP COLL MTG OBLIG COMP INT-MTG TR 3 SER A CL Z-2		07/01/2007		84.231 / 100.000	15.769	2	515
11/15/2002	544628-GA-2	LOS ANGELES CALIF REGL ARPTS IMPT CORP LEASE REV FACS-SUBLEASE-CONTINENTAL	9.250	08/01/2024	99.900 / 99.900	84.500 / 100.100	15.600	4	2030
10/11/2002	785652-BW-7	SABINE RIVER AUTH TEX POLLUTN CTL REV ADJ-REF-TXU ELEC CO PJ-SER A	5.500	05/01/2022	80.250 / 80.250	81.000 / 96.547	15.547	9	20040
10/28/2002	837033-EZ-8	SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH HEALTH FACS REV REF-1ST MTG-LUTHERAN	5.700	05/01/2026	69.464 / 69.464	70.714 / 86.140	15.426	22	1360
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	105.375 / 120.379	15.004	28	3555
10/18/2002	106213-CS-8	BRAZOS RIVER AUTH TEX POLLUTN CTL REV ADJ-REF-COLL-UTILS ELEC CO-B	5.050	06/01/2030		85.000 / 100.000	15.000	13	1830
10/16/2002	841205-UG-0	SOUTHAMPTON TOWN N Y PUB IMPT	4.100	10/15/2018		98.843 / 113.652	14.809	3	40
11/07/2002	455254-DA-7	INDIANAPOLIS IND ARPT AUTH REV SPL FAC-UTD AIR LINES PJ-SER A	6.500	11/15/2031	48.000 / 48.375	37.350 / 52.000	14.650	11	635
10/17/2002	64971S-AA-7	NEW YORK N Y CITY INDL DEV AGY SPL FAC REV 1990 AMERICAN AIRLINES INC PJ	5.400	07/01/2019	49.870 / 49.870	35.500 / 50.130	14.630	3	160
12/13/2002	86589N-AR-8	SUMMIT ACADEMY NORTH MICH PUB SCH ACADEMY CTFS PARTN SUB	8.750	07/01/2030		83.000 / 97.458	14.458	3	243
11/26/2002	158843-HG-0	CHANDLER ARIZ	6.625	07/01/2006	99.000 / 99.000	100.326 / 114.410	14.084	6	140
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	23.920 / 38.000	14.080	5	70
11/21/2002	888805-AG-3	TOBACCO SETTLEMENT AUTH IOWA TOB SETTLEMENT REV ASSET-BKD-SER B	5.600	06/01/2035	84.129 / 84.129	86.091 / 99.750	13.659	29	3450
11/04/2002	267152-EY-8	DUVAL CNTY FLA HSG FIN AUTH MULTI-FAMILY HSG REV RENT-RIV BAY NORTH APTS	7.625	12/15/2015		89.000 / 102.500	13.500	4	90
10/11/2002	645778-BD-2	NEW JERSEY ECONOMIC DEV AUTH POLLUTN CTL REV REF-PSEG PWR LLC PROJ	5.000	03/01/2012	93.771 / 93.771	94.271 / 107.747	13.476	6	56325
11/26/2002	235035-AF-9	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV DELTA AIR LINES INC	7.125	11/01/2026	59.500 / 59.500	49.375 / 62.620	13.245	5	410
10/29/2002	837033-EZ-8	SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH HEALTH FACS REV REF-1ST MTG-LUTHERAN	5.700	05/01/2026		73.000 / 86.140	13.140	5	180
12/27/2002	80104P-AB-7	SANKOFA SHULE PUB SCH ACADEMY MICH CTFS PARTN	8.000	06/01/2030		77.000 / 89.871	12.871	3	80
11/19/2002	235035-AF-9	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV DELTA AIR LINES INC	7.125	11/01/2026	51.000 / 57.500	49.000 / 61.500	12.500	13	1500
10/07/2002	537346-AA-6	LITTLE RIV CNTY ARK REV REF-GEORGIA-PACIFIC CORP PROJ	5.600	10/01/2026	68.616 / 68.616	70.516 / 83.000	12.484	7	295
11/07/2002	235035-AK-8	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV AMERICAN AIRLINES INC	6.000	11/01/2014	27.500 / 27.500	27.600 / 40.000	12.400	5	335
11/22/2002	57582N-JT-3	MASSACHUSETTS ST CONS LN-SER E	5.500	01/01/2014		100.075 / 112.344	12.269	28	25175
12/16/2002	235035-AK-8	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV AMERICAN AIRLINES INC	6.000	11/01/2014	35.000 / 35.000	40.250 / 52.500	12.250	4	45
10/28/2002	069296-AW-1	BARTLESVILLE OKLA DEV AUTH REV GREEN CNTRY VLG INC PJ	8.000	07/01/2018	29.550 / 30.500	29.800 / 42.000	12.200	7	210
10/10/2002	57585J-CS-8	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV CAPE COD HLTH-CONV 11/08/94	5.400	11/15/2009	103.000 / 103.000	104.741 / 116.912	12.171	7	145
10/21/2002	13062N-T6-4	CALIFORNIA ST REF-MBIA IBC	5.000	02/01/2012		101.849 / 113.904	12.055	4	65
11/19/2002	659154-YS-1	NORTH EAST INDPT SCH DIST TEX CAP APPREC-SER D		02/01/2006	77.497 / 89.793	78.497 / 90.418	11.921	4	50
11/14/2002	23354M-DF-9	DADE CNTY FLA SCH BRD CTFS PARTN SER A	5.500	05/01/2025	98.673 / 110.128	98.673 / 110.328	11.655	5	165
11/27/2002	491026-JF-8	KENTON CNTY KY ARPT BRD ARPT REV SPL FACS-DELTA AIRLINES PJ-A	7.500	02/01/2012		76.600 / 87.924	11.324	3	40
10/24/2002	64970K-XF-9	NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV SER D	4.000	06/15/2017		88.707 / 100.000	11.293	6	65
10/02/2002	491026-JF-8	KENTON CNTY KY ARPT BRD ARPT REV SPL FACS-DELTA AIRLINES PJ-A	7.500	02/01/2012	83.250 / 83.250	83.720 / 94.750	11.030	5	75
12/12/2002	45200K-NB-0	ILLINOIS HEALTH FACS AUTH REV REF-MERCY HOSP & MED CTR	7.000	01/01/2015		38.000 / 49.000	11.000	7	195
12/20/2002	826311-AA-0	SIERRA FOOTHILLS CALIF PUB UTIL DIST REV SER A	8.000	08/15/2003	33.600 / 33.600	24.000 / 35.000	11.000	4	50
10/25/2002	574216-4T-1	MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV JOHNS HOPKINS HOSP	4.500	05/15/2035		87.355 / 98.250	10.895	5	60
10/02/2002	939741-GZ-1	WASHINGTON ST ZERO CPN		08/01/2007	67.810 / 67.810	75.810 / 86.638	10.828	5	19
12/06/2002	017357-TX-2	ALLEGHENY CNTY PA SAN AUTH SWR REV REF-2002	5.000	12/01/2012		108.144 / 118.806	10.662	2	3880
10/23/2002	130923-AP-0	CALIFORNIA STATEWIDE FING AUTH TOBACCO SETTLEMENT ASSET BKD-POOLED TOBACCO	5.625	05/01/2029		93.803 / 104.424	10.621	4	100
12/06/2002	798681-CK-6	SAN LUIS OBISPO CNTY CALIF CTFS PARTN NEW CNTY GOVT CTR PROJ-SER A	5.000	10/15/2008		99.997 / 110.616	10.619	5	930
10/30/2002	649837-K6-7	NEW YORK ST DORM AUTH REVS FHA-HOSP-N Y & PRESBYTERIAN	5.500	02/01/2007		100.302 / 110.782	10.480	5	1250
11/13/2002	01852L-AA-8	ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLINES INC PROJ	7.500	12/01/2029	33.300 / 39.680	35.600 / 46.000	10.400	19	655
12/19/2002	658196-PJ-3	NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV SER A	6.400	01/01/2021		108.000 / 118.356	10.356	3	105
10/22/2002	106213-CS-8	BRAZOS RIVER AUTH TEX POLLUTN CTL REV ADJ-REF-COLL-UTILS ELEC CO-B	5.050	06/01/2030		89.000 / 99.336	10.336	4	1375
10/09/2002	681669-AR-8	OMAHA-DOUGLAS NEB PUB BLDG COMMN	5.750	05/01/2020	99.000 / 109.000	101.000 / 111.332	10.332	4	80
12/19/2002	745290-EB-8	PUERTO RICO PORTS AUTH REV SPL FACS-AMERN AIRLINES-SER A	6.250	06/01/2026	42.140 / 42.140	34.000 / 44.290	10.290	6	290
10/03/2002	899661-CP-5	TULSA OKLA MUN ARPT TR REV AMERICAN AIRLINES PROJ	6.250	06/01/2020	50.000 / 50.000	54.000 / 64.236	10.236	5	145
12/09/2002	386442-RK-5	GRAND RIVER DAM AUTH OKLA REV REF	5.500	06/01/2013	102.057 / 102.057	102.057 / 112.290	10.233	4	115
12/26/2002	65003P-AL-8	NEW YORK ST URBAN DEV CORP CORRECTIONAL & YOUTH FACS SVC CONTRACT REV SER A	5.500	01/01/2017		100.000 / 110.180	10.180	4	1288
10/15/2002	898785-JZ-4	TUCSON ARIZ STR & HWY USER REV JR LIEN-SER 1994-D	4.700	07/01/2013	97.000 / 97.000	100.000 / 110.086	10.086	3	40
10/23/2002	804651-Q8-3	SAVAGE MINN REF & IMPT-SER C	3.500	02/01/2007		101.962 / 111.962	10.000	4	240
11/22/2002	733581-3E-0	PORT AUTH N Y & N J CONS-128TH SER	4.750	11/01/2025		91.000 / 101.000	10.000	49	1550
12/06/2002	01852L-AA-8	ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLINES INC PROJ	7.500	12/01/2029		35.000 / 45.000	10.000	3	30
12/04/2002	575895-DH-7	MASSACHUSETTS ST PORT AUTH REV	5.625	07/01/2012	100.000 / 100.000	101.000 / 110.981	9.981	6	70
12/11/2002	745272-BX-1	PUERTO RICO INDL TOURIST EDL MED & ENVIRONMENTAL CTL FACS FING AUTH HIGHER	5.375	02/01/2029		90.080 / 100.000	9.920	2	45
10/02/2002	765418-AC-2	RICHMOND VA MET AUTH EXPWY REV	5.600	01/15/2013	99.000 / 110.164	101.106 / 110.940	9.834	14	490
12/12/2002	01852L-AA-8	ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLINES INC PROJ	7.500	12/01/2029	40.000 / 41.900	36.550 / 46.350	9.800	13	800
11/13/2002	720286-BJ-1	PIERCE & KING CNTYS WASH SCH DIST NO 417 FIFE REF	5.000	12/01/2020	100.446 / 100.446	94.329 / 104.071	9.742	3	25
10/07/2002	68607F-8K-9	OREGON ST VETERANS WELFARE-SER 79A	6.000	04/01/2032	98.500 / 108.821	102.500 / 112.221	9.721	4	120
12/20/2002	649787-LU-0	NEW YORK ST REF-SER F	5.250	09/15/2011	100.000 / 100.000	101.000 / 110.411	9.411	4	60
10/07/2002	011832-UD-2	ALASKA ST HSG FIN CORP SER A	5.000	12/01/2039	100.600 / 100.600	92.115 / 101.500	9.385	7	1330
12/13/2002	64578C-AB-7	NEW JERSEY ECONOMIC DEV AUTH SPL FAC REV CONTINENTAL AIRLINES INC PJ	6.625	09/15/2012	74.000 / 74.000	74.000 / 83.363	9.363	3	50
10/16/2002	649716-2W-6	NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV REF-FUTURE TAX SECD-SER A	5.500	11/01/2026	110.911 / 111.500	102.500 / 111.753	9.253	10	7315
12/30/2002	796825-AX-5	SAN BERNARDINO CNTY CALIF FING AUTH PENSION OBLIG REV CAP APPREC		08/01/2016		47.250 / 56.495	9.245	7	3020
12/12/2002	60635R-LS-4	MISSOURI ST HEALTH & EDL FACS AUTH HEALTH FACS REV HEALTH MIDWEST-SER B	5.600	06/01/2005		97.499 / 106.741	9.242	2	25
10/29/2002	735000-FA-4	PORT OAKLAND CALIF REV AMT-REF-SER N	3.125	11/01/2010	91.289 / 91.289	91.700 / 100.880	9.180	10	1350
12/11/2002	167560-JB-8	CHICAGO ILL MET WTR RECLAMATION DIST GTR CHICAGO CAP IMPT-SER D	5.000	12/01/2007		100.687 / 109.864	9.177	15	10100
10/22/2002	167736-PX-9	CHICAGO ILL WTR REV SR LIEN	5.750	11/01/2011		104.909 / 114.031	9.122	4	280
12/11/2002	01852L-AA-8	ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLINES INC PROJ	7.500	12/01/2029	42.000 / 43.000	37.250 / 46.350	9.100	31	15885
11/14/2002	567105-FJ-5	MARICOPA CNTY ARIZ SCH DIST NO 17 TOLLESON ELEM REF	6.000	07/01/2008	114.695 / 115.070	105.993 / 115.070	9.077	6	3950
10/25/2002	837033-EZ-8	SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH HEALTH FACS REV REF-1ST MTG-LUTHERAN	5.700	05/01/2026	73.727 / 73.727	77.600 / 86.639	9.039	5	430
10/21/2002	523494-FY-3	LEE CNTY FLA SCH BRD CTFS PARTN SER A	4.500	08/01/2027	88.904 / 88.904	90.988 / 100.000	9.012	55	2520
11/14/2002	074876-BP-7	BEAVER CNTY PA INDL DEV AUTH POLLUTN CTL REV J RAY MCDERMOTT PROJ	6.800	02/01/2009	51.500 / 54.000	56.000 / 65.000	9.000	15	1045
10/10/2002	785652-BY-3	SABINE RIVER AUTH TEX POLLUTN CTL REV ADJ-REF-TXU ELEC CO PJ-SER C	4.000	07/01/2028	89.750 / 89.875	90.000 / 98.995	8.995	8	8740
10/23/2002	544525-BB-3	LOS ANGELES CALIF DEPT WTR & PWR WTRWKS REV REF	4.250	10/15/2030		91.100 / 100.000	8.900	5	80
10/17/2002	92817F-GL-4	VIRGINIA ST PUB SCH AUTH SER A	5.400	08/01/2006		100.000 / 108.883	8.883	3	200
12/04/2002	650013-D9-3	NEW YORK ST TWY AUTH HWY & BRDG TR FD REF-SER C	5.500	04/01/2014	109.400 / 109.400	109.600 / 118.465	8.865	5	275
11/27/2002	447154-BV-6	HUNTSVILLE ALA PUB BLDG AUTH LEASE REV MUN JUSTICE & PUB SAFETY CTR	5.000	10/01/2029	99.047 / 99.097	99.262 / 108.047	8.785	45	16470
10/17/2002	797652-6Z-2	SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV REF-SEC SER-ISSUE	4.500	05/01/2026	88.684 / 91.979	92.084 / 100.850	8.766	9	675
10/07/2002	040506-HQ-3	ARIZONA HEALTH FACS AUTH HOSP SYS REV PHOENIX CHILDRENS HOSP-SER A	6.250	11/15/2029	99.000 / 99.000	100.500 / 109.250	8.750	3	60

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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