Worst One Hundred Spread Offenders for 2003 Q1

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Q1/2003 Worst Bid/Offer Spreads

Here is the 2003 Q1 list of the one hundred worst "actively traded" Municipal Bond market spreads between the lowest bid and the highest offer. To be labeled as actively traded on a specific day, a Municipal Bond must have traded at least 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)
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
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
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
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
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
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
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
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
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
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
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
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
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
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
01/17/2003	514349-AT-6	LANCASTER PA INDL DEV AUTH REV GARDEN SPOT VILLAGE PJ-SER A	7.600	05/01/2022	81.000 / 81.000	106.281 / 106.281	25.281	5	100
03/13/2003	491026-JH-4	KENTON CNTY KY ARPT BRD ARPT REV SPL FACS-DELTA AIRLINES PJ-A	6.500	02/01/2022	50.500 / 56.500	74.375 / 74.375	23.875	3	75
03/18/2003	238259-Z6-5	DAUPHIN CNTY PA GEN AUTH REV OFFICE & PKG-FORUM PL-SER A	6.000	01/15/2025	42.250 / 42.250	65.500 / 66.100	23.850	8	95
03/31/2003	16876Q-BF-5	CHILDRENS TR FD P R TOB SETTLEMENT REV ASSET-BKD BDS	5.500	05/15/2039	75.348 / 94.043	94.750 / 98.750	23.402	18	10015
02/03/2003	546395-WJ-9	LOUISIANA PUB FACS AUTH HOSP REV UNREFUNDED BAL-PENDLETON MEM	6.750	06/01/2022	49.750 / 49.750	72.414 / 72.414	22.664	3	75
02/14/2003	49126V-AV-9	KENTUCKY ECONOMIC DEV FIN AUTH HEALTH SYS REV NORTON HEALTHCARE INC-SER B		10/01/2013	60.500 / 80.970	62.500 / 82.970	22.470	6	100
03/31/2003	888805-AF-5	TOBACCO SETTLEMENT AUTH IOWA TOB SETTLEMENT REV ASSET-BKD-SER B	5.300	06/01/2025	66.860 / 77.750	89.226 / 89.226	22.366	6	155
02/12/2003	929385-BB-7	WA-NEE ELEM / HIGH SCH BLDG CORP IND CAP APPREC-FIRST MTG		01/15/2011	69.781 / 90.560	71.281 / 92.060	22.279	4	80
03/31/2003	888805-AG-3	TOBACCO SETTLEMENT AUTH IOWA TOB SETTLEMENT REV ASSET-BKD-SER B	5.600	06/01/2035	64.000 / 80.000	66.100 / 86.000	22.000	33	1900
01/24/2003	79306E-FP-4	ST PAUL MINN PORT AUTH INDL DEV REV SER L-1996 LOTTERY	9.750	12/01/2014	75.500 / 94.500	97.330 / 97.330	21.830	4	110
01/31/2003	235035-AK-8	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV AMERICAN AIRLINES INC	6.000	11/01/2014	26.750 / 26.750	48.000 / 48.000	21.250	2	60
03/17/2003	491026-JG-6	KENTON CNTY KY ARPT BRD ARPT REV SPL FACS-DELTA AIRLINES PJ-A	7.500	02/01/2020	59.500 / 69.530	80.000 / 80.000	20.500	3	25
01/08/2003	014518-PW-8	ALEXANDER CITY ALA WTS	2.000	05/01/2006	79.800 / 99.400	100.000 / 100.000	20.200	4	720
01/14/2003	592065-Y8-3	METRO GOVT NASHVILLE&DAVIDSON CNTY TENN INDL DEV BRD REV MULTIFAMILY HSG-NA	7.300	01/01/2028	71.000 / 71.000	90.800 / 90.800	19.800	5	50
02/11/2003	267152-GJ-9	DUVAL CNTY FLA HSG FIN AUTH MULTI-FAMILY HSG REV MAGNOLIA ARMS APTS PJ-SER	5.000	02/15/2017	44.000 / 44.000	63.500 / 63.500	19.500	4	90
03/21/2003	88880N-AB-5	TOBACCO SETTLEMENT FING CORP VA ASSET-BKD-SER A	6.500	06/01/2033	96.099 / 96.780	95.943 / 114.576	18.477	1201	407945
02/18/2003	16876Q-AQ-2	CHILDRENS TR FD P R TOB SETTLEMENT REV ASSET BACKED BDS	6.000	07/01/2026	100.000 / 115.250	118.229 / 118.451	18.451	7	511
02/11/2003	745395-AV-5	PULASKI CNTY ARK RESIDNTL HSG FACS BRD SINGLE FAMILY MTG REV	7.250	06/01/2010	100.000 / 100.000	117.615 / 118.381	18.381	7	115
03/17/2003	649835-XA-8	NEW YORK ST DORM AUTH REVS CITY UNIV SYS CONS-3RD GEN-1	5.375	07/01/2025	103.871 / 105.020	103.759 / 121.673	17.802	11	660
01/31/2003	235035-AN-2	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV REF-AMER AIRLINES-SER A	5.950	05/01/2029	26.200 / 42.750	44.000 / 44.000	17.800	9	8125
03/31/2003	888808-BH-4	TOBACCO SETTLEMENT FING CORP N J	6.375	06/01/2032	81.736 / 84.176	99.500 / 99.500	17.764	3	60
03/31/2003	056559-AK-3	BADGER TOB ASSET SECURITIZATION CORP WIS TOB SETTLEMENT REV ASSET-BKD	6.125	06/01/2027	82.302 / 95.000	97.000 / 100.000	17.698	28	1150
02/05/2003	914447-CP-0	UNIVERSITY MEDICINE & DENTISTRY N J CTFS PARTN	4.500	04/15/2027	82.439 / 82.439	99.750 / 100.000	17.561	5	100
03/31/2003	888808-AT-9	TOBACCO SETTLEMENT FING CORP N J ASSET BKD	6.125	06/01/2042	73.405 / 78.875	79.188 / 90.785	17.380	20	1310
03/31/2003	83754L-AB-3	SOUTH DAKOTA EDL ENHANCEMENT FDG CORP TOB SETTLEMENT REV ASSET BACKED-SER B	6.500	06/01/2032	82.750 / 83.110	97.000 / 100.000	17.250	8	245
02/21/2003	16876Q-BE-8	CHILDRENS TR FD P R TOB SETTLEMENT REV ASSET-BKD BDS	5.375	05/15/2033	82.036 / 97.750	97.500 / 99.250	17.214	15	3470
03/31/2003	898526-CW-6	TSASC INC N Y REV TOB SETTLEMENT ASSET-BKD-SER 1	5.750	07/15/2032	78.855 / 91.800	96.000 / 96.000	17.145	4	80
02/19/2003	837033-EZ-8	SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH HEALTH FACS REV REF-1ST MTG-LUTHERAN	5.700	05/01/2026	68.250 / 85.085	85.285 / 85.285	17.035	4	4130
02/24/2003	574216-KU-0	MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV REF-EDENWALD ISSUE	6.000	01/01/2014	82.601 / 82.601	99.625 / 99.625	17.024	6	60
01/07/2003	899661-CT-7	TULSA OKLA MUN ARPT TR REV VAR-REF-SER A	5.800	06/01/2035	52.500 / 52.500	68.000 / 69.250	16.750	8	1165
01/23/2003	235035-AF-9	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV DELTA AIR LINES INC	7.125	11/01/2026	55.450 / 70.250	70.250 / 72.000	16.550	16	2865
03/31/2003	056559-AM-9	BADGER TOB ASSET SECURITIZATION CORP WIS TOB SETTLEMENT REV ASSET-BKD	6.375	06/01/2032	80.236 / 90.701	81.927 / 96.750	16.514	51	5525
01/30/2003	64971S-AB-5	NEW YORK N Y CITY INDL DEV AGY SPL FAC REV 1990 AMERICAN AIRLINES INC PJ	5.400	07/01/2020	37.000 / 37.000	53.500 / 53.500	16.500	2	40
02/04/2003	249271-EY-9	DENVER COLO CITY & CNTY SPL FACS ARPT REV UNITED AIR LINES PROJ-SER A	6.875	10/01/2032	41.000 / 41.000	57.500 / 57.500	16.500	3	1940
03/31/2003	64578C-AB-7	NEW JERSEY ECONOMIC DEV AUTH SPL FAC REV CONTINENTAL AIRLINES INC PJ	6.625	09/15/2012	50.500 / 66.500	67.000 / 67.000	16.500	7	6035
01/30/2003	207726-VF-4	CONNECTICUT ST CAP APPREC-COLLEGE SVGS PLAN-A		05/15/2010	62.434 / 62.434	77.676 / 78.515	16.081	9	231
03/18/2003	64578C-AE-1	NEW JERSEY ECONOMIC DEV AUTH SPL FAC REV CONTINENTAL AIRLINES INC PJ	6.250	09/15/2019	54.000 / 54.000	70.004 / 70.004	16.004	2	80
01/09/2003	232789-AP-2	CYPRESS HILL MUN UTIL DIST NO 1 TEX	11.500	09/01/2003	100.000 / 100.000	116.000 / 116.000	16.000	2	10
03/17/2003	454623-NS-4	INDIANA BD BK REV REF-SPL PROG-SER A	5.000	02/01/2022	122.000 / 122.000	138.000 / 138.000	16.000	2	175
03/31/2003	88880M-AJ-0	TOBACCO SETTLEMENT AUTH WASH TOB SETTLEMENT REV ASSET BACKED	6.625	06/01/2032	83.543 / 94.508	98.153 / 99.300	15.757	18	395
01/29/2003	802576-AA-6	SANTA ROSA BAY BRDG AUTH FLA REV	6.250	07/01/2028	54.000 / 54.000	69.000 / 69.750	15.750	5	90
03/05/2003	346668-BP-0	FORSYTH MONT POLLUTION CTL REV REF-MONTANA PWR-COLSTRIP PJ-A	6.125	05/01/2023	84.000 / 88.250	96.500 / 99.750	15.750	8	130
03/25/2003	491026-JF-8	KENTON CNTY KY ARPT BRD ARPT REV SPL FACS-DELTA AIRLINES PJ-A	7.500	02/01/2012	68.500 / 68.500	84.236 / 84.236	15.736	4	25
03/20/2003	010632-HV-2	ALABAMA ST UNIV REV TAXABLE-REF-GEN TUITION FEE-B	4.650	01/01/2022	100.000 / 100.000	115.703 / 115.703	15.703	2	300
03/18/2003	64971S-BD-0	NEW YORK N Y CITY INDL DEV AGY SPL FAC REV BRITISH AIRWAYS PLC PJ	5.250	12/01/2032	41.425 / 41.425	57.100 / 57.100	15.675	8	605
03/27/2003	888808-AS-1	TOBACCO SETTLEMENT FING CORP N J ASSET BKD	6.000	06/01/2037	85.086 / 85.594	89.750 / 100.665	15.579	23	2810
03/31/2003	38122N-AQ-5	GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV ASSET-BKD-SER A-	6.750	06/01/2039	84.526 / 95.594	94.178 / 100.000	15.474	60	6060
03/18/2003	549212-BU-1	LUBBOCK TEX HSG FIN CORP SINGLE FAMILY MTG REV CAP APPRECIATION		10/01/2015	41.125 / 56.370	56.570 / 56.570	15.445	12	365
03/27/2003	718867-MV-3	PHOENIX ARIZ STR & HWY USER REV CAP APPREC-REF-JR LIEN-SER A		07/01/2012	54.500 / 54.500	69.776 / 69.776	15.276	5	230
03/11/2003	251174-AV-0	DETROIT MICH LOC DEV FIN AUTH SUB-TAX INCREMENT-SER A	5.500	05/01/2021	65.811 / 80.000	81.000 / 81.000	15.189	5	125
03/13/2003	64578C-AH-4	NEW JERSEY ECONOMIC DEV AUTH SPL FAC REV CONTINENTAL AIRLINES INC PJ	6.250	09/15/2029	52.920 / 52.920	68.000 / 68.000	15.080	4	110
02/14/2003	130909-VX-9	CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV CTFS PARTN SUTTER HEALTH OBLIG GRO	6.000	08/15/2025	95.550 / 95.550	110.557 / 110.557	15.007	2	20
02/05/2003	826310-AC-8	SIERRA FOOTHILLS CALIF PUB FING AUTH CTFS PARTN SER A	8.000	12/15/2002	13.000 / 26.850	13.400 / 28.000	15.000	4	90
01/06/2003	650034-WH-0	NEW YORK ST URBAN DEV CORP REV PREREFUNDED-CORRTL FACS SVC-B	5.000	01/01/2025	97.410 / 111.000	111.126 / 112.378	14.968	57	3985
01/28/2003	235035-AK-8	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV AMERICAN AIRLINES INC	6.000	11/01/2014	27.600 / 27.600	42.500 / 42.500	14.900	3	75
03/31/2003	056559-AJ-6	BADGER TOB ASSET SECURITIZATION CORP WIS TOB SETTLEMENT REV ASSET-BKD	6.000	06/01/2017	84.868 / 98.451	99.519 / 99.750	14.882	19	1065
01/08/2003	040506-HN-0	ARIZONA HEALTH FACS AUTH HOSP SYS REV PHOENIX CHILDRENS HOSP-SER A	6.125	11/15/2022	81.759 / 90.000	96.595 / 96.595	14.836	12	405
01/21/2003	20774H-XP-4	CONNECTICUT ST HEALTH & EDL FACS AUTH REV ST MARYS HOSP ISSUE-SER E	5.500	07/01/2020	75.432 / 75.432	90.267 / 90.267	14.835	5	90
01/28/2003	79306E-HB-3	ST PAUL MINN PORT AUTH INDL DEV REV SER J-1996 LOTTERY	9.500	12/01/2011	82.500 / 94.500	87.500 / 97.330	14.830	5	80
03/31/2003	16876Q-BE-8	CHILDRENS TR FD P R TOB SETTLEMENT REV ASSET-BKD BDS	5.375	05/15/2033	86.178 / 92.389	99.500 / 101.000	14.822	14	490
01/21/2003	150571-AG-2	CEDAR RAPIDS IOWA REV FIRST MTG-COTTAGE GROVE-A	5.875	07/01/2028	79.000 / 79.000	79.500 / 93.741	14.741	3	130
02/12/2003	107462-BL-6	BREVARD CNTY FLA SOLID WASTE DISP SYS REV	6.000	10/01/2007	100.500 / 100.500	115.176 / 115.176	14.676	3	40
03/31/2003	360052-AJ-3	FULTON CNTY GA DEV AUTH SPL FACS REV DELTA AIRLINES INC PROJ	5.450	05/01/2023	32.050 / 32.050	32.050 / 46.700	14.650	5	145
03/04/2003	01852L-AB-6	ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLS INC PROJ	7.000	12/01/2011	40.375 / 41.500	55.000 / 55.000	14.625	9	1290
03/31/2003	88880P-AC-8	TOBACCO SETTLEMENT FING CORP LA REV ASSET-BKD-SER B	5.875	05/15/2039	73.000 / 84.278	85.260 / 87.603	14.603	29	1060
02/27/2003	011842-KB-6	ALASKA ST INTL ARPTS REVS SER B	5.500	10/01/2011	99.000 / 99.000	113.592 / 113.592	14.592	5	5000
01/17/2003	056559-AJ-6	BADGER TOB ASSET SECURITIZATION CORP WIS TOB SETTLEMENT REV ASSET-BKD	6.000	06/01/2017	89.024 / 89.024	99.250 / 103.610	14.586	12	215
03/31/2003	888806-AC-0	TOBACCO SETTLEMENT REV MGMT AUTH S C TOB SETTLEMENT REV SER B	6.375	05/15/2028	85.000 / 94.500	92.647 / 99.500	14.500	17	660
03/19/2003	64605E-5X-8	NEW JERSEY ST EDL FACS AUTH REV ST PETERS COLLEGE-SER B	5.375	07/01/2018	85.650 / 85.650	100.000 / 100.000	14.350	5	155
03/13/2003	646133-DB-1	NEW JERSEY ST TRAN CORP CTFS PARTN FED TRAN ADMIN GRANTS-SER B	5.500	09/15/2010	103.181 / 103.181	117.512 / 117.512	14.331	3	150
01/07/2003	691021-EA-3	OWENSBORO KY ELEC LT & PWR REV	6.850	01/01/2008	97.080 / 97.080	101.625 / 111.257	14.177	7	75
03/24/2003	010541-AL-4	ALABAMA ST FED AID HWY FIN AUTH GRANT ANTIC-SER A	5.250	03/01/2013	98.000 / 98.000	112.175 / 112.175	14.175	3	505
01/16/2003	88880P-AC-8	TOBACCO SETTLEMENT FING CORP LA REV ASSET-BKD-SER B	5.875	05/15/2039	85.000 / 89.000	89.400 / 99.125	14.125	26	585
01/31/2003	248397-DD-0	DENISON TEX HOSP AUTH HOSP REV TEXOMA MED CTR INC PROJ	6.125	08/15/2017	81.875 / 81.875	96.000 / 96.000	14.125	2	20
01/21/2003	036474-AP-9	ANSON TEX ED FACS CORP STUDENT HSG REV UNIV OF TEX-WATERVIEW PK PJ	5.100	01/01/2034	86.000 / 86.000	95.526 / 100.000	14.000	14	210
01/15/2003	273002-BE-4	EAST HEMPFIELD TWP PA INDL DEV AUTH FIRST MTG REV HOMESTEAD VILLAGE INC PRO	6.150	11/01/2014	86.010 / 86.010	100.000 / 100.000	13.990	5	35
01/15/2003	802576-AA-6	SANTA ROSA BAY BRDG AUTH FLA REV	6.250	07/01/2028	57.080 / 64.000	69.007 / 71.000	13.920	12	755
03/31/2003	888808-BM-3	TOBACCO SETTLEMENT FING CORP N J	7.000	06/01/2041	87.111 / 87.111	101.000 / 101.000	13.889	3	80
01/28/2003	801686-GA-8	SANTA CLARITA CALIF CMNTY COLLEGE DIST	5.000	08/01/2018	102.101 / 115.966	115.966 / 115.966	13.865	3	306
02/26/2003	346668-BR-6	FORSYTH MONT POLLUTION CTL REV REF-MONTANA PWR CO	5.900	12/01/2023	85.000 / 85.000	98.811 / 98.811	13.811	9	190
03/04/2003	833102-EX-0	SNOHOMISH CNTY WASH PUB UTIL DIST NO 001 ELEC REV	6.375	01/01/2006	100.000 / 100.000	113.809 / 113.809	13.809	4	340
01/09/2003	040506-JR-9	ARIZONA HEALTH FACS AUTH HOSP SYS REV PHOENIX CHILDRENS HOSP-SER A	5.375	02/15/2018	71.500 / 71.500	85.300 / 85.300	13.800	4	50
02/26/2003	98267T-AA-6	WYANDOTTE CNTY/KANS CITY KANS UNI GOVT POLLUTION CTL REV REF-GENERAL MOTORS	6.000	06/01/2025	94.337 / 104.337	106.575 / 107.978	13.641	11	2635

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 :