Worst One Hundred Offer-Side Spread Offenders for 2003 Q1

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Q1/2003 Worst Offer-side Spreads

Here is the Q1 2003 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 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	90.375	5	735
03/11/2003	798142-BS-3	SAN JOSE CALIF CMNTY FACS DIST SPL TAX NO 6-GREAT OAKS-ROUTE 85	6.000	09/01/2023		103.644 / 193.644	90.000	5	75
03/14/2003	649901-V4-4	NEW YORK ST DORM AUTH REVS ST PERS INCOME TAX-ECONOMIC-A	2.000	12/15/2004		101.358 / 191.358	90.000	13	3945
01/24/2003	121825-BU-6	BURLINGTON KANS POLLUTION CTL REV FLOATING RATE TR RCPTS-2002-L3		06/01/2031		10.000 / 99.992	89.992	2	4350
02/18/2003	161034-4W-0	CHARLOTTE N C SER A	4.500	07/01/2020		25.000 / 99.344	74.344	2	70
01/22/2003	952205-EZ-1	WEST COAST REGL WTR SUPPLY AUTH FLA REV REF-HILLSBOROUGH CNTY PROJ	5.750	10/01/2019	112.038 / 112.038	38.000 / 112.038	74.038	3	105
02/05/2003	60636X-EW-9	MISSOURI ST HSG DEV COMMN SINGLE FAMILY MTG REV AMT-HOMEOWN LN PROG-SER A	4.800	09/01/2016		31.810 / 101.136	69.326	2	55
02/04/2003	621842-MX-8	MOUNT LEBANON PA SCH DIST	4.800	02/15/2031		32.000 / 101.250	69.250	17	315
01/07/2003	196821-AL-6	COLQUITT CNTY GA DEV AUTH REV ZERO CPN-SUB-C RMKT-03/23/92		12/01/2021		37.907 / 104.154	66.247	14	865
01/24/2003	947134-KZ-4	WEATHERFORD TEX INDPT SCH DIST CAP APPREC-REF		02/15/2019	99.670 / 99.670	44.994 / 99.670	54.676	4	215
01/22/2003	544509-LU-4	LOS ANGELES CALIF DEPT WTR & PWR ELEC PLT REV UNREF BAL-2ND-MBIA IBC BNY	4.750	10/15/2020	101.500 / 101.500	50.000 / 101.500	51.500	3	150
01/16/2003	64966B-4M-2	NEW YORK N Y SER F	5.300	01/15/2026	100.000 / 100.000	63.125 / 103.750	40.625	60	6130
01/30/2003	735003-AA-3	PORT OF BAY CITY AUTH TEX MATAGORDA CNTY REV HOECHST CELANESE CORP PROJ	6.500	05/01/2026		62.659 / 102.659	40.000	4	280
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	40.000	3	50
01/22/2003	882668-BN-5	TEXAS PUB BLDG AUTH BLDG REV REF	6.000	08/01/2014	115.800 / 115.800	80.000 / 115.800	35.800	5	200
03/03/2003	79771P-UB-9	SAN FRANCISCO CALIF CITY & CNTY REDEV FING AUTH TAX ALLOCATION REV TAXABLE-	4.880	08/01/2013		104.002 / 137.767	33.765	10	202
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	33.434	10	1090
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	32.259	82	68740
01/16/2003	300263-BK-5	EVERGREEN OHIO LOC SCH DIST	5.500	12/01/2019		81.030 / 109.676	28.646	9	425
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	27.932	10	310
03/19/2003	238259-Z6-5	DAUPHIN CNTY PA GEN AUTH REV OFFICE & PKG-FORUM PL-SER A	6.000	01/15/2025		43.500 / 65.983	22.483	4	60
03/17/2003	64966C-EH-0	NEW YORK N Y CPN PRAMS 5.00% 3/1/33 SER III		09/01/2008		63.875 / 85.026	21.151	2	50
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	20.779	4	80
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	20.470	6	100
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	19.900	33	1900
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	18.633	1201	407945
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	17.914	11	660
01/14/2003	744890-QG-2	PUEBLO CNTY COLO SCH DIST NO 070 PUEBLO RURAL	4.000	12/01/2014		98.879 / 116.425	17.546	2	200
01/30/2003	745190-GH-5	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV SER D	5.375	07/01/2036		103.541 / 119.975	16.434	5	255
02/27/2003	567445-HR-5	MARICOPA CNTY ARIZ SCH DIST NO 98 FOUNTAIN HILLS UNI REF-SUPPL B INT CTFS O	.000	07/01/2004	98.966 / 98.966	83.255 / 98.966	15.711	5	1740
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	14.823	51	5525
01/03/2003	785652-BV-9	SABINE RIVER AUTH TEX POLLUTN CTL REV REF-TXU ELECTRIC PJ-SER A	6.450	06/01/2021		85.319 / 100.000	14.681	3	55
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
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	14.600	4	90
03/31/2003	888808-BK-7	TOBACCO SETTLEMENT FING CORP N J	6.750	06/01/2039	90.116 / 90.250	86.522 / 101.000	14.478	19	2510
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	14.241	3	130
02/24/2003	594913-AN-5	MICHIGAN ST HSE REPRESENTATIVES CTFS PARTN	5.250	08/15/2012	112.488 / 112.488	99.774 / 113.823	14.049	9	1075
02/27/2003	01852L-AB-6	ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLS INC PROJ	7.000	12/01/2011	34.000 / 34.000	30.000 / 43.937	13.937	19	6640
03/03/2003	649892-GD-2	NEW YORK ST PWR AUTH REV & GEN PURP	5.625	01/01/2010	111.030 / 111.030	100.000 / 113.750	13.750	6	630
02/04/2003	235035-AJ-1	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV REF-DELTA AIRLINES INC	6.250	11/01/2013		65.570 / 79.200	13.630	4	175
01/28/2003	235035-AH-5	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV AMERICAN AIRLINES INC	7.250	11/01/2030		33.200 / 46.500	13.300	4	120
02/14/2003	592598-F9-2	METROPOLITAN TRANSN AUTH N Y TRAN FACS REV SER C-1	5.125	07/01/2012	113.696 / 113.696	100.500 / 113.696	13.196	7	400
01/07/2003	792888-JG-5	ST PAUL MINN HSG & REDEV AUTH HOSP REV HEALTHEAST PROJ-SER A	5.700	11/01/2015	76.767 / 76.767	77.267 / 90.285	13.018	4	525
01/28/2003	249271-EY-9	DENVER COLO CITY & CNTY SPL FACS ARPT REV UNITED AIR LINES PROJ-SER A	6.875	10/01/2032	47.750 / 47.750	41.000 / 54.000	13.000	8	205
03/13/2003	605580-CT-4	MISSISSIPPI ST REF-SER A	5.000	11/01/2007		99.996 / 112.967	12.971	3	5000
02/12/2003	664843-NV-7	NORTHERN CALIF PWR AGY PUB PWR REV PREREFUNDED	7.500	07/01/2023	134.708 / 134.708	122.000 / 134.938	12.938	3	100
03/10/2003	101565-SE-0	BOULDER LARIMER & WELD CNTYS COLO ST VRAIN VY SCH DIST RE1J SER A	5.000	12/15/2022		92.500 / 105.296	12.796	4	100
03/12/2003	491557-BQ-6	KENTUCKY ST TPK AUTH RES RECOVERY RD REV	6.625	07/01/2008	100.000 / 100.000	100.000 / 112.750	12.750	4	240
03/03/2003	13068G-VV-5	CALIFORNIA ST PUB WKS BRD LEASE REV DEPT CORR-ST PRISON-SER E	5.500	06/01/2015		99.420 / 111.824	12.404	2	15
03/17/2003	914113-C8-6	UNIVERSITY CALIF REVS HOSP-UC MED CENTER	6.000	07/01/2026	110.500 / 110.500	100.500 / 112.500	12.000	4	45
03/31/2003	88880N-AA-7	TOBACCO SETTLEMENT FING CORP VA ASSET-BKD-SER A	6.250	06/01/2027	86.500 / 97.557	88.000 / 100.000	12.000	22	1235
01/21/2003	056559-AJ-6	BADGER TOB ASSET SECURITIZATION CORP WIS TOB SETTLEMENT REV ASSET-BKD	6.000	06/01/2017	96.500 / 98.000	91.625 / 103.609	11.984	20	2385
01/15/2003	646139-CA-1	NEW JERSEY ST TPK AUTH TPK REV	5.750	01/01/2009	109.500 / 111.312	100.000 / 111.952	11.952	10	1070
01/15/2003	79306E-DG-6	ST PAUL MINN PORT AUTH INDL DEV REV SER C-1996 LOTTERY	10.000	12/01/2006	80.662 / 80.662	74.250 / 86.162	11.912	4	55
02/04/2003	491557-BQ-6	KENTUCKY ST TPK AUTH RES RECOVERY RD REV	6.625	07/01/2008	112.230 / 112.230	100.500 / 112.333	11.833	3	1180
02/21/2003	59333M-GD-1	MIAMI-DADE CNTY FLA SCH BRD CTFS PARTN SER B	5.000	05/01/2031	107.944 / 107.944	107.944 / 119.641	11.697	37	70035
01/10/2003	132814-AT-1	CAMDEN CNTY NJ POLLTN CTL FING AUTH SOLID WASTE RES RECOV REV AMT-SER B	7.500	12/01/2009	85.880 / 85.880	85.850 / 97.500	11.650	7	160
01/16/2003	150571-AG-2	CEDAR RAPIDS IOWA REV FIRST MTG-COTTAGE GROVE-A	5.875	07/01/2028		76.875 / 88.500	11.625	5	360
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	11.597	20	1310
02/25/2003	79575D-RQ-5	SALT RIVER PROJ ARIZ AGRIC IMPT & PWR DIST ELEC SYS REV PREREF-SALT RIV-MAN	5.000	01/01/2020	108.739 / 109.750	100.000 / 111.500	11.500	6	360
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	11.350	21	1480
02/27/2003	130629-QQ-4	CALIFORNIA ST	4.625	12/01/2007		100.000 / 111.336	11.336	2	110
03/19/2003	786004-MP-3	SACRAMENTO CALIF MUN UTIL DIST ELEC REV	5.250	05/01/2013	99.000 / 106.190	100.000 / 111.223	11.223	8	120
01/02/2003	646139-AJ-4	NEW JERSEY ST TPK AUTH TPK REV SER D	5.750	01/01/2008	100.000 / 100.000	100.000 / 111.000	11.000	3	140
03/19/2003	159807-ZL-3	CHARLES CNTY MD CNTY COMMRS-CONS PUB IMPT	3.500	03/01/2015		87.557 / 98.557	11.000	5	160
03/31/2003	16876Q-BG-3	CHILDRENS TR FD P R TOB SETTLEMENT REV ASSET-BKD BDS	5.625	05/15/2043	88.000 / 88.904	90.000 / 101.000	11.000	6	2020
02/10/2003	036474-AP-9	ANSON TEX ED FACS CORP STUDENT HSG REV UNIV OF TEX-WATERVIEW PK PJ	5.100	01/01/2034	94.257 / 96.400	89.068 / 100.000	10.932	13	580
02/21/2003	073185-Z5-2	BAYTOWN TEX CTFS OBLIG	5.000	02/01/2008		100.000 / 110.931	10.931	4	110
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	10.915	23	2810
01/27/2003	46613C-CU-7	JEA FLA ELEC SYS REV SUB SER D-MBIA IBC	4.875	10/01/2037		99.175 / 110.000	10.825	20	975
02/04/2003	455254-DA-7	INDIANAPOLIS IND ARPT AUTH REV SPL FAC-UTD AIR LINES PJ-SER A	6.500	11/15/2031	39.500 / 50.000	41.750 / 52.500	10.750	17	7490
03/04/2003	581408-RW-3	MC KEESPORT PA AREA SCH DIST SER B	4.800	10/01/2032	99.065 / 99.065	99.999 / 110.743	10.744	31	7565
03/18/2003	639535-BQ-5	NEBHELP INC NEB REV SR-SUB-SER A-5A	6.250	06/01/2018	101.720 / 101.720	102.500 / 113.223	10.723	5	40
02/04/2003	13033H-3Y-0	CALIFORNIA HEALTH FACS FING AUTH REV CAP APPREC-KAISER-A-MBIA-IBC		10/01/2010	74.978 / 74.978	75.260 / 85.978	10.718	8	820
01/15/2003	181004-BG-6	CLARK CNTY NEV INDL DEV REV NEVADA PWR CO PJ-A-ACA-CBI	5.600	10/01/2030		90.345 / 101.000	10.655	10	120
02/03/2003	59333N-CR-2	MIAMI-DADE CNTY FLA SPL OBLIG SUB-SER B		10/01/2031		10.660 / 21.115	10.455	4	600
01/16/2003	017292-HB-2	ALLEGHENY CNTY PA INDL DEV AUTH REV COML DEV-THREE PKWY CTR EAST	8.000	12/01/2004		102.492 / 112.942	10.450	2	85
03/18/2003	130628-SE-1	CALIFORNIA ST AMT-SER BH	5.200	12/01/2011		97.801 / 108.176	10.375	7	120
01/30/2003	80329L-AT-6	SARASOTA CNTY FLA HEALTH FAC AUTH REV REF-SW FLA RETIRMNT CTR-SER A	6.500	01/01/2023	87.500 / 88.000	87.500 / 97.810	10.310	11	238
03/20/2003	649839-BV-8	NEW YORK ST DORM AUTH REVS INSD-ST JOHNS UNIV	4.750	07/01/2028	96.500 / 97.832	90.701 / 101.000	10.299	93	19395
03/06/2003	566761-CA-8	MARICOPA CNTY ARIZ HOSP REV	7.875	01/01/2007		101.500 / 111.673	10.173	3	15
02/12/2003	246388-LL-4	DELAWARE ST HEALTH FACS AUTH REV CHRISTIANA CARE HEALTH SVCS	3.000	10/01/2009	98.570 / 98.570	100.000 / 110.150	10.150	18	3835
03/20/2003	944314-GD-9	WAYNE CHARTER CNTY MICH ARPT REV AMT-DETROIT MET WAYNE CNTY-A	5.000	12/01/2028	93.164 / 96.500	93.914 / 104.028	10.114	7	135
02/20/2003	609916-AD-3	MONONGALIA CNTY W VA POLLUTION CTL REV MONONGAHELA PWR CO FT MARTIN-B	5.950	04/01/2013	88.000 / 88.000	82.880 / 92.900	10.020	8	240
01/07/2003	657902-WX-6	NORTH CAROLINA MED CARE COMMN HEALTH CARE FACS REV 1ST MTG-PRESBYTERIAN HOM	6.875	10/01/2021	103.425 / 103.425	100.870 / 110.873	10.003	13	230
01/21/2003	786153-DW-3	SACRAMENTO CNTY CALIF SPL TAX REF-CMNTY FACS DIST NO 1	5.700	12/01/2020		101.112 / 111.112	10.000	3	35
01/22/2003	181054-4Z-7	CLARK CNTY NEV SCH DIST BLDG-SER C	5.000	06/15/2009		100.557 / 110.557	10.000	3	6800
02/24/2003	575910-7M-0	MASSACHUSETTS ST HSG FIN AGY HSG REV INSD-SER B	5.800	12/01/2025		103.269 / 113.269	10.000	2	930
03/05/2003	512445-MF-1	LAKEVILLE MINN STR RECON-SER A	3.500	02/01/2012		100.755 / 110.755	10.000	8	800
01/17/2003	040506-HN-0	ARIZONA HEALTH FACS AUTH HOSP SYS REV PHOENIX CHILDRENS HOSP-SER A	6.125	11/15/2022		85.841 / 95.735	9.894	3	150
02/27/2003	888808-BP-6	TOBACCO SETTLEMENT FING CORP N J	6.250	06/01/2043	89.337 / 89.337	88.837 / 98.674	9.837	225	269690
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	9.830	5	80
01/23/2003	047771-Y7-9	ATLANTA GA	5.600	12/01/2011	114.219 / 114.219	106.192 / 115.994	9.802	3	105
01/22/2003	040506-HN-0	ARIZONA HEALTH FACS AUTH HOSP SYS REV PHOENIX CHILDRENS HOSP-SER A	6.125	11/15/2022	85.250 / 85.250	86.000 / 95.735	9.735	3	225
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	9.725	26	585
01/07/2003	01852L-AA-8	ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLINES INC PROJ	7.500	12/01/2029	46.000 / 46.000	39.300 / 49.000	9.700	6	225
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	9.632	7	75
02/05/2003	455254-DA-7	INDIANAPOLIS IND ARPT AUTH REV SPL FAC-UTD AIR LINES PJ-SER A	6.500	11/15/2031	40.500 / 44.190	43.880 / 53.500	9.620	41	12255
01/16/2003	113152-DT-6	BROOKHAVEN N Y TOWN HALL	4.375	12/15/2019		98.527 / 108.062	9.535	12	300
02/20/2003	75728M-CY-8	REDDING CALIF ELEC SYS REV CTFS PARTN SER A	5.250	06/01/2012		100.000 / 109.525	9.525	5	300

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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