2002 Worst Offer-side Spreads
(spread between lowest/highest offer)

Here is the 2002 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)
08/23/2002	928181-GS-9	VIRGINIA ST RES AUTH WTR & SWR SYS REV CAP APPREC-TUCKAHOE CREEK SVC		11/01/2030	21.419 / 21.419	21.479 / 99.000	77.521	5	1981
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
09/12/2002	948804-AD-1	WEIRTON W VA POLLUTN CTL REV REF-WEIRTON STEEL CORP PJ	.500	04/01/2012	25.999 / 94.700	27.350 / 95.000	67.650	4	124
01/18/2002	821686-MF-6	SHELBY CNTY TENN PUB IMPT & SCH-SER B	4.750	06/01/2014		36.750 / 102.805	66.055	5	445
09/06/2002	739720-AJ-9	PRAIRILAND TEX INDPT SCH DIST	6.000	08/15/2011		50.829 / 116.869	66.040	5	190
04/18/2002	25044M-AD-8	DESERT SPRINGS CMNTY CORP NEV REV SER A	8.500	08/15/2009	89.000 / 89.000	29.100 / 91.500	62.400	7	830
05/17/2002	930445-AM-3	WAGNER COLLEGE N Y TAXABLE	9.125	10/01/2004	103.921 / 103.921	43.371 / 104.371	61.000	5	320
09/09/2002	167484-VS-0	CHICAGO ILL PREREFUNDED-PROJ SER-SER B	5.000	01/01/2008		50.000 / 110.767	60.767	6	1000
04/25/2002	763665-RT-5	RICHLAND CNTY S C SCH DIST NO 001 SER A	4.250	03/01/2013		38.700 / 99.138	60.438	6	275
09/05/2002	739720-AH-3	PRAIRIELAND TEX INDPT SCH DIST	6.000	08/15/2010		56.111 / 115.978	59.867	4	140
08/15/2002	576018-BB-0	MASSACHUSETTS ST TPK AUTH MET HWY SYS REV CAP APPREC-SR-SER C		01/01/2021	39.377 / 99.950	40.107 / 99.550	59.443	10	2455
01/30/2002	685661-GW-4	ORCHARD PARK TWN N Y	4.750	12/15/2020		40.140 / 98.161	58.021	6	850
09/06/2002	739720-AG-5	PRAIRILAND TEX INDPT SCH DIST	6.000	08/15/2009		59.600 / 115.844	56.244	4	100
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
05/22/2002	478167-DE-6	JOHNSON & UNION CNTYS ILL CMNTY UNIT SCH DIST NO 1		02/01/2018	41.564 / 41.564	44.382 / 98.448	54.066	3	300
03/14/2002	20774L-WH-4	CONNECTICUT ST HEALTH & EDL FACS AUTH REV CONN STATE UNIV SYS-D2	5.000	11/01/2017		46.642 / 100.373	53.731	4	1400
02/26/2002	821686-FZ-0	SHELBY CNTY TENN CAP APPREC-REF		08/01/2016		48.909 / 101.500	52.591	4	8295
06/19/2002	508516-CW-9	LAKE CNTY ILL CMNTY CONS SCH DIST NO 034 ANTIOCH LTD TAX DEBT CTFS	4.750	12/01/2018	99.669 / 99.669	46.976 / 99.544	52.568	4	1200
05/22/2002	478167-DD-8	JOHNSON & UNION CNTYS ILL CMNTY UNIT SCH DIST NO 1		02/01/2017	44.781 / 44.781	47.416 / 98.502	51.086	3	660
04/19/2002	879709-VG-5	TEMPE ARIZ REF	4.000	07/01/2008		50.000 / 100.837	50.837	5	900
08/26/2002	546398-DH-8	LOUISIANA PUB FACS AUTH REV OCHSNER CLINIC FNDTN PJ-SER B	5.500	05/15/2027		98.294 / 148.144	49.850	52	3890
06/19/2002	508516-CU-3	LAKE CNTY ILL CMNTY CONS SCH DIST NO 034 ANTIOCH LTD TAX DEBT CTFS	4.600	12/01/2016	99.704 / 99.704	52.750 / 99.579	46.829	3	815
03/13/2002	423745-LH-9	HEMPFIELD PA SCH DIST LANCASTER CNTY	3.750	04/15/2008		54.398 / 99.733	45.335	4	415
05/22/2002	478167-DB-2	JOHNSON & UNION CNTYS ILL CMNTY UNIT SCH DIST NO 1		02/01/2015	98.753 / 98.753	53.474 / 98.628	45.154	3	600
06/26/2002	745291-PF-5	PUERTO RICO PUB FIN CORP CAP APPREC-COMWLTH APPROP-A		08/01/2012	54.233 / 54.233	55.059 / 100.000	44.941	21	4850
02/26/2002	791639-FL-6	ST LOUIS MO BRD ED CAP APPREC-SER A		04/01/2014		56.844 / 101.556	44.712	5	220
06/19/2002	508516-CT-6	LAKE CNTY ILL CMNTY CONS SCH DIST NO 034 ANTIOCH LTD TAX DEBT CTFS	4.500	12/01/2015	99.722 / 99.722	55.869 / 99.597	43.728	4	1040
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
01/03/2002	354658-CY-0	FRANKLIN SQUARE N Y UN FREE SCH DIST	4.750	01/15/2013		60.636 / 101.831	41.195	8	660
06/19/2002	508516-CS-8	LAKE CNTY ILL CMNTY CONS SCH DIST NO 034 ANTIOCH LTD TAX DEBT CTFS	4.400	12/01/2014	99.742 / 99.742	58.914 / 99.617	40.703	4	1000
02/13/2002	438695-AJ-7	HONOLULU HAWAII CITY & CNTY MTG REV REF-FHA-SMITH-BERETANIA-8A	5.450	01/01/2025		62.500 / 102.500	40.000	20	540
04/24/2002	368605-AL-5	GEM LAKE MINN SR HSG REV BOULDERS APTS PROJ-SER A	6.500	04/01/2037		100.000 / 140.000	40.000	13	500
09/04/2002	748743-HM-6	QUINLAN TEX INDPT SCH DIST	5.500	02/15/2009		71.906 / 111.899	39.993	5	135
01/14/2002	745235-QZ-7	PUERTO RICO PUB BLDGS AUTH REV GTD CONV CAP APPREC-SER D		07/01/2031	57.106 / 57.206	20.558 / 60.512	39.954	23	13205
07/23/2002	59259R-DS-0	METROPOLITAN TRANSN AUTH N Y REV REVERT PRAM-5%-11/15/2030-106		11/15/2030		63.000 / 102.625	39.625	3	30
07/30/2002	59259R-BE-3	METROPOLITAN TRANSN AUTH N Y REV REF-SER A	5.000	11/15/2030		63.750 / 103.125	39.375	128	11135
08/16/2002	59259N-MA-8	METROPOLITAN TRANSN AUTH N Y DEDICATED TAX FD SER A	5.000	11/15/2032		64.625 / 104.000	39.375	34	6280
01/28/2002	733581-L2-6	PORT AUTH N Y & N J CONS-124TH SER	5.000	08/01/2036		63.625 / 101.125	37.500	30	625
02/11/2002	944314-GD-9	WAYNE CHARTER CNTY MICH ARPT REV AMT-DETROIT MET WAYNE CNTY-A	5.000	12/01/2028		61.101 / 98.540	37.439	4	105
03/13/2002	658256-GX-4	NORTH CAROLINA ST PUB IMPT-SER A	5.500	03/01/2010		71.926 / 108.685	36.759	4	1400
05/13/2002	64966B-DL-4	NEW YORK N Y REVERT PRAMS-5.25-3/15/32-105		03/15/2032		63.250 / 100.000	36.750	4	90
06/14/2002	649716-2Y-2	NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV REF-FUTURE TAX SECD-SER A		11/01/2029	66.946 / 67.137	30.599 / 66.746	36.147	124	111120
05/30/2002	167590-ET-1	CHICAGO ILL O HARE INTL ARPT SPL FAC REV REF-UNITED AIR LINES PJ-SER C	6.300	05/01/2016	52.000 / 52.500	51.500 / 86.000	34.500	13	3515
09/26/2002	132811-AB-6	CAMDEN CNTY N J IMPT AUTH HSG DEV REV REPLACEMENT-CRESTBURY APTS PJ	8.750	12/15/2016	15.060 / 48.600	15.310 / 49.000	33.690	4	140
06/25/2002	745291-PC-2	PUERTO RICO PUB FIN CORP CAP APPREC-COMWLTH APPROP-A		08/01/2009	66.049 / 66.049	66.886 / 100.000	33.114	20	4350
05/14/2002	647310-WN-7	NEW MEXICO ST SEVERANCE TAX	5.000	07/01/2010		72.007 / 104.008	32.001	8	1195
12/09/2002	341149-AD-4	FLORIDA ST BROWARD CNTY	10.000	07/01/2014		114.980 / 146.198	31.218	3	80
06/03/2002	295407-WA-4	ERIE PA PREREFUNDED-CAP APPREC-SER B		11/15/2011		66.540 / 97.710	31.170	5	435
01/03/2002	354658-CV-6	FRANKLIN SQUARE N Y UN FREE SCH DIST	4.625	01/15/2010		71.151 / 102.180	31.029	7	685
01/23/2002	649657-LF-8	NEW YORK N Y CONV CAP APPREC-SER A-3		08/01/2014		70.000 / 100.000	30.000	4	40
04/10/2002	675902-AA-8	ODESSA TEX HSG FIN CORP RESIDUAL VALUE REV ZERO CPN		06/01/2012		30.643 / 60.643	30.000	4	350
09/20/2002	927790-BB-0	VIRGINIA COMWLTH TRANSN BRD FEDERAL HWY REIMBURSEMENT NTS	2.500	10/01/2007	100.000 / 100.075	70.996 / 100.000	29.004	51	13100
02/27/2002	786004-US-8	SACRAMENTO CALIF MUN UTIL DIST ELEC REV	9.000	04/01/2013	99.375 / 99.375	100.000 / 128.853	28.853	5	270
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
09/11/2002	928181-GS-9	VIRGINIA ST RES AUTH WTR & SWR SYS REV CAP APPREC-TUCKAHOE CREEK SVC		11/01/2030		21.165 / 50.000	28.835	3	132
08/09/2002	928181-GS-9	VIRGINIA ST RES AUTH WTR & SWR SYS REV CAP APPREC-TUCKAHOE CREEK SVC		11/01/2030		21.434 / 50.000	28.566	3	33
06/28/2002	512181-AA-6	LAKESIDE PLANTATION CMNTY DEV DIST FLA CAP IMPT REV SER A	6.950	05/01/2031	99.500 / 99.750	71.500 / 99.750	28.250	5	500
04/04/2002	796753-MR-9	SAN BERNARDINO CALIF JT PWRS FING AUTH TAX ALLOCATION REV REF	6.000	04/01/2018	98.750 / 98.750	100.000 / 128.140	28.140	45	1805
04/08/2002	13062N-J5-7	CALIFORNIA ST REF-XLCA-ICR	5.250	02/01/2030		73.861 / 101.500	27.639	16	745
01/16/2002	050591-VV-5	AUBURN UNIV ALA UNIV REVS CAP APPREC-ATHLETIC-SER A		04/01/2015		25.544 / 53.144	27.600	6	210
01/11/2002	590485-PG-7	MESA ARIZ	4.750	07/01/2016		75.000 / 101.660	26.660	4	295
08/19/2002	976595-CF-3	WISCONSIN CTR DIST WIS TAX REV REF-JR DEDICATED	5.250	12/15/2017	78.250 / 103.350	79.050 / 105.350	26.300	4	30
02/21/2002	60636C-FP-9	MISSOURI ST DEV FIN BRD INFRASTRUCTURE FACS REV INDEPENDENCE-SANTA FE REDEV	5.250	04/01/2023		75.520 / 101.804	26.284	5	385
06/28/2002	512181-AB-4	LAKESIDE PLANTATION CMNTY DEV DIST FLA CAP IMPT REV SER B	6.625	05/01/2006	99.500 / 99.750	75.000 / 99.750	24.750	5	575
01/15/2002	130622-EV-1	CALIFORNIA ST	9.250	03/01/2003	104.690 / 129.860	107.690 / 132.360	24.670	6	60
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
07/26/2002	130628-X8-8	CALIFORNIA ST REF	4.250	10/01/2026	85.883 / 87.346	89.026 / 112.941	23.915	6	520
12/19/2002	130623-RM-5	CALIFORNIA ST AMBAC-TCRS	4.700	09/01/2007		84.969 / 108.668	23.699	2	15
06/28/2002	403763-PZ-2	GWINNETT CNTY GA WTR & SEW REV COMP INT-REF		08/01/2009		76.610 / 100.250	23.640	4	185
07/31/2002	786004-RD-5	SACRAMENTO CALIF MUN UTIL DIST ELEC REV	6.800	10/01/2019		100.122 / 123.752	23.630	3	195
07/26/2002	13077Y-AA-4	CALIFORNIA STATEWIDE CMNTYS DEV AUTH SPL FACS REV UTD AIR LINES INC-LOS ANG	5.625	10/01/2034		32.960 / 56.390	23.430	3	125
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
08/15/2002	040654-FY-6	ARIZONA ST TRANSN BRD HWY REV	5.750	07/01/2018		93.678 / 116.603	22.925	4	370
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
09/20/2002	235035-AQ-5	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV REF-AMERICAN AIRLINES-SER	6.150	05/01/2029	40.010 / 41.000	40.010 / 62.000	21.990	7	1310
08/19/2002	977123-JU-3	WISCONSIN ST TRANSN REV SER A	5.700	07/01/2014		111.982 / 133.877	21.895	12	8550
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
02/28/2002	13077Y-AL-0	CALIFORNIA STATEWIDE CMNTYS DEV AUTH SPL FACS REV UNITED AIR LINES-SER A	5.700	10/01/2034	55.000 / 55.000	55.550 / 77.246	21.696	4	915
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
05/30/2002	906344-S9-8	UNION CNTY N J	4.000	03/01/2008		81.714 / 102.308	20.594	6	1505
03/15/2002	649836-ZY-2	NEW YORK ST DORM AUTH REVS CAP APPREC-ST UNIV-B-MBIA-IBC		05/15/2008	76.373 / 76.373	78.775 / 99.130	20.355	15	1255
09/18/2002	235035-AH-5	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV AMERICAN AIRLINES INC	7.250	11/01/2030	47.000 / 47.000	44.000 / 64.250	20.250	8	10225
09/17/2002	096011-BK-6	BLUE RIDGE TEX INDPT SCH DIST	5.250	02/15/2006		89.026 / 109.118	20.092	6	170
03/13/2002	372838-GE-6	GEORGETOWN MASS SER C	4.000	05/01/2011	80.000 / 100.000	80.000 / 100.000	20.000	12	120
04/01/2002	372838-GE-6	GEORGETOWN MASS SER C	4.000	05/01/2011	80.000 / 100.000	80.000 / 100.000	20.000	28	280
05/28/2002	083108-AA-8	BENTON HARBOR MICH CHARTER SCH CTFS PARTN SER A	7.000	05/01/2017		77.735 / 97.735	20.000	5	105
05/15/2002	918608-JW-1	VACAVILLE CALIF UNI SCH DIST	5.000	08/01/2018		100.380 / 120.000	19.620	9	740
02/13/2002	943098-AW-3	WAUKESHA WIS REDEV AUTH HSG REV SR HSG-PRESBYTERIAN HOMES PJ	7.500	06/01/2035	100.900 / 100.900	86.048 / 104.690	18.642	4	105
02/07/2002	745268-TT-9	PUERTO RICO ELEC PWR AUTH PWR REV SER X	6.000	07/01/2015	112.650 / 112.650	112.607 / 131.113	18.506	8	3100
09/17/2002	01852L-AA-8	ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLINES INC PROJ	7.500	12/01/2029	48.500 / 53.000	50.500 / 69.000	18.500	12	5605
01/29/2002	250145-ED-7	DES MOINES IOWA SWR REV SER C	4.000	06/01/2007		83.008 / 101.407	18.399	5	2960
03/01/2002	717893-BK-6	PHILADELPHIA PA WTR & WASTEWTR REV	5.000	06/15/2016	98.548 / 100.000	84.750 / 102.795	18.045	6	431
06/27/2002	230584-CB-8	CUMBERLAND CNTY N C HOSP FACS REV CAP APPREC-REF-CUMBERLAND HOSP		10/01/2008	77.286 / 77.286	79.286 / 97.286	18.000	4	30
07/29/2002	697209-FE-9	PALMYRA MACEDON N Y CENT SCH DIST	6.750	06/15/2008		102.646 / 120.646	18.000	3	120

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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