Worst "Two-Trade" Spreads
(from 12/03/02 to 12/31/02)

The calendar year 2002 began with the Municipal Bond industry only releasing next-day price data for "actively traded" Municipal Bonds; or those bonds that traded at least four (4) times within a specific trading day. Though all the data was there, price information for bonds that traded three (3), two (2) or one (1) time were closely guarded by the Municipal Bond industry who considered their price reporting too important to fully release to the public. The hope of price transparency in the Municipal Bond markets had therefore been effectively blocked since it was first called for and initiated back in 1994.

In 2002, MunicipalBonds.com campaigned against this unfair and unreasonable blockage and demanded more price information. Because of pressure from MunicipalBonds.com, in 2002 the industry lowered their "actively traded" definition threshold and began releasing more price information:

There was opposition to these changes and the release of more price data. The Bond Market Association, which represents Wall St broker/dealers and their interests, for example was concerned that additional releases would hurt the markets and wanted studies made.
To help with whatever studies, MunicipalBonds.com has prepared and will include in its quarterly and annual price reports a new listing detailing the worst spreads of bonds that traded two (2) times. In less than a month (since December 3, 2002) we compiled quite a list.
These trades show a customer bid side and a customer offer side.
Do the spreads show unfair and unreasonable Municipal Markets?
Do they show intent?

Date	CUSIP	Municipal Bond Name / Description	Coupon	Maturity	Bid Side Customer Sold to Dealer	Offer Side Customer Purchase from Dealer	Spread	# of Trades	Volume (000)
12/04/2002	35823H-AC-7	FRESNO CALIF REV VAR-TRINITY HEALTH CREDIT-C		12/01/2030	63.500	100.000	36.500	2	1050
12/17/2002	658680-AQ-6	NORTH COLLEGE HILL OHIO CAP IMPT	4.700	12/01/2012	76.450	100.000	23.550	2	200
12/26/2002	645913-AA-2	NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER A	7.425	02/15/2029	100.000	119.119	19.119	2	1667
12/10/2002	799146-BQ-7	SAN PABLO CALIF REDEV AGY REV SINGLE FAMILY MTG	8.000	10/01/2011	99.250	118.168	18.918	2	10
12/03/2002	042686-FA-8	ARP TEX INDPT SCH DIST SER A	5.850	02/15/2012	100.000	114.820	14.820	2	290
12/13/2002	491026-JF-8	KENTON CNTY KY ARPT BRD ARPT REV SPL FACS-DELTA AIRLINES PJ-A	7.500	02/01/2012	74.000	88.293	14.293	2	2010
12/16/2002	189045-AX-5	CLOQUET MINN POLLUTN CTL REV REF-POTLACH CORP PROJS	5.900	10/01/2026	84.500	98.250	13.750	2	130
12/23/2002	235035-AH-5	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV AMERICAN AIRLINES INC	7.250	11/01/2030	35.000	48.000	13.000	2	75
12/05/2002	649653-EG-3	NEW YORK N Y SER B-FGIC-TCRS	7.000	08/15/2005	100.200	112.563	12.363	2	200
12/20/2002	478271-FD-6	JOHNSON CITY TENN HEALTH & EDL FACS BRD HOSP REV ESCROWED-SER 2000 A	6.750	07/01/2016	97.896	110.000	12.104	2	15
12/20/2002	373540-VH-3	GEORGIA MUN ELEC AUTH PWR REV CAP APPREC-REF-SER Q		01/01/2012	60.000	71.300	11.300	2	30
12/27/2002	04108V-AS-3	ARKANSAS ST DEV FIN AUTH HEALTH CARE FACS REV REF-SISTERS MERCY HLTH SYS-A	5.000	06/01/2013	100.000	111.147	11.147	2	10
12/20/2002	207914-AY-8	CONNECTICUT ST DEV AUTH INDL DEV REV WATSON FOODS CO INC PJ	5.900	06/01/2028	84.000	94.800	10.800	2	80
12/18/2002	745145-PU-0	PUERTO RICO COMWLTH PUB IMPT	5.400	07/01/2015	103.235	113.784	10.549	2	800
12/04/2002	585650-HB-3	MELROSE PARK ILL TAX INCREMENT-SER B	4.900	12/15/2021	89.159	99.386	10.227	2	660
12/18/2002	967250-FL-0	WICHITA KANS HOSP REV	6.875	03/01/2007	100.000	110.189	10.189	2	15
12/12/2002	57585K-NF-1	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV HARVARD UNIV-SER Z	5.750	01/15/2013	106.450	116.515	10.065	2	2000
12/05/2002	160900-HU-3	CHARLESTON CNTY S C HOSP FACS REV REF-COOPER HALL INC FAC-SER A	7.375	04/01/2013	90.000	100.000	10.000	2	15
12/18/2002	786004-RD-5	SACRAMENTO CALIF MUN UTIL DIST ELEC REV	6.800	10/01/2019	111.790	121.475	9.685	2	35
12/17/2002	786004-LD-1	SACRAMENTO CALIF MUN UTIL DIST ELEC REV	5.100	12/01/2011	98.621	108.000	9.379	2	250
12/18/2002	65820H-RP-0	NORTH CAROLINA MED CARE COMMN HOSP REV HIGH POINT REGL HEALTH SYS	5.000	10/01/2029	93.500	102.850	9.350	2	25
12/11/2002	566816-FP-4	MARICOPA CNTY ARIZ INDL DEV AUTH HEALTH FACS REV CATHOLIC HEALTHCARE WEST P	5.000	07/01/2021	83.800	92.597	8.797	2	75
12/19/2002	20772E-JD-6	CONNECTICUT ST CAP APPREC-COLLEGE SVGS PLAN-A		06/01/2011	55.730	64.429	8.699	2	2
12/05/2002	491566-AN-5	KENTUCKY ST TPK AUTH TOLL RD REV	5.875	07/01/2008	99.000	107.697	8.697	2	15
12/24/2002	649901-QH-1	NEW YORK ST DORM AUTH REVS PREREFUNDED-ST UNIV-B-MBIA IBC	4.750	05/15/2028	103.679	111.587	7.908	2	60
12/18/2002	65820H-DW-0	NORTH CAROLINA MED CARE COMMN HOSP REV DUKE UNIV HOSP PJ-SER C	5.250	06/01/2021	94.000	101.792	7.792	2	20
12/03/2002	776219-HJ-9	ROMULUS MICH CMNTY SCHS CAP APPREC-REF		05/01/2011	64.800	72.583	7.783	2	20
12/04/2002	296110-ES-4	ESCAMBIA CNTY FLA HEALTH FACS AUTH HEALTH FAC REV BAPTIST HOSP & BAPTIST MA	5.125	10/01/2019	90.203	97.850	7.647	2	40
12/04/2002	988593-BR-9	YUMA CNTY ARIZ HOSP DIST NO 001	6.350	11/15/2007	106.500	114.000	7.500	2	10
12/03/2002	88880P-AB-0	TOBACCO SETTLEMENT FING CORP LA REV ASSET-BKD-SER B	5.500	05/15/2030	85.862	93.308	7.446	2	165
12/05/2002	249181-PW-2	DENVER COLO CITY & CNTY ARPT REV SER A	5.500	11/15/2025	100.152	107.581	7.429	2	70
12/17/2002	165141-BZ-4	CHESAPEAKE BAY BRDG & TUNL COMMN VA DIST REV REF-GEN RESOLUTION	5.250	07/01/2019	99.129	106.550	7.421	2	10
12/31/2002	649860-GJ-6	NEW YORK ST HSG FIN AGY HEALTH FACS	5.600	05/01/2004	98.280	105.672	7.392	2	10
12/17/2002	604151-QT-0	MINNESOTA ST HIGHER ED FACS AUTH REV MTG-ST MARYS COLLEGE-SER 3-Q	6.150	10/01/2023	97.000	104.391	7.391	2	30
12/19/2002	120823-EA-3	BURBANK CALIF REDEV AGY TAX ALLOC-GOLDEN ST REDEV PJ-A	6.000	12/01/2023	98.830	106.138	7.308	2	175
12/05/2002	360052-AJ-3	FULTON CNTY GA DEV AUTH SPL FACS REV DELTA AIRLINES INC PROJ	5.450	05/01/2023	55.250	62.520	7.270	2	35
12/11/2002	612136-4Z-1	MONTANA ST BRD REGENTS REVS REF & IMPT-HIGHER ED FACS-D	5.375	11/15/2021	100.000	107.250	7.250	2	220
12/20/2002	542690-PA-4	LONG ISLAND PWR AUTH N Y ELEC SYS REV CAP APPREC-SER A		06/01/2027	26.280	33.500	7.220	2	60
12/13/2002	182459-AA-5	CLARKSVILLE MO CTFS PARTN		12/01/2012	92.793	100.000	7.207	2	256
12/13/2002	182459-AB-3	CLARKSVILLE MO CTFS PARTN		12/01/2017	92.793	100.000	7.207	2	188
12/09/2002	837152-BG-1	SOUTH CAROLINA TRANSN INFRASTRUCTURE BK REV SER A	5.500	10/01/2011	103.700	110.874	7.174	2	60
12/23/2002	745290-EA-0	PUERTO RICO PORTS AUTH REV SPL FACS-AMERICAN AIRLINES-A	6.300	06/01/2023	39.375	46.500	7.125	2	35
12/30/2002	708792-Y3-4	PENNSYLVANIA HSG FIN AGY AMT-SINGLE FAM-SER 73A	5.450	10/01/2032	95.000	102.000	7.000	2	10
12/27/2002	207726-XU-9	CONNECTICUT ST CAP APPREC-COLLEGE SAVINGS-B		11/15/2006	84.730	91.706	6.976	2	4
12/19/2002	714580-AD-9	PERRY CNTY MISS POLLUTION CTL REV REF-LEAF RIVER FOREST PROJ	5.200	10/01/2012	74.305	81.252	6.947	2	25
12/27/2002	235035-AE-2	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV DELTA AIR LINES INC	7.625	11/01/2021	57.770	64.696	6.926	2	30
12/20/2002	551244-BS-4	LYNCHBURG VA INDL DEV AUTH RESIDENTIAL CARE FAC REV MTG-WESTMINSTER-CANTERB	6.000	07/01/2031	93.190	100.000	6.810	2	20
12/24/2002	647546-AA-8	NEW MORGAN PA INDL DEV AUTH SOLID WASTE DISP REV NEW MORGAN LANDFILL CO INC	6.500	04/01/2019	81.500	88.250	6.750	2	95
12/12/2002	372717-AT-5	GEORGETOWN KY COLLEGE REV GEORGETOWN COLLEGE PROJ-SER A	6.125	11/15/2029	102.250	108.973	6.723	2	20
12/17/2002	566816-FP-4	MARICOPA CNTY ARIZ INDL DEV AUTH HEALTH FACS REV CATHOLIC HEALTHCARE WEST P	5.000	07/01/2021	85.905	92.597	6.692	2	40
12/09/2002	64988J-YG-9	NEW YORK ST MED CARE FACS FIN AGY REV MENTAL HLTH SVCS-A-FSA-CR	5.250	08/15/2023	96.810	103.500	6.690	2	60
12/26/2002	13068G-GF-7	CALIFORNIA ST PUB WKS BRD LEASE REV CAP APPREC-COLLEGE SVNGS-SER A		09/01/2006	84.292	90.962	6.670	2	7
12/26/2002	566761-LL-4	MARICOPA CNTY ARIZ HOSP REV REF-SUN HEALTH CORP	6.125	04/01/2018	98.000	104.590	6.590	2	20
12/18/2002	64988J-QJ-2	NEW YORK ST MED CARE FACS FIN AGY REV REF-HOSP-INSD MTG-SER A	5.250	08/15/2014	100.000	106.539	6.539	2	80
12/03/2002	57585K-QP-6	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV PARTNERS HEALTHCARE SYS-SER C	5.750	07/01/2032	99.336	105.844	6.508	2	40
12/13/2002	25848X-AV-2	DOS PALOS-ORO LOMA JT UNI SCH DIST CALIF ELECTION OF 2002-SER A	4.750	08/01/2022	93.574	100.077	6.503	2	540
12/12/2002	888808-AM-4	TOBACCO SETTLEMENT FING CORP N J ASSET BKD	5.000	06/01/2015	97.000	103.500	6.500	2	145
12/12/2002	745181-PG-6	PUERTO RICO COMWLTH HWY & TRANSN AUTH HWY REV REF-SER W-MBIA-IBC	5.500	07/01/2013	107.250	113.716	6.466	2	25
12/13/2002	649716-CF-2	NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV FUTURE TAX SECD-SER B	4.500	11/15/2027	89.930	96.367	6.437	2	20
12/20/2002	64983W-FH-4	NEW YORK ST DORM AUTH REVS HOSP-FHA-MONTEFIORE MED CTR	5.450	08/01/2029	98.908	105.250	6.342	2	30
12/13/2002	25848X-AU-4	DOS PALOS-ORO LOMA JT UNI SCH DIST CALIF ELECTION OF 2002-SER A	4.750	08/01/2021	93.963	100.243	6.280	2	500
12/12/2002	59259R-CN-2	METROPOLITAN TRANSN AUTH N Y REV SER U	5.125	11/15/2031	95.640	101.896	6.256	2	45
12/03/2002	649716-J4-0	NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV FUTURE TAX SECD-C-FGIC TCRS	4.750	05/01/2023	91.820	98.074	6.254	2	20
12/12/2002	594648-NL-7	MICHIGAN ST HOSP FIN AUTH REV HARPER-GRACE HOSPS	7.125	05/01/2009	108.550	114.731	6.181	2	65
12/12/2002	13033A-3W-9	CALIFORNIA HEALTH FACS FING AUTH REV KAISER PERMANENTE-SER A	5.000	06/01/2024	97.000	103.120	6.120	2	30
12/13/2002	25848X-AT-7	DOS PALOS-ORO LOMA JT UNI SCH DIST CALIF ELECTION OF 2002-SER A	4.700	08/01/2020	93.975	100.078	6.103	2	460
12/16/2002	709221-CF-0	PENNSYLVANIA ST TPK COMMN OIL FRANCHISE TAX REV SR-SER A	4.750	12/01/2027	93.955	100.000	6.045	2	25
12/05/2002	649668-5B-2	NEW YORK N Y UNREFUNDED BALANCE-SER J	6.000	02/15/2024	103.152	109.186	6.034	2	20
12/12/2002	295153-AB-6	ERIE CNTY OHIO MULTIFAMILY HSG REV MTG-CHAPPEL CREEK CORP-SER A	7.500	10/01/2028	86.000	92.019	6.019	2	20
12/20/2002	233433-2A-8	DADE CNTY FLA REF-SEAPORT	5.125	10/01/2026	96.610	102.624	6.014	2	30
12/09/2002	413893-AH-1	HARRIS CNTY-HOUSTON TEX SPORTS AUTH SPL REV SR LIEN-SER A	5.000	11/15/2028	96.500	102.500	6.000	2	15
12/10/2002	797652-6Z-2	SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV REF-SEC SER-ISSUE	4.500	05/01/2026	91.000	97.000	6.000	2	145
12/11/2002	79306E-PA-6	ST PAUL MINN PORT AUTH INDL DEV REV SER I-1996 LOTTERY	7.750	12/01/2015	60.000	66.000	6.000	2	10
12/13/2002	130663-3V-7	CALIFORNIA ST DEPT WTR RES CENT VY PROJ REV WTR SYS-SER O	4.750	12/01/2029	95.000	101.000	6.000	2	15
12/19/2002	857534-M5-7	STATE UNIV IOWA UNIV REVS CAP APPREC-ACADEMIC BLDG-S U 1		07/01/2007	77.610	83.610	6.000	2	2
12/23/2002	83754L-AB-3	SOUTH DAKOTA EDL ENHANCEMENT FDG CORP TOB SETTLEMENT REV ASSET BACKED-SER B	6.500	06/01/2032	96.500	102.500	6.000	2	45
12/11/2002	00037E-BG-0	ABAG FIN AUTH FOR NONPROFIT CORPS CALIF CTFS PARTN STANFORD UNIV HOSP	5.500	11/01/2013	103.750	109.728	5.978	2	30
12/20/2002	927780-G6-7	VIRGINIA COLLEGE BLDG AUTH VA EDL FACS REV REGENT UNIV PJ-MBIA IBC	5.125	10/01/2031	95.900	101.875	5.975	2	10
12/12/2002	704879-YB-5	PEARLAND TEX INDPT SCH DIST SCHOOLHOUSE-SER C	5.000	02/15/2025	96.250	102.206	5.956	2	15
12/03/2002	745190-GL-6	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV SER D	5.000	07/01/2032	97.153	103.065	5.912	2	15
12/11/2002	658203-QN-7	NORTH CAROLINA MUN PWR AGY NO 1 CATAWBA ELEC REV ZERO CPNS		01/01/2012	64.000	69.900	5.900	2	40
12/19/2002	017292-ST-1	ALLEGHENY CNTY PA INDL DEV AUTH REV REF-ENVIRONMENTL IMPT-USX CORP	5.600	09/01/2030	90.084	95.922	5.838	2	10
12/30/2002	59334K-BH-0	MIAMI-DADE CNTY FLA EXPWY AUTH TOLL SYS REV REF	5.125	07/01/2029	97.388	103.224	5.836	2	20
12/13/2002	431022-DR-0	HIGHLANDS CNTY FLA HEALTH FACS AUTH REV HOSP-ADVENTIST HEALTH SYS	5.250	11/15/2020	95.000	100.807	5.807	2	40
12/13/2002	930866-CG-1	WAKE CNTY N C HOSP REV	5.125	10/01/2026	99.500	105.303	5.803	2	45
12/05/2002	542690-QZ-8	LONG ISLAND PWR AUTH N Y ELEC SYS REV GEN-SER A	5.000	09/01/2027	96.992	102.750	5.758	2	130
12/12/2002	79772L-BD-4	SAN FRANCISCO CALIF ST BLDG AUTH LEASE REV SAN FRAN CIVIC CTR COMPLEX-A	4.600	12/01/2004	100.000	105.752	5.752	2	10
12/10/2002	678443-BD-3	OKEECHOBEE FLA UTIL AUTH UTIL SYS REV REF-CAP IMPT	5.000	10/01/2025	99.600	105.339	5.739	2	60
12/30/2002	98464N-BA-9	YAMHILL CNTY ORE HSG AUTH REV REF-WOODSIDE & TICE PARK PJS	6.600	07/01/2026	100.000	105.731	5.731	2	70
12/09/2002	896033-QG-5	TRIBOROUGH BRDG & TUNL AUTH N Y SPL OBLIG REF-SER A	4.750	01/01/2024	93.798	99.500	5.702	2	20
12/17/2002	645780-DB-0	NEW JERSEY ECONOMIC DEV AUTH WTR FACS REV ELIZABETHTOWN WTR CO PROJ	5.600	12/01/2025	100.539	106.183	5.644	2	30
12/10/2002	649668-5B-2	NEW YORK N Y UNREFUNDED BALANCE-SER J	6.000	02/15/2024	101.375	107.000	5.625	2	30
12/20/2002	649668-4T-4	NEW YORK N Y PREREFUNDED-SER D	6.000	02/15/2020	103.875	109.500	5.625	2	40
12/24/2002	340736-CZ-8	FLORIDA HSG FIN AGY AMT-SINGLE FAMILY MTG-SER B	6.550	07/01/2017	98.500	104.125	5.625	2	35
12/24/2002	64985M-QE-9	NEW YORK ST ENVIRONMENTAL FACS CORP ST CLEAN WTR & DRINKING WTR REV REVOLVI	4.625	07/15/2003	96.204	101.815	5.611	2	10
12/31/2002	01728A-FM-3	ALLEGHENY CNTY PA HOSP DEV AUTH REV MAGEE-WOMENS HOSPITAL	5.625	10/01/2023	97.500	103.102	5.602	2	10
12/27/2002	725276-Q3-6	PITTSBURGH PA SCH DIST	5.500	09/01/2017	108.000	113.597	5.597	2	40
12/05/2002	57585K-K4-9	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV CATHOLIC HEALTH EAST ISSUE	5.500	11/15/2032	94.444	100.000	5.556	2	10
12/23/2002	235550-DS-6	DALTON GA DEV AUTH REV CTFS-HAMILTON HLTH CARE SYS	5.250	08/15/2026	98.427	103.975	5.548	2	20
12/18/2002	647198-X9-6	NEW MEXICO MTG FIN AUTH SIN FAM MTG PG-SER C-2-CL B	6.200	07/01/2021	99.000	104.545	5.545	2	20

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.

Data provided by :