Q1/2003 Worst "Two-Trade" Spreads

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:

• On May 15, 2002, those Municipal Bonds that traded at least three (3) times were included and released.
• On December 3, 2002, those Municipal Bonds that traded at least two (2) times were included and released.

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 it's quarterly and annual price reports a new listing detailing the worst spreads of bonds that traded two times.
These trades show a customer bid side and a customer offer side.
Do the spreads show how the Municipal Markets are unfair and unreasonable?
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)
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	100.000	40.000	2	115
02/03/2003	101029-AN-6	BOSTON MASS WTR & SWR COMMN REV	10.875	01/01/2009	100.000	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	131.534	27.659	2	90
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	48.000	21.250	2	60
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	53.500	16.500	2	40
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	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	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	138.000	16.000	2	175
03/20/2003	010632-HV-2	ALABAMA ST UNIV REV TAXABLE-REF-GEN TUITION FEE-B	4.650	01/01/2022	100.000	115.703	15.703	2	300
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	110.557	15.007	2	20
01/31/2003	248397-DD-0	DENISON TEX HOSP AUTH HOSP REV TEXOMA MED CTR INC PROJ	6.125	08/15/2017	81.875	96.000	14.125	2	20
03/20/2003	121822-AJ-9	BURLINGTON KANS ENVIRONMENTAL IMPT REV REF-K C PWR & LT-A-RMK 8/30/02	4.750	09/01/2015	90.934	104.250	13.316	2	70
03/28/2003	658196-F2-1	NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV UNREFUNDED BALANCE-REF-SER B	6.250	01/01/2012	89.000	102.288	13.288	2	10
02/28/2003	360052-AJ-3	FULTON CNTY GA DEV AUTH SPL FACS REV DELTA AIRLINES INC PROJ	5.450	05/01/2023	45.000	58.250	13.250	2	30
01/02/2003	649892-HN-9	NEW YORK ST PWR AUTH REV & GEN PURP	5.500	01/01/2010	100.000	112.955	12.955	2	105
01/15/2003	207726-SB-7	CONNECTICUT ST CAP APPREC-SER A		07/01/2008	73.491	86.012	12.521	2	21
03/21/2003	888808-AR-3	TOBACCO SETTLEMENT FING CORP N J ASSET BKD	5.750	06/01/2032	84.074	96.565	12.491	2	145
01/28/2003	207726-RX-0	CONNECTICUT ST CAP APPREC-SER A		07/01/2004	85.681	98.042	12.361	2	6
01/28/2003	207726-TG-5	CONNECTICUT ST CAP APPREC-SER B		11/01/2005	83.081	95.321	12.240	2	21
03/14/2003	116403-PK-6	BROWNSVILLE TEX CAP APPREC-REF		02/15/2006	82.395	94.110	11.715	2	20
02/12/2003	246388-LJ-9	DELAWARE ST HEALTH FACS AUTH REV CHRISTIANA CARE HEALTH SVCS	2.600	10/01/2008	98.605	110.153	11.548	2	1465
02/24/2003	888805-AF-5	TOBACCO SETTLEMENT AUTH IOWA TOB SETTLEMENT REV ASSET-BKD-SER B	5.300	06/01/2025	83.520	94.981	11.461	2	70
01/14/2003	59465C-T7-2	MICHIGAN ST HOSP FIN AUTH REV REF-MCLAREN OBLIG GROUP-SER A	4.500	10/15/2021	80.000	91.449	11.449	2	25
03/07/2003	646139-AH-8	NEW JERSEY ST TPK AUTH TPK REV	5.200	01/01/2008	95.718	107.036	11.318	2	40
02/28/2003	45222L-AK-6	ILLINOIS ST CIVIC CTR REF-SPL ST OBLIG	5.000	12/15/2007	100.248	111.248	11.000	2	30
03/25/2003	189045-AX-5	CLOQUET MINN POLLUTN CTL REV REF-POTLACH CORP PROJS	5.900	10/01/2026	83.000	94.000	11.000	2	125
03/28/2003	888794-AB-0	TOB SECURITIZATION AUTH NORTHN CALIF TOB SETTLEMENT REV ASSET BKD BDS-SER A	5.375	06/01/2041	77.388	88.327	10.939	2	110
02/12/2003	130656-AQ-4	CALIFORNIA ST DEPT TRANSN CTFS PARTN CAP APPREC-SER A		03/01/2007	76.060	86.932	10.872	2	3
02/13/2003	716390-AQ-2	PETOSKEY MICH HOSP FIN AUTH HOSP FACS REV	6.700	03/01/2007	100.000	110.839	10.839	2	15
01/29/2003	72736M-BB-6	PLANTATION FLA HEALTH FACS AUTH REV REF-COVENANT VLG OF FLA INC	5.125	12/01/2022	83.000	93.750	10.750	2	20
03/06/2003	010621-BS-8	ALABAMA ST SPACE SCIENCE EXHIBIT FIN AUTH REV SPACE CAMP PROJ-SER B	6.250	12/01/2010	77.750	88.310	10.560	2	55
03/21/2003	930866-CG-1	WAKE CNTY N C HOSP REV	5.125	10/01/2026	96.216	106.629	10.413	2	25
01/10/2003	647634-3F-9	NEW ORLEANS LA REF-CTFS INDBT-SER B	5.100	12/01/2010	100.300	110.700	10.400	2	100
03/17/2003	473615-ET-5	JEFFERSON CNTY TEX WTR CTL & IMPT DIST NO 10	4.500	08/15/2009	100.000	110.125	10.125	2	230
03/06/2003	800205-DX-1	SANDUSKY OHIO CITY SCH DIST REF	4.450	12/01/2007	100.000	110.002	10.002	2	370
01/17/2003	977055-VF-6	WISCONSIN ST ZERO CPN-HIGHER ED-SER B		05/01/2010	64.974	74.974	10.000	2	2
03/17/2003	473615-ES-7	JEFFERSON CNTY TEX WTR CTL & IMPT DIST NO 10	4.500	08/15/2008	100.000	109.949	9.949	2	220
03/17/2003	473615-EU-2	JEFFERSON CNTY TEX WTR CTL & IMPT DIST NO 10	4.500	08/15/2010	100.000	109.821	9.821	2	240
03/06/2003	800205-DY-9	SANDUSKY OHIO CITY SCH DIST REF	4.450	12/01/2008	100.000	109.747	9.747	2	270
03/06/2003	800205-DW-3	SANDUSKY OHIO CITY SCH DIST REF	4.450	12/01/2006	100.000	109.644	9.644	2	370
01/13/2003	97710V-BW-7	WISCONSIN ST HEALTH & EDL FACS AUTH REV FROEDERT & CMNTY HEALTH OBLIG	5.375	10/01/2030	93.500	102.875	9.375	2	25
03/21/2003	16557H-BT-1	CHESTER CNTY PA HEALTH & ED FACS AUTH HEALTH SYS REV JEFFERSON HEALTH SYS-S	5.375	05/15/2027	94.034	103.360	9.326	2	35
01/17/2003	796815-NQ-7	SAN BERNARDINO CNTY CALIF CTFS PARTN MED CTR FING PROJ	5.000	08/01/2026	90.000	99.314	9.314	2	30
03/20/2003	612201-DM-2	MONTCLAIR CALIF REDEV AGY TAX ALLOCATION TAXABLE-REDEV PJ AREA NO III	6.900	12/01/2027	103.227	112.479	9.252	2	20
03/19/2003	64578C-AE-1	NEW JERSEY ECONOMIC DEV AUTH SPL FAC REV CONTINENTAL AIRLINES INC PJ	6.250	09/15/2019	57.000	66.250	9.250	2	525
03/04/2003	64579E-2H-8	NEW JERSEY HEALTH CARE FACS FING AUTH REV FHA-JERSEY CITY MED CENTER	5.000	08/01/2041	95.500	104.710	9.210	2	35
02/07/2003	360052-AJ-3	FULTON CNTY GA DEV AUTH SPL FACS REV DELTA AIRLINES INC PROJ	5.450	05/01/2023	49.500	58.600	9.100	2	15
03/17/2003	473615-EV-0	JEFFERSON CNTY TEX WTR CTL & IMPT DIST NO 10	4.500	08/15/2011	100.000	109.070	9.070	2	250
02/25/2003	263584-DD-3	DUARTE CALIF CTFS PARTN SER A	5.250	04/01/2031	89.500	98.549	9.049	2	55
01/10/2003	67760H-DC-2	OHIO ST TPK COMMN TPK REV SER B	4.750	02/15/2028	93.490	102.500	9.010	2	30
01/31/2003	939741-QX-5	WASHINGTON ST ZERO CPN-COLLEGE SAVINGS		08/01/2005	85.000	94.003	9.003	2	2
01/31/2003	939744-CG-1	WASHINGTON ST ZERO CPN-COLLEGE SAVINGS		08/01/2004	88.080	97.080	9.000	2	2
02/14/2003	720175-PK-8	PIEDMONT MUN PWR AGY S C ELEC REV REF-SER B	5.250	01/01/2009	100.000	109.000	9.000	2	20
01/30/2003	677597-MQ-6	OHIO ST PUB FACS COMMN HIGHER ED CAP FACS-SER II-A	4.700	06/01/2007	100.105	109.093	8.988	2	10
01/17/2003	544625-AT-3	LOS ANGELES CALIF PUB FACS CORP REV	5.400	08/01/2007	98.424	107.387	8.963	2	35
02/11/2003	130623-LL-3	CALIFORNIA ST CORPUS PRAMS 7% 10/01/08-58		10/01/2008	75.750	84.563	8.813	2	40
02/25/2003	543582-AG-5	LORAIN CNTY OHIO FAC REV REF-LAUREL LAKE PROJ	7.300	12/15/2014	98.000	106.760	8.760	2	70
03/19/2003	646139-CD-5	NEW JERSEY ST TPK AUTH TPK REV	6.750	01/01/2009	104.000	112.750	8.750	2	65
03/13/2003	303585-LG-6	FAIRBORN OHIO	5.000	12/01/2005	100.000	108.670	8.670	2	190
02/11/2003	519372-AU-0	LAVACA CNTY TEX	4.250	08/01/2007	100.000	108.555	8.555	2	260
03/21/2003	681538-HJ-6	OLYMPIA WASH WTR & SWR REV SER A	4.850	11/01/2010	103.000	111.524	8.524	2	15
03/26/2003	491026-JH-4	KENTON CNTY KY ARPT BRD ARPT REV SPL FACS-DELTA AIRLINES PJ-A	6.500	02/01/2022	56.500	65.000	8.500	2	90
02/20/2003	413919-DR-9	HARRIS CNTY TEX MUN UTIL DIST NO 153	3.500	09/01/2007	97.000	105.478	8.478	2	240
02/25/2003	13053W-AA-6	CALIFORNIA POLLUTN CTL FING AUTH EXEMPT FACS REV MOBIL OIL CORP PROJ	5.500	12/01/2029	99.500	107.814	8.314	2	50
01/16/2003	64966B-B7-7	NEW YORK N Y PREREFUNDED-SER A	6.250	08/01/2017	107.507	115.804	8.297	2	10
02/21/2003	914062-CY-8	UNIVERSITY ARIZ MED CTR CORP HOSP REV REF	5.000	07/01/2021	95.000	103.194	8.194	2	30
01/28/2003	543583-EH-7	LORAIN CNTY OHIO HOSP REV CATHOLIC HEALTHCARE PARTNERS-B	5.500	09/01/2027	99.690	107.875	8.185	2	60
02/26/2003	509516-JN-1	LAKE CRYSTAL MINN IMPT	5.350	12/01/2010	103.000	111.140	8.140	2	20
02/24/2003	649668-VR-8	NEW YORK N Y PREREFUNDED-SER B	6.375	08/15/2010	105.000	113.117	8.117	2	10
02/14/2003	00037E-DW-3	ABAG FIN AUTH FOR NONPROFIT CORPS CALIF CTFS PARTN REF-AMERICAN BAPTIST HOM	6.100	10/01/2017	87.250	95.349	8.099	2	40
03/20/2003	196617-ED-2	COLORADO SPRINGS COLO HOSP REV REF	6.000	12/15/2015	103.951	112.037	8.086	2	15
03/06/2003	800205-DV-5	SANDUSKY OHIO CITY SCH DIST REF	4.450	12/01/2005	100.000	108.068	8.068	2	380
01/08/2003	649660-PM-3	NEW YORK N Y SER C	5.375	10/01/2021	93.000	101.055	8.055	2	10
03/24/2003	513788-EA-3	LANCASTER CALIF CMNTY FAC DIST SPL TAX REF-NO 91-2	6.000	10/01/2016	97.506	105.557	8.051	2	30
02/04/2003	649837-M7-3	NEW YORK ST DORM AUTH REVS FHA-HOSP-N Y & PRESBYTERIAN	4.750	08/01/2027	93.873	101.885	8.012	2	25
01/07/2003	566854-BA-2	MARICOPA CNTY ARIZ POLLUTION CTL CORP POLLUTION CTL REV ADJ-REF-ARIZ PUB SV	3.750	05/01/2024	92.000	100.000	8.000	2	10
01/15/2003	140426-AG-2	CAPITAL PROJS FIN AUTH FLA SOLID WASTE DISP REV CAP PJS LN PG-WCA FLA-SER C	8.000	10/01/2019	92.000	100.000	8.000	2	15
02/07/2003	191855-AR-6	COCONINO CNTY ARIZ POLLUTN CTL CORP REV POLLUTN CTL-NEV PWR CO-SER B	5.800	11/01/2032	76.000	83.980	7.980	2	40
02/24/2003	667327-FG-0	NORTHWEST AUSTIN MUN UTIL DIST NO 1 TEX	5.375	09/01/2026	98.269	106.232	7.963	2	10
03/04/2003	79727L-AS-8	SAN DIEGO CALIF CONVENTION CTR EXPANSION FING AUTH LEASE REV SER A	4.875	04/01/2018	96.200	104.110	7.910	2	35
03/20/2003	130624-GP-8	CALIFORNIA ST	6.600	02/01/2010	112.510	120.419	7.909	2	25
02/11/2003	47136P-AE-2	JASPER CNTY IND ECONOMIC DEV REV REF-GEORGIA PACIFIC CORP PJ	6.700	04/01/2029	70.302	78.200	7.898	2	20
02/14/2003	586016-AN-7	MEMORIAL HEALTH SYS ILL REV TAXABLE 09/01/94	8.375	10/01/2020	102.000	109.887	7.887	2	20
02/21/2003	544525-BB-3	LOS ANGELES CALIF DEPT WTR & PWR WTRWKS REV REF	4.250	10/15/2030	84.471	92.345	7.874	2	15
02/07/2003	649669-3V-8	NEW YORK N Y SER H-FGIC TCRS	5.000	03/15/2029	95.625	103.492	7.867	2	10
01/24/2003	491026-JH-4	KENTON CNTY KY ARPT BRD ARPT REV SPL FACS-DELTA AIRLINES PJ-A	6.500	02/01/2022	66.650	74.500	7.850	2	105
01/15/2003	018015-HJ-9	ALLEN PARK MICH REF-DOWNTOWN DEV	3.900	09/01/2013	91.770	99.567	7.797	2	480
02/26/2003	395108-BG-7	GREENFIELD MINN IMPT	5.850	12/15/2021	103.000	110.754	7.754	2	20
03/28/2003	462590-CY-4	IOWA STUDENT LN LIQUIDITY CORP STUDENT LN REV SUB-SER C	6.125	12/01/2011	96.000	103.750	7.750	2	15
01/21/2003	469360-CE-9	JACKSONVILLE FLA CAP IMPT REV CTFS GATOR BOWL PROJ	5.500	10/01/2016	100.324	108.069	7.745	2	45
03/07/2003	551530-DT-2	LYNN HAVEN FLA CAP IMPT REV	5.500	12/01/2026	102.250	109.908	7.658	2	15
02/12/2003	649868-4Y-9	NEW YORK ST HSG FIN AGY REV FHA-MULTIFAMILY MTG HSG-SER A	6.050	08/15/2032	101.550	109.201	7.651	2	70
03/24/2003	875128-EZ-9	TAMPA BAY WTR FLA UTIL SYS REV REF & IMPT-SER A	5.000	10/01/2026	98.125	105.750	7.625	2	35
02/04/2003	716220-AV-0	PETERSBURG IND POLLUTN CTL REV REF-INDIANAPOLIS PWR & LT-C	5.500	10/01/2023	89.000	96.562	7.562	2	25
03/13/2003	544628-EZ-9	LOS ANGELES CALIF REGL ARPTS IMPT CORP LEASE REV REF-UNITED AIR LINES-L A I	6.875	11/15/2012	55.000	62.555	7.555	2	20
01/10/2003	649668-XN-5	NEW YORK N Y UNREFUNDED BALANCE-SER G	6.000	10/15/2026	101.851	109.395	7.544	2	30
01/09/2003	473044-BP-9	JEFFERSON CNTY KY POLLUTN CTL REV LOUISVILLE GAS & ELEC CO-SER C	5.450	10/15/2020	97.000	104.531	7.531	2	80
03/20/2003	649836-JX-2	NEW YORK ST DORM AUTH REVS CITY UNIV SYS-3RD GEN RES-1	5.500	07/01/2024	100.215	107.741	7.526	2	20
03/14/2003	01728A-TQ-9	ALLEGHENY CNTY PA HOSP DEV AUTH REV REF-HOSP-SOUTH HILLS HLTH-A	5.125	05/01/2029	89.979	97.500	7.521	2	1525
02/26/2003	725304-AL-3	PITTSBURGH PA WTR & SWR AUTH WTR & SWR SYS REV REF	6.000	09/01/2016	113.000	120.464	7.464	2	35

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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