2003/Q2 Worst "Two-Trade" Bid/Offer Spreads

For 2003/Q2 here is the one hundred worst "Two-Trade" Bid/Offer market spreads. These are examples of a Municipal Bond coming in as well as going out in the same trading day. Do spreads such as these show intent?

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)
06/05/2003	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
06/05/2003	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
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
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
04/29/2003	452226-ML-4	ILLINOIS ST SALES TAX REV SER L-ILL RETIRE-GROWTH & TEN		06/15/2009	102.000 / 102.000	122.235 / 122.235	20.235	2	45
04/02/2003	645913-AA-2	NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER A	7.425	02/15/2029	98.988 / 98.988	118.588 / 118.588	19.600	2	760
04/04/2003	16876Q-BG-3	CHILDRENS TR FD P R TOB SETTLEMENT REV ASSET-BKD BDS	5.625	05/15/2043	76.050 / 76.050	94.329 / 94.329	18.279	2	1590
05/27/2003	96253C-AZ-8	WHATELY MASS REF-SER A	3.000	01/15/2009	100.000 / 100.000	116.500 / 116.500	16.500	2	200
06/02/2003	684515-LD-9	ORANGE CNTY FLA SALES TAX REV	5.125	01/01/2028	100.468 / 100.468	115.700 / 115.700	15.232	2	20
05/22/2003	296177-GB-8	ESCAMBIA CNTY FLA UTILS AUTH UTIL SYS REV SER B	6.250	01/01/2015	110.090 / 110.090	124.883 / 124.883	14.793	2	40
05/06/2003	649837-GU-9	NEW YORK ST DORM AUTH REVS CITY UNIV SYS CONS-SER 1	5.125	07/01/2027	101.330 / 101.330	114.862 / 114.862	13.532	2	110
04/16/2003	010652-BP-9	ALABAMA 21ST CENTY AUTH TOB SETTLEMENT REV	5.500	12/01/2021	73.589 / 73.589	85.701 / 85.701	12.112	2	50
04/29/2003	45200L-EJ-1	ILLINOIS HEALTH FACS AUTH REV TRINITY MED CTR	6.000	07/01/2028	102.000 / 102.000	114.079 / 114.079	12.079	2	20
06/11/2003	186397-BA-2	CLEVELAND OHIO PKG FACS REV REF	5.500	09/15/2022	101.027 / 101.027	112.720 / 112.720	11.693	2	45
04/03/2003	735397-BE-0	PORT SEATTLE WASH SPL FAC REV PREREFUNDED-AMT-SER C	6.000	09/01/2029	104.052 / 104.052	115.320 / 115.320	11.268	2	15
05/22/2003	914658-2C-2	UNIVERSITY NEV UNIV REVS REF-CMNTY COLLEGE SYS-SER A	5.000	07/01/2010	103.304 / 103.304	114.404 / 114.404	11.100	2	1000
04/02/2003	084243-BA-1	BERKELEY CNTY W VA BLDG COMM HOSP REV CITY HOSP PROJ	6.500	11/01/2022	89.100 / 89.100	100.000 / 100.000	10.900	2	35
04/16/2003	898526-BH-0	TSASC INC N Y REV TOB FLEX AMORT-1 PLANPRIN 2014	6.000	07/15/2020	85.250 / 85.250	96.000 / 96.000	10.750	2	50
04/16/2003	898526-BM-9	TSASC INC N Y REV TOB FLEX AMORT-1 PLANPRIN 2029	6.375	07/15/2039	84.261 / 84.261	94.932 / 94.932	10.671	2	15
04/22/2003	529284-VS-7	LEXINGTON MASS	4.600	02/01/2022	100.000 / 100.000	110.520 / 110.520	10.520	2	200
04/04/2003	686071-FX-4	OREGON ST	7.100	07/01/2003	99.500 / 99.500	110.000 / 110.000	10.500	2	20
05/07/2003	010869-CD-5	ALAMEDA CORRIDOR TRANSN AUTH CALIF REV TAXABLE-SR LIEN-SER C	6.600	10/01/2029	103.000 / 103.000	113.444 / 113.444	10.444	2	515
04/08/2003	62947N-AT-2	N Y CNTYS TOB TR I TOB SETTLEMENT PASS THRU BD-B	6.500	06/01/2035	83.250 / 83.250	93.628 / 93.628	10.378	2	40
06/05/2003	592598-YR-1	METROPOLITAN TRANSN AUTH N Y TRAN FACS REV SER A	5.250	07/01/2006	101.386 / 101.386	111.686 / 111.686	10.300	2	400
06/11/2003	609558-ZW-4	MONMOUTH CNTY N J GEN IMPT	5.000	08/01/2009	111.000 / 111.000	121.110 / 121.110	10.110	2	400
06/05/2003	747045-GL-0	PUYALLUP WASH	5.000	12/01/2006	100.332 / 100.332	110.332 / 110.332	10.000	2	300
06/19/2003	79306E-BS-2	ST PAUL MINN PORT AUTH INDL DEV REV SER G-1996 LOTTERY	12.875	05/01/2012	89.000 / 89.000	99.000 / 99.000	10.000	2	60
06/11/2003	677525-LQ-8	OHIO ST AIR QUALITY DEV AUTH REV REF-JMG FDG LTD PARTNERSHIP PJ	6.375	04/01/2029	98.750 / 98.750	108.339 / 108.339	9.589	2	15
04/09/2003	808179-DG-7	SCHULENBURG TEX INDPT SCH DIST	4.600	02/15/2010	100.000 / 100.000	109.414 / 109.414	9.414	2	370
05/13/2003	081516-AD-8	BEN HILL CNTY GA DEV AUTH HEALTHCARE FAC REV CHAMBER HEALTH CARE SOC INC-A	7.750	08/01/2029	67.000 / 67.000	76.250 / 76.250	9.250	2	95
04/09/2003	808179-DF-9	SCHULENBURG TEX INDPT SCH DIST	4.600	02/15/2009	100.000 / 100.000	109.249 / 109.249	9.249	2	350
04/23/2003	888805-AD-0	TOBACCO SETTLEMENT AUTH IOWA TOB SETTLEMENT REV ASSET-BKD-SER B	5.500	06/01/2013	86.195 / 86.195	95.327 / 95.327	9.132	2	30
06/05/2003	212262-CE-7	CONTRA COSTA CNTY CALIF PUB FING AUTH TAX ALLOC REV PLEASANT HILL BART ETC	5.250	08/01/2028	92.380 / 92.380	101.500 / 101.500	9.120	2	30
04/08/2003	194635-AG-3	COLLIER CNTY FLA HEALTH FACS AUTH HEALTH FAC REV MOORINGS INC PROJ	11.000	12/01/2010	124.300 / 124.300	133.328 / 133.328	9.028	2	40
05/13/2003	757704-AU-5	REDONDO BEACH CALIF REDEV AGY RESIDENTIAL MTG REV REF-FNMA MTG BKD SECS PG-	5.650	06/01/2011	91.100 / 91.100	100.100 / 100.100	9.000	2	50
05/16/2003	546279-GM-6	LOUISIANA LOC GOVT ENVIRONMENTAL FACS & CMNTY DEV AUTH REV CAP PJS & EQUIP	6.550	09/01/2025	106.000 / 106.000	115.000 / 115.000	9.000	2	20
04/25/2003	888805-AF-5	TOBACCO SETTLEMENT AUTH IOWA TOB SETTLEMENT REV ASSET-BKD-SER B	5.300	06/01/2025	70.000 / 70.000	78.980 / 78.980	8.980	2	10
04/30/2003	13033E-RC-9	CALIFORNIA HSG FIN AGY REV HOME MTG-SER B	5.650	02/01/2016	100.500 / 100.500	109.451 / 109.451	8.951	2	40
05/08/2003	797652-SZ-8	SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV SECOND SER-ISSUE	5.250	05/01/2020	98.882 / 98.882	107.804 / 107.804	8.922	2	35
05/13/2003	017292-TQ-6	ALLEGHENY CNTY PA INDL DEV AUTH REV REF-ENVIRONMENTAL IMPT-USX-2ND	5.500	12/01/2029	95.000 / 95.000	103.891 / 103.891	8.891	2	20
06/24/2003	649706-6S-2	NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV SER B	5.500	06/15/2027	103.113 / 103.113	111.999 / 111.999	8.886	2	120
05/15/2003	130656-AU-5	CALIFORNIA ST DEPT TRANSN CTFS PARTN CAP APPREC-SER A		03/01/2011	65.396 / 65.396	74.182 / 74.182	8.786	2	30
06/11/2003	13062N-XN-2	CALIFORNIA ST	4.000	11/01/2005	97.055 / 97.055	105.830 / 105.830	8.775	2	200
06/24/2003	765418-DM-7	RICHMOND VA MET AUTH EXPWY REV REF	5.250	07/15/2017	101.833 / 101.833	110.555 / 110.555	8.722	2	35
06/19/2003	16557H-BS-3	CHESTER CNTY PA HEALTH & ED FACS AUTH HEALTH SYS REV JEFFERSON HEALTH SYS-S	5.250	05/15/2022	103.559 / 103.559	112.241 / 112.241	8.682	2	10
06/04/2003	669368-LF-7	NORWELL MASS	5.000	11/15/2014	106.878 / 106.878	115.534 / 115.534	8.656	2	1760
06/30/2003	649876-KX-6	NEW YORK ST LOC GOVT ASSISTANCE CORP REF-SER E	6.000	04/01/2014	108.290 / 108.290	116.844 / 116.844	8.554	2	35
04/08/2003	650034-MB-4	NEW YORK ST URBAN DEV CORP REV CORRTL FACS SVC CONTRACT-SER B	4.750	01/01/2028	92.458 / 92.458	101.000 / 101.000	8.542	2	15
06/13/2003	44237N-CZ-3	HOUSTON TEX HOTEL OCCUPANCY TAX & SPL REV CONVENTION & ENTERTNMNT-SER B	5.250	09/01/2033	103.210 / 103.210	111.750 / 111.750	8.540	2	25
05/14/2003	57585K-AL-2	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV CARITAS CHRISTI OBLIG GRP-A	5.625	07/01/2020	87.000 / 87.000	95.500 / 95.500	8.500	2	15
04/08/2003	605360-JM-9	MISSISSIPPI HOSP EQUIP & FACS AUTH REV REF-MISS BAPTIST MED CTR	6.500	05/01/2011	101.819 / 101.819	110.277 / 110.277	8.458	2	260
05/28/2003	13068G-UC-8	CALIFORNIA ST PUB WKS BRD LEASE REV DEPT CORR CA PRISON-D-MBIAIBC	5.375	06/01/2018	99.691 / 99.691	108.111 / 108.111	8.420	2	30
06/05/2003	92817F-NX-0	VIRGINIA ST PUB SCH AUTH REF-SCH FING-SER I	5.125	08/01/2017	103.170 / 103.170	111.585 / 111.585	8.415	2	25
04/30/2003	338855-CJ-6	FLATONIA TEX INDPT SCH DIST		08/15/2007	100.000 / 100.000	108.408 / 108.408	8.408	2	150
06/06/2003	61212R-FE-1	MONTANA ST BRD HSG AMT-SINGLE FAMILY MTG-SER A-2	6.250	12/01/2020	98.500 / 98.500	106.837 / 106.837	8.337	2	80
06/04/2003	669368-LG-5	NORWELL MASS	5.000	11/15/2015	106.878 / 106.878	115.207 / 115.207	8.329	2	1320
04/04/2003	346668-BR-6	FORSYTH MONT POLLUTION CTL REV REF-MONTANA PWR CO	5.900	12/01/2023	87.000 / 87.000	95.305 / 95.305	8.305	2	15
05/19/2003	876385-GH-2	TARRANT CNTY TEX HEALTH FACS DEV CORP HEALTH SYS REV TEX HLTH RESOURCES SYS	5.000	02/15/2026	95.500 / 95.500	103.778 / 103.778	8.278	2	15
05/28/2003	64578C-AB-7	NEW JERSEY ECONOMIC DEV AUTH SPL FAC REV CONTINENTAL AIRLINES INC PJ	6.625	09/15/2012	75.300 / 75.300	83.578 / 83.578	8.278	2	15
06/20/2003	312066-BW-2	FAUQUIER CNTY VA INDL DEV AUTH HOSP REV	5.250	10/01/2031	100.608 / 100.608	108.872 / 108.872	8.264	2	30
04/30/2003	898526-CW-6	TSASC INC N Y REV TOB SETTLEMENT ASSET-BKD-SER 1	5.750	07/15/2032	77.365 / 77.365	85.621 / 85.621	8.256	2	35
04/09/2003	808179-DJ-1	SCHULENBURG TEX INDPT SCH DIST	4.600	02/15/2012	100.000 / 100.000	108.242 / 108.242	8.242	2	420
06/25/2003	646139-PZ-2	NEW JERSEY ST TPK AUTH TPK REV SER A	5.500	01/01/2030	106.014 / 106.014	114.241 / 114.241	8.227	2	55
05/13/2003	64578C-AE-1	NEW JERSEY ECONOMIC DEV AUTH SPL FAC REV CONTINENTAL AIRLINES INC PJ	6.250	09/15/2019	68.475 / 68.475	76.685 / 76.685	8.210	2	20
06/06/2003	014545-AP-2	ALEXANDER CITY ALA SPL CARE FACS FING AUTH MED FACS REV RUSSELL HOSP CORP	6.000	12/01/2022	92.000 / 92.000	99.997 / 99.997	7.997	2	35
06/23/2003	649664-JE-0	NEW YORK N Y SER G	5.750	02/01/2017	102.363 / 102.363	110.178 / 110.178	7.815	2	10
05/12/2003	544712-DJ-8	LOS ANGELES CNTY CALIF MET TRANSN AUTH SALES TAX REV PROPOSITION C-2ND SR-S	5.000	07/01/2025	97.018 / 97.018	104.800 / 104.800	7.782	2	15
04/11/2003	64971K-BD-7	NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV REF-FUTURE TAX SECD-SER B	5.250	02/01/2029	100.512 / 100.512	108.291 / 108.291	7.779	2	115
04/30/2003	338855-CH-0	FLATONIA TEX INDPT SCH DIST		08/15/2006	100.000 / 100.000	107.771 / 107.771	7.771	2	140
05/20/2003	003453-AU-1	ABILENE TEX HEALTH FACS DEV CORP RETIREMENT FACS REV EXTRAS-SEARS METHODIST	6.750	11/15/2026	92.250 / 92.250	100.000 / 100.000	7.750	2	4
05/08/2003	88880M-AJ-0	TOBACCO SETTLEMENT AUTH WASH TOB SETTLEMENT REV ASSET BACKED	6.625	06/01/2032	83.120 / 83.120	90.790 / 90.790	7.670	2	60
04/24/2003	13033A-WS-6	CALIFORNIA HEALTH FACS FING AUTH REV REF-INSD-VY PRESBYTERIAN HOSP	5.000	05/01/2012	103.218 / 103.218	110.877 / 110.877	7.659	2	30
05/19/2003	355179-BD-3	FRANKLIN VA INDL DEV AUTH RESIDENTIAL CARE FAC REV REF-FIRST MTG-VLG WOODS	5.250	03/01/2019	92.350 / 92.350	100.000 / 100.000	7.650	2	25
04/11/2003	812728-FG-3	SEATTLE WASH WTR SYS REV	5.375	03/01/2029	97.668 / 97.668	105.256 / 105.256	7.588	2	10
05/19/2003	541482-FP-5	LOMA LINDA CALIF HOSP REV LOMA LINDA UNIV MED CTR PJ-A	6.000	12/01/2023	96.000 / 96.000	103.526 / 103.526	7.526	2	40
06/16/2003	83786D-CZ-8	SOUTH FORK MUN AUTH PA HOSP REV CONEMAUGH VLY MEM HOSP-SER B	5.000	07/01/2028	100.200 / 100.200	107.700 / 107.700	7.500	2	35
04/14/2003	431022-DR-0	HIGHLANDS CNTY FLA HEALTH FACS AUTH REV HOSP-ADVENTIST HEALTH SYS	5.250	11/15/2020	96.250 / 96.250	103.725 / 103.725	7.475	2	30
05/22/2003	745190-DH-8	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV SER A-MBIA IBC	4.750	07/01/2038	99.250 / 99.250	106.718 / 106.718	7.468	2	260
04/30/2003	706303-CL-6	PEMBINA N D REF & IMPT	4.850	05/01/2008	96.000 / 96.000	103.400 / 103.400	7.400	2	10
05/06/2003	656009-BU-0	NORFOLK VA WTR REV	5.900	11/01/2025	107.000 / 107.000	114.391 / 114.391	7.391	2	35
06/26/2003	246352-AH-1	DELAWARE RIV PORT AUTH PA & NJ REV	5.500	01/01/2026	104.582 / 104.582	111.961 / 111.961	7.379	2	55
04/14/2003	592597-PF-9	METROPOLITAN TRANSN AUTH N Y SVC CONTRACT CAP APPREC-REF-COMMUTER FACS-K		07/01/2006	81.000 / 81.000	88.354 / 88.354	7.354	2	10
05/14/2003	340736-Q9-1	FLORIDA HSG FIN AGY HSG-MAR LAGO VLG APTS PJ-F	6.000	06/01/2039	101.500 / 101.500	108.798 / 108.798	7.298	2	80
04/10/2003	597723-DQ-5	MIDLAND SCH DIST NO 19 ARK REF & CONSTR	3.700	02/01/2007	97.457 / 97.457	104.751 / 104.751	7.294	2	50
06/03/2003	341426-JD-7	FLORIDA ST BRD ED CAP OUTLAY PUB ED-SER H	4.750	06/01/2032	97.000 / 97.000	104.284 / 104.284	7.284	2	25
05/09/2003	64971G-GD-1	NEW YORK N Y CITY MUN WTR FIN AUTH REV CORPUS PRAMS 5%-06/15/29-99		06/15/2029	76.717 / 76.717	84.000 / 84.000	7.283	2	140
04/10/2003	597723-DP-7	MIDLAND SCH DIST NO 19 ARK REF & CONSTR	3.700	02/01/2006	97.457 / 97.457	104.708 / 104.708	7.251	2	50
04/30/2003	641161-LZ-5	NETTLETON ARK SPL SCH DIST CRAIGHEAD CNTY REF & CONSTR-SER B	4.200	06/01/2009	98.750 / 98.750	105.978 / 105.978	7.228	2	445
06/04/2003	865542-JZ-8	SULPHUR SPRINGS TEX INDPT SCH DIST NTS	3.700	08/15/2006	99.450 / 99.450	106.678 / 106.678	7.228	2	270
04/01/2003	518021-QC-7	LAS VIRGENES CALIF UNI SCH DIST CAP APPREC-REF		11/01/2019	36.179 / 36.179	43.399 / 43.399	7.220	2	10
06/02/2003	469404-HG-5	JACKSONVILLE FLA HEALTH FACS AUTH HOSP REV REF-METHODIST HOSP-SER A	8.000	10/01/2015	92.800 / 92.800	100.000 / 100.000	7.200	2	25
04/29/2003	033160-6L-1	ANCHORAGE ALASKA SCH-SER B	5.750	12/01/2011	109.887 / 109.887	117.041 / 117.041	7.154	2	20
04/02/2003	115062-AP-6	BROWARD CNTY FLA PROFESSIONAL SPORTS FACS TAX REV CIVIC ARENA PROJ-SER A	5.625	09/01/2028	99.987 / 99.987	107.140 / 107.140	7.153	2	35
05/08/2003	709170-TP-9	PENNSYLVANIA ST HIGHER EDL FACS AUTH COLLEGE & UNIV REVS	9.500	07/01/2020	140.247 / 140.247	147.400 / 147.400	7.153	2	10
06/11/2003	928075-CN-8	VIRGINIA PORT AUTH COMWLTH PORT FD REV RESOLUTION	5.125	07/01/2024	102.000 / 102.000	109.140 / 109.140	7.140	2	25
06/18/2003	717842-EF-1	PHILADELPHIA PA PKG AUTH PKG REV ARPT	5.500	09/01/2018	107.500 / 107.500	114.619 / 114.619	7.119	2	65

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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