Worst One Hundred Spread Offenders for 2003

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2003 Worst Bid/Offer Spreads

Here is the 2003 list of the one hundred worst Municipal Bond market spreads between the lowest bid and the highest offer. Because this study measures spreads, it is limited to Municipal Bonds that traded twice or more in one day.

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)
06/02/2003	646139-JP-1	NEW JERSEY ST TPK AUTH TPK REV SER C	6.500	01/01/2016	11.750 / 11.750	11.250 / 120.108	108.358	5	65
05/30/2003	939741-RW-6	WASHINGTON ST REF-SER R-93B	5.375	10/01/2008	11.532 / 11.532	116.141 / 116.141	104.609	4	200
06/02/2003	246352-AH-1	DELAWARE RIV PORT AUTH PA & NJ REV	5.500	01/01/2026	10.772 / 107.631	10.572 / 111.167	100.395	8	205
05/29/2003	981305-PV-1	WORCESTER MASS MUN PURP LN-SER A	4.900	07/01/2010	11.000 / 11.000	111.388 / 111.388	100.388	4	2000
06/02/2003	439686-CS-3	HOPEWELL VALLEY N J REGL SCH DIST	5.800	05/01/2006	10.972 / 10.972	10.722 / 111.272	100.300	5	125
06/02/2003	436704-U3-2	HOLYOKE MASS	5.250	08/01/2006	11.009 / 11.009	10.759 / 111.022	100.013	5	250
05/29/2003	079491-PH-3	BELLINGHAM MASS	4.300	03/15/2012	10.000 / 10.000	109.644 / 109.644	99.644	4	1050
06/03/2003	455280-N4-5	INDIANAPOLIS IND LOC PUB IMPT BD BK SER D	4.900	01/01/2007	10.636 / 10.636	10.524 / 109.941	99.305	5	1250
06/03/2003	130629-M2-1	CALIFORNIA ST	4.250	09/01/2008	11.405 / 11.405	110.605 / 110.605	99.200	3	225
06/03/2003	685370-BU-1	ORANGEBURG CNTY S C SCH DIST NO 003	5.500	04/01/2010	10.848 / 10.848	108.621 / 108.621	97.773	4	40
06/02/2003	614155-FU-8	MONTGOMERY TWP N J BRD ED	5.000	04/01/2026	10.698 / 104.000	10.448 / 108.401	97.703	9	200
06/02/2003	130629-B8-0	CALIFORNIA ST	5.250	06/01/2018	10.941 / 106.632	10.926 / 108.506	97.565	6	1200
06/02/2003	341426-DR-2	FLORIDA ST BRD ED CAP OUTLAY PUB ED-SER C	4.750	06/01/2029	10.000 / 10.000	10.372 / 106.730	96.730	9	295
06/02/2003	882854-DJ-8	TEXAS WTR DEV BRD REV ST REVOLVING FD-SR LIEN-B	5.125	07/15/2018	10.375 / 10.375	10.625 / 107.000	96.625	5	2250
06/02/2003	64579E-2H-8	NEW JERSEY HEALTH CARE FACS FING AUTH REV FHA-JERSEY CITY MED CENTER	5.000	08/01/2041	10.090 / 101.737	10.890 / 106.334	96.244	13	330
06/02/2003	646148-QZ-2	NEW JERSEY WASTEWATER TREATMENT TR LN REV INSD-SER B	6.375	04/01/2014	10.443 / 10.443	10.193 / 106.079	95.636	5	125
06/03/2003	414003-L3-5	HARRIS CNTY TEX REF-TOLL RD-SR LIEN	5.000	08/15/2016	10.458 / 103.580	106.080 / 106.080	95.622	8	145
06/02/2003	649716-R2-5	NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV FUTURE TAX SECD-SER B	5.000	05/01/2026	10.920 / 10.920	10.170 / 106.500	95.580	5	405
05/29/2003	005644-J6-7	ADAMS CNTY COLO SCH DIST NO 012 REF-D-CONV TAX EXEMPT-10/16/96	5.200	12/15/2004	10.000 / 10.000	10.000 / 105.500	95.500	5	75
06/02/2003	101427-AH-5	BOULDER COLO CTFS PARTN REF	4.625	12/01/2004	10.066 / 10.066	105.343 / 105.343	95.277	3	300
05/30/2003	068167-NK-7	BARNSTABLE MASS	4.250	03/15/2005	10.464 / 10.464	105.524 / 105.524	95.060	3	300
06/02/2003	251129-R9-5	DETROIT MICH CITY SCH DIST SCH BLDG & SITE IMPT-SER B	4.750	05/01/2033	10.000 / 10.083	104.000 / 104.750	94.750	5	130
05/30/2003	924211-Q2-4	VERMONT MUN BD BK REF-SER 1	3.100	12/01/2009	10.379 / 10.379	104.798 / 104.798	94.419	3	45
05/30/2003	251129-R9-5	DETROIT MICH CITY SCH DIST SCH BLDG & SITE IMPT-SER B	4.750	05/01/2033	10.000 / 10.000	104.000 / 104.000	94.000	3	60
06/03/2003	590281-GK-1	MERRIMACK CNTY N H	3.000	12/01/2008	10.879 / 104.879	10.254 / 104.879	94.000	8	400
06/03/2003	251129-R9-5	DETROIT MICH CITY SCH DIST SCH BLDG & SITE IMPT-SER B	4.750	05/01/2033	10.000 / 10.000	102.500 / 104.000	94.000	6	95
09/23/2003	79061B-BU-8	ST JOSEPH CNTY IND HOSP AUTH HEALTH SYS REV MADISON CTR INC PROJ	4.800	02/15/2006	10.900 / 104.300	103.900 / 104.300	93.400	6	150
06/02/2003	546415-JS-0	LOUISIANA ST REF-SER A	5.000	04/15/2004	10.200 / 10.200	10.825 / 103.393	93.193	4	2000
03/12/2003	649839-J2-4	NEW YORK ST DORM AUTH REVS FHA-INSD MTG-BROOKLYN HOSP CTR	5.200	02/01/2039	101.690 / 101.690	104.466 / 194.841	93.151	5	735
06/03/2003	138141-HR-0	CANTON CONN	3.500	05/01/2012	10.964 / 10.964	103.964 / 103.964	93.000	3	120
06/02/2003	64966C-JZ-5	NEW YORK N Y SER J	4.750	06/01/2033	10.000 / 99.426	99.051 / 102.346	92.346	51	13545
06/03/2003	791340-BG-6	ST LOUIS CNTY MO REGL CONVENTION & SPORTS COMPLEX AUTH CONVTN & SPORTS PJ &	5.500	08/15/2007	10.554 / 10.554	102.604 / 102.604	92.050	4	60
12/24/2003	64966C-RS-2	NEW YORK N Y SER C	5.000	09/15/2028	100.750 / 100.750	102.750 / 192.750	92.000	5	160
06/02/2003	72316M-CC-1	PINELLAS CNTY FLA HEALTH FACS AUTH REV HOSP-BAYFRONT OBLIG GROUP-A	5.600	07/01/2023	10.328 / 10.328	102.128 / 102.128	91.800	3	35
06/02/2003	20774L-C8-6	CONNECTICUT ST HEALTH & EDL FACS AUTH REV CONN ST UNIV SYS-SER E	4.375	11/01/2029	10.000 / 10.000	99.976 / 101.344	91.344	24	2150
06/03/2003	590281-GP-0	MERRIMACK CNTY N H	3.125	12/01/2012	10.021 / 10.021	10.146 / 101.021	91.000	6	270
06/05/2003	833153-KL-2	SNOHOMISH CNTY WASH SCH DIST NO 015 EDMONDS REF	4.750	12/01/2003	10.364 / 10.364	101.364 / 101.364	91.000	2	200
06/02/2003	643136-QS-6	NEW CANAAN CONN REF	3.200	11/01/2013	10.000 / 10.000	100.989 / 100.990	90.990	7	315
06/03/2003	977123-JH-2	WISCONSIN ST TRANSN REV SER A	5.000	07/01/2003	10.116 / 10.116	100.265 / 100.265	90.149	4	800
06/10/2003	452281-DN-5	ILLINOIS STUDENT ASSISTANCE COMMN STUDENT LN REV AUCTION RATE-SR-SER DD-I	3.800	03/01/2005	10.000 / 100.000	99.997 / 100.010	90.010	9	28000
06/02/2003	736754-AJ-1	PORTLAND ORE WTR SYS REV	4.700	08/01/2003	10.586 / 10.586	10.461 / 100.586	90.000	4	210
09/23/2003	778260-EC-9	ROSS CNTY OHIO HOSP REV VAR-FACS-REF IMPT-ADENA HLTH		12/01/2031	10.000 / 100.000	10.000 / 100.000	90.000	5	2000
09/04/2003	87970J-AR-2	TEMECULA CALIF CTFS PARTN CAP IMPT FING PROJ	4.875	10/01/2017	14.006 / 14.006	102.765 / 102.765	88.759	3	120
08/14/2003	696837-GP-2	PALMER MASS SER B	4.000	10/01/2010	100.000 / 100.000	183.166 / 183.166	83.166	2	200
06/05/2003	181144-MG-8	CLARK CNTY WASH SCH DIST NO 037 VANCOUVER	5.000	06/01/2004	30.060 / 30.060	103.060 / 103.060	73.000	2	200
06/10/2003	59465M-JJ-5	MICHIGAN ST HSG DEV AUTH RENTAL HSG REV SER B	3.850	10/01/2004	30.251 / 30.251	103.151 / 103.151	72.900	2	200
09/22/2003	882716-AN-3	TEXAS ST	4.000	06/01/2009	45.000 / 45.000	105.186 / 105.186	60.186	4	450
05/19/2003	165141-BZ-4	CHESAPEAKE BAY BRDG & TUNL COMMN VA DIST REV REF-GEN RESOLUTION	5.250	07/01/2019	47.677 / 47.677	106.438 / 106.438	58.761	4	35
11/05/2003	082869-HF-8	BENTON CNTY WASH PUB UTIL DIST NO 001 ELEC REV REF	6.000	11/01/2004	47.992 / 103.000	47.992 / 103.000	55.008	4	6
12/19/2003	743787-K8-5	PROVIDENCE R I SER B	5.350	01/15/2007	106.595 / 106.595	106.870 / 160.870	54.275	9	1155
08/18/2003	13033W-LB-7	CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK REV BAY AREA TOLL BRDGS-1ST LIE	5.000	07/01/2036	96.859 / 96.859	96.706 / 149.305	52.446	42	3295
05/27/2003	013554-KM-1	ALBUQUERQUE N MEX JT WTR & SEW SYS REV CAP APPREC-SER A		07/01/2006	43.300 / 43.300	95.200 / 95.200	51.900	3	60
09/09/2003	455261-PP-6	INDIANAPOLIS IND ECONOMIC DEV REV REF&IMPT-NATL BENEVOLENT	7.500	10/01/2010	40.399 / 40.399	90.001 / 90.001	49.602	4	20
09/17/2003	20772E-S6-1	CONNECTICUT ST SER D	5.250	12/15/2016	61.247 / 61.247	61.747 / 108.629	47.382	3	575
11/12/2003	249271-EY-9	DENVER COLO CITY & CNTY SPL FACS ARPT REV UNITED AIR LINES PROJ-SER A	6.875	10/01/2032	60.500 / 61.715	107.391 / 107.391	46.891	8	450
06/05/2003	760133-QB-7	RENTON WASH	4.350	12/01/2014	60.074 / 60.074	106.074 / 106.074	46.000	2	400
06/05/2003	833102-QC-3	SNOHOMISH CNTY WASH PUB UTIL DIST NO 001 ELEC REV GENERATION SYS	6.000	01/01/2005	60.353 / 60.353	106.353 / 106.353	46.000	2	200
06/05/2003	939741-B9-4	WASHINGTON ST MOTOR VEHICLE FUEL TAX-SER E	5.450	09/01/2013	60.987 / 60.987	106.987 / 106.987	46.000	2	200
09/09/2003	147853-AZ-8	CASS CNTY MO INDL DEV AUTH INDL REV REF-NATL BENEVOLENT-FOXWOOD	7.150	10/01/2012	44.933 / 44.933	46.100 / 90.417	45.484	6	150
04/11/2003	745181-XU-6	PUERTO RICO COMWLTH HWY & TRANSN AUTH HWY REV REF-SER AA-AMBAC	5.000	07/01/2035	108.907 / 108.907	108.775 / 152.670	43.763	98	52900
05/20/2003	930863-WB-7	WAKE CNTY N C SER B	4.500	02/01/2010	68.957 / 68.957	111.267 / 111.303	42.346	11	1500
02/11/2003	517030-HV-7	LAREDO TEX WTRWKS REV REF-SYS	5.250	04/01/2008	106.196 / 106.196	107.758 / 147.758	41.562	3	50
09/02/2003	762243-BY-8	RHODE ISLAND ST HEALTH & EDL BLDG CORP REV HIGHER EDL-PROVIDENCE COLL-A	5.000	11/01/2024	98.252 / 98.252	98.202 / 138.414	40.162	76	8435
01/09/2003	131544-AB-4	CALVERT CNTY MD POLLUTN CTL REV REF-BALTIMORE GAS & ELEC CO PJ	5.550	07/15/2014	60.000 / 60.000	100.000 / 100.000	40.000	2	115
09/25/2003	833221-ML-5	SNOHOMISH CNTY WASH SCH DIST NO 201 REF	4.800	12/01/2003	100.000 / 100.000	139.582 / 139.582	39.582	3	600
02/13/2003	64577M-ZL-7	NEW JERSEY ECONOMIC DEV AUTH ECONOMIC DEV REV REF-POLYMERIC RES CORP PROJ-B	8.750	12/01/2008	60.560 / 60.560	95.000 / 95.000	34.440	6	60
02/27/2003	45188R-KK-4	ILLINOIS DEV FIN AUTH REV CAP APPREC-LOC GOVT PG-SER A		01/01/2013	65.330 / 99.514	66.330 / 99.764	34.434	10	1090
12/04/2003	076075-AC-4	BEDFORD CNTY PA REDEV AUTH REV FIRST MTG-BEDFORD SPRINGS GOLF	6.750	12/15/2026	65.988 / 100.000	66.000 / 100.000	34.012	21	2475
05/07/2003	360052-AG-9	FULTON CNTY GA DEV AUTH SPL FACS REV DELTA AIR LINES INC PROJ	6.950	11/01/2012	45.000 / 67.000	69.000 / 77.125	32.125	6	1400
03/25/2003	360052-AG-9	FULTON CNTY GA DEV AUTH SPL FACS REV DELTA AIR LINES INC PROJ	6.950	11/01/2012	43.460 / 43.460	75.562 / 75.562	32.102	3	30
07/18/2003	082426-JF-5	BENSENVILLE ILL PK DIST DEBT CTFS	4.375	12/15/2011	71.500 / 71.500	103.500 / 103.500	32.000	2	170
03/13/2003	59333M-GQ-2	MIAMI-DADE CNTY FLA SCH BRD CTFS PARTN SER C	5.000	08/01/2027	111.834 / 111.834	111.569 / 143.828	31.994	82	68740
01/06/2003	161044-BE-1	CHARLOTTE N C SPL FACS REV REF-CHARLOTTE/DOUGLAS INTL ARP	5.600	07/01/2027	23.875 / 53.775	51.550 / 55.500	31.625	27	13400
11/12/2003	870567-AW-4	SWEETWATER TENN INDL DEV BRD INDL REV REF-KMART CORP PROJ	6.500	09/01/2006	27.000 / 27.000	58.433 / 58.433	31.433	2	10
03/25/2003	678908-VD-3	OKLAHOMA DEV FIN AUTH REV CONTINUING CARE RETIREMENT-A	8.000	02/01/2032	70.000 / 70.000	100.000 / 100.000	30.000	5	150
07/23/2003	303585-LY-7	FAIRBORN OHIO DAYTON-YELLOW SPRINGS RD IMPT		12/01/2010	100.000 / 100.000	129.938 / 129.938	29.938	2	24
03/19/2003	54474C-CX-3	LOS ANGELES CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-SER D		06/30/2010	70.074 / 70.568	72.068 / 100.000	29.926	10	310
06/09/2003	076099-AT-7	BEDFORD CNTY VA INDL DEV AUTH INDL DEV REV REF-NEKOOSA PACKAGING CORP PJ	5.600	12/01/2025	74.625 / 74.625	78.000 / 104.500	29.875	11	570
08/08/2003	709699-EH-1	PENTUCKET MASS REGL SCH DIST REF	1.500	08/15/2004	100.000 / 100.000	129.504 / 129.504	29.504	2	200
02/03/2003	101029-AN-6	BOSTON MASS WTR & SWR COMMN REV	10.875	01/01/2009	100.000 / 100.000	129.023 / 129.023	29.023	2	10
06/05/2003	939745-DP-7	WASHINGTON ST REF-SER R-96C	4.900	07/01/2007	80.388 / 80.388	108.388 / 108.388	28.000	2	200
06/17/2003	013538-FR-9	ALBUQUERQUE N MEX ARPT REV REF-GOVTL PURPOSE	4.900	07/01/2015	80.500 / 80.500	108.500 / 108.500	28.000	2	50
05/08/2003	373540-RK-1	GEORGIA MUN ELEC AUTH PWR REV CAP APPREC-SER L		01/01/2009	68.322 / 68.322	96.023 / 96.023	27.701	4	80
07/23/2003	303585-LX-9	FAIRBORN OHIO DAYTON-YELLOW SPRINGS RD IMPT		12/01/2009	100.000 / 100.000	127.700 / 127.700	27.700	2	22
02/10/2003	649716-7L-5	NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV FUTURE TAX SECD-B-FGIC TCRS	5.000	11/01/2027	103.875 / 103.875	131.534 / 131.534	27.659	2	90
06/26/2003	196474-FL-9	COLORADO HEALTH FACS AUTH REV REF-NATL BENEVOLENT ASSOC-A	5.200	01/01/2018	49.500 / 49.500	53.000 / 76.935	27.435	7	225
04/23/2003	346668-BP-0	FORSYTH MONT POLLUTION CTL REV REF-MONTANA PWR-COLSTRIP PJ-A	6.125	05/01/2023	73.000 / 73.500	99.748 / 99.748	26.748	5	125
09/25/2003	77025P-AA-1	ROBBINSDALE MINN HEALTH CARE FACS REV ARS-NORTH MEM HLTH-TRANCHE I		05/15/2033	73.315 / 100.000	100.000 / 100.000	26.685	3	1250
07/25/2003	888805-AG-3	TOBACCO SETTLEMENT AUTH IOWA TOB SETTLEMENT REV ASSET-BKD-SER B	5.600	06/01/2035	70.890 / 70.890	97.500 / 97.500	26.610	2	85
01/23/2003	010586-AC-9	ALABAMA ST INDL DEV AUTH SOLID WASTE DISP REV PINE CITY FIBER CO-RMK 1/2/97	6.450	12/01/2023	72.055 / 72.055	98.375 / 98.407	26.352	9	175
09/25/2003	590485-PC-6	MESA ARIZ	5.250	07/01/2012	87.000 / 112.873	112.873 / 112.873	25.873	6	50
01/28/2003	443731-BD-5	HUDSON CNTY N J IMPT AUTH SOLID WASTE SYS REV REF-SER 1	6.000	01/01/2029	71.235 / 71.235	96.964 / 96.964	25.729	7	600
12/19/2003	527599-AB-0	LEWIS & CLARK CNTY MONT ENVIRONMENTAL REV FACS-ASARCO INC PROJ	5.850	10/01/2033	32.000 / 43.125	34.500 / 57.690	25.690	10	1980
02/21/2003	017292-RK-1	ALLEGHENY CNTY PA INDL DEV AUTH REV REF-ENVIRONMENTAL IMPT-USX-A	6.700	12/01/2020	101.025 / 101.025	126.697 / 126.697	25.672	4	40
04/22/2003	346668-BP-0	FORSYTH MONT POLLUTION CTL REV REF-MONTANA PWR-COLSTRIP PJ-A	6.125	05/01/2023	66.500 / 73.110	92.167 / 92.167	25.667	7	475
06/24/2003	68407L-DA-4	ORANGE BEACH ALA WTR SWR & FIRE PROTN AUTH REV	2.500	05/15/2009	73.817 / 99.470	99.470 / 99.470	25.653	3	900
09/18/2003	77025P-AA-1	ROBBINSDALE MINN HEALTH CARE FACS REV ARS-NORTH MEM HLTH-TRANCHE I		05/15/2033	74.390 / 100.000	100.000 / 100.000	25.610	6	1400
03/31/2003	898526-CV-8	TSASC INC N Y REV TOB SETTLEMENT ASSET-BKD-SER 1	5.500	07/15/2024	74.504 / 95.750	88.650 / 100.000	25.496	21	1480
03/13/2003	64971S-BD-0	NEW YORK N Y CITY INDL DEV AGY SPL FAC REV BRITISH AIRWAYS PLC PJ	5.250	12/01/2032	41.650 / 41.650	67.100 / 67.100	25.450	5	85
05/09/2003	454909-BF-8	INDIANA ST DEV FIN AUTH ECONOMIC DEV REV REF-HARTMARX CORP PROJ	7.250	07/01/2014	50.000 / 50.000	73.669 / 75.428	25.428	5	200

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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