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2003/Q2 Worst Bid-side Spreads

Here is the 2003/Q2 list of the one hundred worst "bid-side" spreads when comparing lowest bid to highest bid. 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.

Note: Because of pressure from MunicipalBonds.com and increasing coverage about pricing problems in the Muni Markets, on June 23, 2003 the Muni industry finally started releasing full next-day trade reports. This includes a Municipal Bond that traded only once...or "1 trade" markets. Because MunicipalBonds.com currently studies same-day spread problems, the additional reporting of "1 trade" markets is not applicable to Worst Spread reports...there needs to be at least two trades to create and judge a spread.

Date CUSIP Municipal Bond Name / Description Coupon Maturity Bid Side
Customer Sold
to Dealer
(Lowest / Highest)		 Spread
Red Flag		 Offer Side
Customer Purchase
from Dealer
(Lowest / Highest)		 # of
Trades		 Volume
(000)
06/03/2003645771-MY-9NEW JERSEY BLDG AUTH ST BLDG REV REF-SER B  5.25012/15/2006 11.000 / 115.570104.570 11.570 / 11.5704100
06/03/2003646135-WZ-2NEW JERSEY ST TRANSN TR FD AUTH TRANSN SYS-SER C  5.37512/15/2007 11.200 / 113.539102.339 11.539 / 11.5395125
06/03/200320772F-ER-7CONNECTICUT ST UNREFUNDED BALANCE-SER A  5.30005/15/2010 11.420 / 111.01599.595 11.015 / 11.0155125
06/02/2003246352-AH-1DELAWARE RIV PORT AUTH PA & NJ REV  5.50001/01/2026 10.772 / 107.63196.859 10.572 / 111.1678205
06/02/2003130629-B8-0CALIFORNIA ST  5.25006/01/2018 10.941 / 106.63295.691 10.926 / 108.50661200
06/03/200364985F-DR-9NEW YORK ST ENVIRONMENTAL FACS CORP POLLUTN CTL REV STATE WTR REV-FD-A-PRER 5.70006/15/2006 10.500 / 105.70095.200 10.700 / 10.700575
06/03/200364985F-MC-2NEW YORK ST ENVIRONMENTAL FACS CORP POLLUTN CTL REV PREREFUNDED-ST WTR REV- 5.70006/15/2006 10.700 / 105.70095.000 10.700 / 10.700550
06/03/2003590281-GK-1MERRIMACK CNTY N H  3.00012/01/2008 10.879 / 104.87994.000 10.254 / 104.8798400
06/02/2003614155-FU-8MONTGOMERY TWP N J BRD ED  5.00004/01/2026 10.698 / 104.00093.302 10.448 / 108.4019200
06/03/2003414003-L3-5HARRIS CNTY TEX REF-TOLL RD-SR LIEN  5.00008/15/2016 10.458 / 103.58093.122 106.080 / 106.0808145
06/02/200364579E-2H-8NEW JERSEY HEALTH CARE FACS FING AUTH REV FHA-JERSEY CITY MED CENTER  5.00008/01/2041 10.090 / 101.73791.647 10.890 / 106.33413330
05/29/200359333F-BE-9MIAMI-DADE CNTY FLA PARKS PROG  5.80011/01/2003 10.000 / 101.25591.255 10.000 / 10.000440
05/28/2003686543-HX-0ORLANDO & ORANGE CNTY EXPWY AUTH FLA EXPWY REV REF-SR LIEN  5.25007/01/2023 102.000 / 192.38590.385 102.297 / 102.3857235
06/10/2003452281-DN-5ILLINOIS STUDENT ASSISTANCE COMMN STUDENT LN REV AUCTION RATE-SR-SER DD-I  3.80003/01/2005 10.000 / 100.00090.000 99.997 / 100.010928000
06/02/200364966C-JZ-5NEW YORK N Y SER J  4.75006/01/2033 10.000 / 99.42689.426 99.051 / 102.3465113545
04/04/2003658203-QT-4NORTH CAROLINA MUN PWR AGY NO 1 CATAWBA ELEC REV  5.75001/01/2015 20.000 / 100.00080.000  680
04/10/2003167501-SW-6CHICAGO ILL BRD ED CAP APPREC-CHICAGO SCH RFM-A  12/01/2016 49.953 / 105.23055.277  225
05/29/2003745268-YF-3PUERTO RICO ELEC PWR AUTH PWR REV CAP APPREC-REF-SER N-MBIA-IBC  07/01/2017 54.800 / 104.14149.341  44835
06/24/200368407L-DA-4ORANGE BEACH ALA WTR SWR & FIRE PROTN AUTH REV  2.50005/15/2009 73.817 / 99.47025.653 99.470 / 99.4703900
05/07/2003215453-CS-8COOK CNTY ILL HIGH SCH DIST NO 201 CICERO  4.10012/01/2004 104.147 / 129.01124.864  2125
06/20/200364126M-AQ-9NEVADA CNTY CALIF CMNTY FACS DIST SPL TAX NO 1-WILDWOOD ESTATES-SER A  8.40009/01/2019 32.750 / 55.00022.250  5555
05/07/2003360052-AG-9FULTON CNTY GA DEV AUTH SPL FACS REV DELTA AIR LINES INC PROJ  6.95011/01/2012 45.000 / 67.00022.000 69.000 / 77.12561400
05/14/200361213K-AD-2MONTANA ST BRD INVT RESOURCE RECOVERY REV YELLOWSTONE ENERGY L P PROJ  7.00012/31/2012 51.550 / 72.32020.770  460
05/01/2003826310-AG-9SIERRA FOOTHILLS CALIF PUB FING AUTH CTFS PARTN SER A  8.25012/15/2007 27.500 / 48.02220.522 28.500 / 28.5003135
06/30/200361213K-AD-2MONTANA ST BRD INVT RESOURCE RECOVERY REV YELLOWSTONE ENERGY L P PROJ  7.00012/31/2012 81.000 / 100.00019.000  355
06/20/2003649885-TR-1NEW YORK ST MTG AGY REV TAXABLE-FIFTEENTH SER  8.25010/01/2014 81.570 / 100.00018.430 73.900 / 99.25012390
04/01/200316876Q-BE-8CHILDRENS TR FD P R TOB SETTLEMENT REV ASSET-BKD BDS  5.37505/15/2033 70.812 / 89.17918.367 74.743 / 89.719169265
05/15/2003745181-PH-4PUERTO RICO COMWLTH HWY & TRANSN AUTH HWY REV REF-SER W-MBIA-IBC  5.50007/01/2015 102.605 / 120.60518.000  34545
06/25/2003574300-AR-0MARYLAND ST TRANSN AUTH TRANSN FACS PRJS REV  6.80007/01/2016 98.000 / 115.68517.685  740
04/01/2003888806-AC-0TOBACCO SETTLEMENT REV MGMT AUTH S C TOB SETTLEMENT REV SER B  6.37505/15/2028 78.000 / 95.50017.500 83.898 / 98.453231380
04/01/200388880P-AC-8TOBACCO SETTLEMENT FING CORP LA REV ASSET-BKD-SER B  5.87505/15/2039 69.000 / 86.00017.000 75.099 / 87.500271430
05/19/2003548100-V3-7LOWER COLO RIV AUTH TEX REV PREREFUNDED-JR LIEN  6.00001/01/2017 97.070 / 114.00016.930 119.117 / 119.117435
04/04/2003888808-AR-3TOBACCO SETTLEMENT FING CORP N J ASSET BKD  5.75006/01/2032 68.722 / 85.55216.830 78.415 / 86.748342810
04/08/200304109H-AQ-7ARKANSAS ST DEV FIN AUTH TOB SETTLEMENT REV BIOSCIENCES INSTITUTE COLLEGE  5.12512/01/2028 82.000 / 98.20516.205  5160
04/22/200316876Q-BC-2CHILDRENS TR FD P R TOB SETTLEMENT REV ASSET-BKD BDS  4.10005/15/2013 80.306 / 96.50016.194 93.000 / 93.000545
04/07/200304109H-AQ-7ARKANSAS ST DEV FIN AUTH TOB SETTLEMENT REV BIOSCIENCES INSTITUTE COLLEGE  5.12512/01/2028 76.125 / 92.03815.913 95.038 / 95.0384160
04/02/2003888808-AL-6TOBACCO SETTLEMENT FING CORP N J ASSET BKD  5.00006/01/2014 81.132 / 97.00015.868  475
04/01/2003888808-AT-9TOBACCO SETTLEMENT FING CORP N J ASSET BKD  6.12506/01/2042 71.000 / 86.33615.336 73.850 / 90.161312875
04/11/2003888805-AF-5TOBACCO SETTLEMENT AUTH IOWA TOB SETTLEMENT REV ASSET-BKD-SER B  5.30006/01/2025 72.190 / 87.00014.810 73.190 / 78.6587670
06/04/2003544712-SM-5LOS ANGELES CNTY CALIF MET TRANSN AUTH SALES TAX REV REF-PROP A-1ST SR-SER  5.25007/01/2012 101.457 / 116.24314.786 116.243 / 116.2439920
06/04/2003605575-AA-7MISSISSIPPI ST  6.20002/01/2008 99.000 / 113.77014.770 100.000 / 116.7556170
04/23/200301852L-AB-6ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLS INC PROJ  7.00012/01/2011 41.400 / 56.00014.600 44.000 / 44.00064120
06/10/2003056559-AK-3BADGER TOB ASSET SECURITIZATION CORP WIS TOB SETTLEMENT REV ASSET-BKD  6.12506/01/2027 94.000 / 108.05714.057 85.252 / 98.200121055
06/18/200365820P-BS-3NORTH CAROLINA MED CARE COMMN HEALTH SYS REV MISSION-ST JOSEPHS HEALTH SYS  5.25010/01/2031 92.000 / 105.94413.944  635
04/22/2003745145-EW-8PUERTO RICO COMWLTH  5.00007/01/2027 96.331 / 109.90013.569  2115
04/29/2003167501-RB-3CHICAGO ILL BRD ED CHICAGO SCH REFORM  6.00012/01/2026 102.000 / 115.52413.524  235
04/23/2003491026-JG-6KENTON CNTY KY ARPT BRD ARPT REV SPL FACS-DELTA AIRLINES PJ-A  7.50002/01/2020 55.500 / 69.00013.500  235
05/02/2003027720-AJ-0AMERICAN NATL FISH & WILDLIFE MUSEUM DIST MO MUSEUM REV  7.00009/01/2019 47.000 / 60.25013.250 48.800 / 48.800425
06/09/2003056559-AK-3BADGER TOB ASSET SECURITIZATION CORP WIS TOB SETTLEMENT REV ASSET-BKD  6.12506/01/2027 81.453 / 94.69213.239 95.449 / 98.454212555
04/23/2003944315-AN-0WAYNE CHARTER CNTY MICH SPL ARPT FACS REV REF-NORTHWEST AIRLINES INC  6.75012/01/2015 47.550 / 60.37512.825 60.375 / 60.3753410
06/17/2003658196-F6-2NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV REF-SER D  5.37501/01/2011 97.434 / 110.22912.795 110.920 / 110.920315000
05/15/2003537346-AA-6LITTLE RIV CNTY ARK REV REF-GEORGIA-PACIFIC CORP PROJ  5.60010/01/2026 58.400 / 71.13112.731 61.000 / 61.000765
05/09/200301852L-AB-6ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLS INC PROJ  7.00012/01/2011 46.875 / 59.50012.625 60.000 / 60.1251312030
06/17/200361213H-DN-4MONTANA ST BRD INVT UNREFUNDED BAL-96-PAYROLL TAX  6.87507/01/2020 102.500 / 115.00012.500  675
05/19/2003649660-GK-7NEW YORK N Y SER A-FSA-CR  7.25003/15/2019 99.000 / 111.38212.382 115.431 / 115.4316210
04/01/2003254842-AH-0DISTRICT COLUMBIA TOB SETTLEMENT FING CORP ASSET BKD BDS  6.25005/15/2026 80.271 / 92.65012.379 85.903 / 92.650777530
05/02/2003442348-P8-5HOUSTON TEX ARPT SYS REV SPL FACS-CONTINENTAL-SER E  6.75007/01/2029 54.000 / 66.25012.250 54.050 / 66.2502450290
04/02/2003888808-AR-3TOBACCO SETTLEMENT FING CORP N J ASSET BKD  5.75006/01/2032 73.342 / 85.55012.208 76.994 / 89.00011540
04/01/2003295095-AR-4ERIE CNTY N Y TOB ASSET SECURITIZATION CORP TOB SETTLEMENT REV ASSET BKD-SR 6.25007/15/2040 77.820 / 90.00012.180  5165
04/04/2003056559-AK-3BADGER TOB ASSET SECURITIZATION CORP WIS TOB SETTLEMENT REV ASSET-BKD  6.12506/01/2027 75.939 / 88.00012.061 86.741 / 87.8752837865
04/03/2003898526-CW-6TSASC INC N Y REV TOB SETTLEMENT ASSET-BKD-SER 1  5.75007/15/2032 76.967 / 88.87511.908 82.200 / 82.2007110
06/05/2003696880-AW-3PALMER PLANTATION MUN UTIL DIST NO 2 TEX WTRWKS & SWR  6.75009/01/2019 94.950 / 106.75911.809  480
06/16/2003056559-AK-3BADGER TOB ASSET SECURITIZATION CORP WIS TOB SETTLEMENT REV ASSET-BKD  6.12506/01/2027 81.838 / 93.52211.684 96.649 / 98.25018615
04/08/200359333M-BJ-3MIAMI-DADE CNTY FLA SCH BRD CTFS PARTN SER B  4.87508/01/2027 97.500 / 109.17311.673 111.023 / 111.0959205
05/13/2003762241-6X-0RHODE ISLAND ST HEALTH & EDL BLDG CORP REV REF-HOSP FING-ROGER WILLIAMS  5.50007/01/2028 73.060 / 84.33611.276 86.135 / 86.1354205
04/01/200366585V-AD-7NORTHERN TOB SECURITIZATION CORP ALASKA TOB SETTLEMENT REV ASSET BKD BDS  5.70006/01/2011 82.810 / 93.90011.090  255
04/23/200379875L-AA-7SAN MARCOS CALIF PUB FING AUTH REV SER A  6.25009/02/2022 105.500 / 116.50011.000  751925
04/01/2003017289-HF-9ALLEGHENY CNTY PA HOSP DEV AUTH REV ST MARGARET MEM HOSP  6.75007/01/2010 99.500 / 110.49010.990 100.000 / 100.000750
04/08/2003888808-BP-6TOBACCO SETTLEMENT FING CORP N J  6.25006/01/2043 78.531 / 89.46310.932 78.750 / 85.0003312310
04/14/2003127433-EV-8CADILLAC MICH AREA PUB SCHS PREREFUNDED  5.37505/01/2012 99.394 / 110.13110.737 110.231 / 110.2314460
05/15/2003594519-XN-5MICHIGAN HIGHER ED FACS AUTH REV REF-LTD OBLIG-HOPE COLLEGE-A  4.20004/01/2008 92.000 / 102.69010.690  220
04/29/2003649668-VY-3NEW YORK N Y PREREFUNDED-SER K  6.25004/01/2021 102.000 / 112.66010.660 114.456 / 114.456670
05/23/200301852L-AA-8ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLINES INC PROJ  7.50012/01/2029 29.500 / 40.00010.500 39.750 / 44.3753911480
06/23/2003587657-BQ-9MERCED CNTY CALIF CTFS PARTN PREREFUNDED-CONSTR-CSAC LEASE  6.00010/01/2012 100.500 / 111.00010.500  445
05/12/2003717823-EA-2PHILADELPHIA PA GAS WKS REV  6.00003/15/2013 100.850 / 111.34010.490 118.355 / 118.3557105
06/30/2003382065-AA-8GOOCHLAND CNTY VA INDL DEV AUTH INDL DEV REV REF-NEKOOSA PACKAGING CORP  5.65012/01/2025 79.000 / 89.48210.482 81.736 / 81.736485
04/16/2003717826-CV-1PHILADELPHIA PA HOSPS AUTH REV THOMAS JEFFERSON UNIV HOSP  7.00007/01/2008 100.000 / 110.43010.430 111.584 / 111.5845230
04/28/2003745144-3Y-9PUERTO RICO COMWLTH  5.40007/01/2025 100.000 / 110.25010.250 103.625 / 103.625335
04/03/2003888806-AC-0TOBACCO SETTLEMENT REV MGMT AUTH S C TOB SETTLEMENT REV SER B  6.37505/15/2028 81.446 / 91.65010.204 84.878 / 100.000214320
05/05/2003735397-BG-5PORT SEATTLE WASH SPL FAC REV UNREFUNDED BALANCE-AMT-SER C  6.00009/01/2029 98.250 / 108.44510.195  585
06/26/2003575765-MU-3MASSACHUSETTS MUN WHSL ELEC CO PWR SUPPLY SYS REV SER A  5.00007/01/2010 100.000 / 110.19110.191 110.191 / 110.1917130
04/16/2003346668-BP-0FORSYTH MONT POLLUTION CTL REV REF-MONTANA PWR-COLSTRIP PJ-A  6.12505/01/2023 79.900 / 90.00010.100  131460
05/28/2003343136-QY-6FLORIDA ST TPK AUTH TPK REV SER A  4.50007/01/2028 97.858 / 107.90510.047 101.511 / 108.9058150
04/28/2003362848-BB-8GAINESVILLE FLA UTILS SYS REV  8.12510/01/2014 108.550 / 118.59010.040  645
05/28/2003472682-GH-0JEFFERSON CNTY ALA SWR REV CAP IMPT WTS-SER A  5.37502/01/2036 106.637 / 116.66910.032 116.537 / 116.76996990
05/20/2003798111-BJ-8SAN JOAQUIN HILLS CALIF TRANSN CORRIDOR AGY TOLL RD REV SR LIEN  5.00001/01/2033 73.995 / 84.00010.005  440
04/09/2003566733-AK-7MARICOPA ARIZ RURAL RD IMPT DIST REF  7.00007/01/2007 110.000 / 120.00010.000 88.500 / 90.000644
04/24/2003076099-AT-7BEDFORD CNTY VA INDL DEV AUTH INDL DEV REV REF-NEKOOSA PACKAGING CORP PJ  5.60012/01/2025 62.000 / 72.00010.000 65.648 / 65.64892845
06/26/200301852L-AA-8ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLINES INC PROJ  7.50012/01/2029 47.000 / 57.00010.000 47.020 / 56.5007140
06/19/2003593211-AZ-8MIAMI BEACH FLA HEALTH FACS AUTH HOSP REV MT SINAI MED CTR FLA PROJ  5.37511/15/2028 74.520 / 84.5009.980 83.149 / 93.39727765
04/21/2003605575-AA-7MISSISSIPPI ST  6.20002/01/2008 99.750 / 109.7259.975  435
05/28/2003727366-AK-2PLANTATION FLA HEALTH FACS AUTH HOSP REV DOCTORS HOSP INC PLANTATION PJ  8.00006/01/2009 104.295 / 114.2509.955 114.250 / 114.250535
04/17/2003888809-AC-4TOBACCO SETTLEMENT FING CORP RHODE IS ASSET BKD-SER A  6.25006/01/2042 81.600 / 91.5369.936 83.355 / 85.3555195
05/21/2003888808-AT-9TOBACCO SETTLEMENT FING CORP N J ASSET BKD  6.12506/01/2042 83.138 / 93.0009.862 81.645 / 85.875122440
04/11/2003605575-AA-7MISSISSIPPI ST  6.20002/01/2008 98.599 / 108.4509.851  480
06/26/2003576528-BK-8MATAGORDA CNTY TEX NAV DIST NO 1 POLLUTN CTL REV REF-CENTRAL PWR & LT PJ  6.12505/01/2030 99.200 / 109.0109.810 110.260 / 110.260635
06/10/200367910H-FB-1OKLAHOMA ST MUN PWR AUTH PWR SUPPLY SYS REV SER B  5.87501/01/2024 109.999 / 119.7949.795 114.980 / 114.9805120
05/14/2003796753-JP-7SAN BERNARDINO CALIF JT PWRS FING AUTH TAX ALLOCATION REV REF-SUB-SER B  7.00010/01/2025 105.160 / 114.9309.770 114.669 / 114.6695180
05/22/2003898526-CV-8TSASC INC N Y REV TOB SETTLEMENT ASSET-BKD-SER 1  5.50007/15/2024 83.250 / 93.0029.752  470
04/29/2003047793-FU-3ATLANTA GA ARPT FACS REV SER B  6.00001/01/2014 93.500 / 103.2509.750 104.595 / 104.595460









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 : msrb.org

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