2003/Q3 Worst "Two-Trade" Bid/Offer Spreads

For 2003/Q3 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	Offer Side Customer Purchase from Dealer	Spread	# of Trades	Volume (000)
08/14/2003	696837-GP-2	PALMER MASS SER B	4.000	10/01/2010	100.000	183.166	83.166	2	200
07/18/2003	082426-JF-5	BENSENVILLE ILL PK DIST DEBT CTFS	4.375	12/15/2011	71.500	103.500	32.000	2	170
07/23/2003	303585-LY-7	FAIRBORN OHIO DAYTON-YELLOW SPRINGS RD IMPT		12/01/2010	100.000	129.938	29.938	2	24
08/08/2003	709699-EH-1	PENTUCKET MASS REGL SCH DIST REF	1.500	08/15/2004	100.000	129.504	29.504	2	200
07/23/2003	303585-LX-9	FAIRBORN OHIO DAYTON-YELLOW SPRINGS RD IMPT		12/01/2009	100.000	127.700	27.700	2	22
07/25/2003	888805-AG-3	TOBACCO SETTLEMENT AUTH IOWA TOB SETTLEMENT REV ASSET-BKD-SER B	5.600	06/01/2035	70.890	97.500	26.610	2	85
07/23/2003	303585-LW-1	FAIRBORN OHIO DAYTON-YELLOW SPRINGS RD IMPT		12/01/2008	100.000	124.685	24.685	2	20
07/01/2003	720248-EC-3	PIEDMONT TRIAD ARPT AUTH N C ARPT REV SER A	4.250	07/01/2008	85.004	109.204	24.200	2	200
07/01/2003	146339-HF-6	CARTERET CNTY N C	5.400	05/01/2011	88.576	111.488	22.912	2	800
07/01/2003	126775-QF-5	CABARRUS CNTY N C	5.300	02/01/2007	89.276	112.054	22.778	2	700
07/01/2003	161034-F6-5	CHARLOTTE N C WTR & SWR	4.750	02/01/2011	87.613	109.872	22.259	2	250
07/01/2003	12677P-AD-3	CABARRUS CNTY N C CTFS PARTN INSTALLMENT FING CONTRACT	4.000	04/01/2005	83.670	104.986	21.316	2	200
07/23/2003	303585-LV-3	FAIRBORN OHIO DAYTON-YELLOW SPRINGS RD IMPT		12/01/2007	100.000	121.237	21.237	2	20
08/01/2003	720175-BM-9	PIEDMONT MUN PWR AGY S C ELEC REV REF	5.000	01/01/2025	82.786	102.370	19.584	2	20
09/12/2003	645913-AA-2	NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER A	7.425	02/15/2029	99.340	118.454	19.114	2	9
07/23/2003	303585-LU-5	FAIRBORN OHIO DAYTON-YELLOW SPRINGS RD IMPT		12/01/2006	100.000	117.228	17.228	2	20
09/11/2003	16876Q-BF-5	CHILDRENS TR FD P R TOB SETTLEMENT REV ASSET-BKD BDS	5.500	05/15/2039	75.022	88.682	13.660	2	85
08/07/2003	432320-DN-6	HILLSBOROUGH CNTY FLA INDL DEV AUTH POLLUTN CTL REV TAMPA ELECTRIC CO PROJ	5.500	10/01/2023	89.442	103.000	13.558	2	70
07/23/2003	303585-LT-8	FAIRBORN OHIO DAYTON-YELLOW SPRINGS RD IMPT		12/01/2005	100.000	112.894	12.894	2	20
09/22/2003	82620N-FG-7	SIENNA PLANTATION MUN UTIL DIST NO 2 TEX	4.750	10/01/2008	97.000	109.703	12.703	2	160
09/03/2003	977055-VG-4	WISCONSIN ST ZERO CPN-HIGHER ED-SER B		05/01/2011	60.000	72.498	12.498	2	2
09/04/2003	64988H-N8-3	NEW YORK ST MED CARE FACS FIN AGY REV HOSP & NURSING HOME-INSD MTG-C	5.750	08/15/2019	100.000	112.438	12.438	2	25
09/22/2003	82620N-FF-9	SIENNA PLANTATION MUN UTIL DIST NO 2 TEX	4.750	10/01/2007	97.000	109.369	12.369	2	150
07/23/2003	303585-LZ-4	FAIRBORN OHIO DAYTON-YELLOW SPRINGS RD IMPT		12/01/2011	100.000	112.040	12.040	2	26
07/02/2003	13068G-NZ-5	CALIFORNIA ST PUB WKS BRD LEASE REV REF-DEPT CORRCTNS-ST PRISONS-A	5.250	12/01/2013	97.000	109.000	12.000	2	30
09/12/2003	977055-VC-3	WISCONSIN ST ZERO CPN-HIGHER ED-SER B		05/01/2007	79.067	91.067	12.000	2	2
09/29/2003	977055-VF-6	WISCONSIN ST ZERO CPN-HIGHER ED-SER B		05/01/2010	67.586	79.586	12.000	2	2
08/14/2003	752111-AN-4	RANCHO CALIF WTR DIST FING AUTH REV CAP APPREC		08/15/2006	82.225	93.957	11.732	2	120
07/23/2003	64579E-2G-0	NEW JERSEY HEALTH CARE FACS FING AUTH REV FHA-JERSEY CITY MED CENTER	5.000	08/01/2031	92.998	104.699	11.701	2	25
08/12/2003	888806-AB-2	TOBACCO SETTLEMENT REV MGMT AUTH S C TOB SETTLEMENT REV SER B	6.000	05/15/2022	82.832	94.098	11.266	2	105
09/22/2003	82620N-FE-2	SIENNA PLANTATION MUN UTIL DIST NO 2 TEX	4.750	10/01/2006	97.000	108.206	11.206	2	140
08/29/2003	888806-AB-2	TOBACCO SETTLEMENT REV MGMT AUTH S C TOB SETTLEMENT REV SER B	6.000	05/15/2022	77.332	88.228	10.896	2	55
09/29/2003	239874-AP-5	DAYTON OHIO SPL FACS REV REF-EMERY AIR FREIGHT-SER A	5.625	02/01/2018	71.020	81.790	10.770	2	125
08/11/2003	649716-CE-5	NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV FUTURE TAX SECD-SER B	4.750	11/15/2023	89.300	100.000	10.700	2	25
08/12/2003	592646-AX-1	METROPOLITAN WASH D C ARPTS AUTH ARPT SYS REV AMT-SER A	5.250	10/01/2031	89.453	100.000	10.547	2	15
08/13/2003	79575D-ME-7	SALT RIVER PROJ ARIZ AGRIC IMPT & PWR DIST ELEC SYS REV REF-SALT RIVER PROJ	5.000	01/01/2031	90.847	101.250	10.403	2	30
08/07/2003	46613C-DM-4	JEA FLA ELEC SYS REV SER 3-A	4.625	10/01/2039	88.439	98.840	10.401	2	35
09/26/2003	976595-BF-4	WISCONSIN CTR DIST WIS TAX REV JR DEDICATED-SER B	5.750	12/15/2027	102.125	112.500	10.375	2	40
09/12/2003	650034-DX-6	NEW YORK ST URBAN DEV CORP REV CORRECTIONAL CAP FACS-SER 7	5.700	01/01/2016	100.791	111.039	10.248	2	15
08/18/2003	649860-MK-6	NEW YORK ST HSG FIN AGY HOSP & NURSING HOME PROJ	5.900	11/01/2007	101.000	111.183	10.183	2	15
08/15/2003	407272-B6-9	HAMILTON CNTY OHIO HOSP FACS REV CHILDRENS HOSP MED CTR-SER F	5.200	05/15/2009	101.500	111.570	10.070	2	15
08/14/2003	275281-WS-8	EAST SIDE UN HIGH SCH DIST CALIF SANTA CLARA CNTY SER D	5.750	09/01/2017	105.931	115.941	10.010	2	0
08/11/2003	745395-AV-5	PULASKI CNTY ARK RESIDNTL HSG FACS BRD SINGLE FAMILY MTG REV	7.250	06/01/2010	104.000	114.007	10.007	2	60
07/01/2003	239874-AN-0	DAYTON OHIO SPL FACS REV REF-AIR FREIGHT-F-CONV-9/3/96	6.050	10/01/2009	87.000	97.000	10.000	2	15
07/16/2003	544525-BB-3	LOS ANGELES CALIF DEPT WTR & PWR WTRWKS REV REF	4.250	10/15/2030	91.000	101.000	10.000	2	125
09/18/2003	20772E-AM-5	CONNECTICUT ST CAP APPREC-COLLEGE SAVINGS-A		06/15/2009	73.238	83.139	9.901	2	2
09/18/2003	20772E-AN-3	CONNECTICUT ST CAP APPREC-COLLEGE SAVINGS-A		06/15/2010	68.759	78.659	9.900	2	2
08/27/2003	360052-AJ-3	FULTON CNTY GA DEV AUTH SPL FACS REV DELTA AIRLINES INC PROJ	5.450	05/01/2023	55.130	65.000	9.870	2	25
07/30/2003	43233A-CA-2	HILLSBOROUGH CNTY FLA INDL DEV AUTH HOSP REV TAMPA GEN HOSP PJ-SER B	5.250	10/01/2034	89.282	99.000	9.718	2	40
07/24/2003	23061N-AR-8	CUMBERLAND CNTY PA MUN AUTH COLLEGE REV MESSIAH COLLEGE PROJ	5.125	10/01/2015	99.875	109.556	9.681	2	50
09/29/2003	716220-AV-0	PETERSBURG IND POLLUTN CTL REV REF-INDIANAPOLIS PWR & LT-C	5.500	10/01/2023	89.125	98.805	9.680	2	35
07/29/2003	59333M-EM-3	MIAMI-DADE CNTY FLA SCH BRD CTFS PARTN SER A	5.125	05/01/2026	103.879	113.455	9.576	2	30
09/09/2003	898526-CU-0	TSASC INC N Y REV TOB SETTLEMENT ASSET-BKD-SER 1	5.000	07/15/2014	79.000	88.448	9.448	2	85
07/15/2003	59469C-2W-2	MICHIGAN ST STRATEGIC FD LTD OBLIG REV REF-DETROIT EDISON POLL CTL-B	5.650	09/01/2029	98.243	107.625	9.382	2	45
08/25/2003	009730-KF-8	AKRON BATH COPLEY OHIO JT TWP HOSP DIST REV HOSP IMPT-CHILDRENS HOSP CTR	5.000	11/15/2031	90.334	99.710	9.376	2	15
08/29/2003	343487-MQ-4	FLOWER MOUND TEX REF & IMPT	5.000	03/01/2008	100.000	109.300	9.300	2	270
09/23/2003	442348-P8-5	HOUSTON TEX ARPT SYS REV SPL FACS-CONTINENTAL-SER E	6.750	07/01/2029	73.433	82.697	9.264	2	25
07/28/2003	613041-GH-9	MONTGOMERY ALA BMC SPL CARE FACS FING AUTH REV BAPTIST HEALTH-SER B	5.000	11/15/2029	93.844	103.000	9.156	2	30
08/13/2003	888808-BC-5	TOBACCO SETTLEMENT FING CORP N J	4.500	06/01/2011	83.625	92.734	9.109	2	75
07/15/2003	01852L-AB-6	ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLS INC PROJ	7.000	12/01/2011	60.000	69.000	9.000	2	15
08/12/2003	977055-VC-3	WISCONSIN ST ZERO CPN-HIGHER ED-SER B		05/01/2007	80.538	89.538	9.000	2	4
07/31/2003	888809-AA-8	TOBACCO SETTLEMENT FING CORP RHODE IS ASSET BKD-SER A	6.000	06/01/2023	83.422	92.371	8.949	2	20
07/09/2003	64983U-AT-7	NEW YORK ST DORM AUTH REVS UNREFUNDED BAL-CITY UNIV-3RD-2	5.000	07/01/2023	97.758	106.678	8.920	2	400
08/29/2003	343487-MR-2	FLOWER MOUND TEX REF & IMPT	4.900	03/01/2009	100.000	108.913	8.913	2	290
08/11/2003	684515-NS-4	ORANGE CNTY FLA SALES TAX REV SER B	4.750	01/01/2029	93.000	101.890	8.890	2	110
08/12/2003	84049B-BJ-0	SOUTH TAHOE CALIF JT PWRS FING AUTH REV REF-LEASE-SER A	5.500	10/01/2018	100.659	109.548	8.889	2	35
08/15/2003	186343-RL-5	CLEVELAND OHIO VAR PURP	5.500	12/01/2015	100.000	108.697	8.697	2	80
08/21/2003	888808-BH-4	TOBACCO SETTLEMENT FING CORP N J	6.375	06/01/2032	78.137	86.789	8.652	2	25
07/09/2003	66585V-AH-8	NORTHERN TOB SECURITIZATION CORP ALASKA TOB SETTLEMENT REV ASSET BKD BDS	6.500	06/01/2031	82.420	91.065	8.645	2	20
08/04/2003	341426-DR-2	FLORIDA ST BRD ED CAP OUTLAY PUB ED-SER C	4.750	06/01/2029	89.436	98.029	8.593	2	30
07/21/2003	684503-A7-0	ORANGE CNTY FLA HEALTH FACS AUTH REV HOSP-REGL HLTHCARE SYS-SER E	6.000	10/01/2026	100.223	108.773	8.550	2	70
07/09/2003	13068G-Y9-1	CALIFORNIA ST PUB WKS BRD LEASE REV REF-DEPT OF CORRECTIONS-SER B	5.625	11/01/2019	104.841	113.380	8.539	2	20
07/15/2003	295095-AR-4	ERIE CNTY N Y TOB ASSET SECURITIZATION CORP TOB SETTLEMENT REV ASSET BKD-SR	6.250	07/15/2040	91.477	100.000	8.523	2	70
08/14/2003	745145-EM-0	PUERTO RICO COMWLTH	5.000	07/01/2018	96.700	105.202	8.502	2	15
07/23/2003	59259R-JB-1	METROPOLITAN TRANSN AUTH N Y REV REVERT PRAM-5%-11/15/2030-108		11/15/2030	58.580	67.000	8.420	2	95
09/12/2003	709141-JS-5	PENNSYLVANIA ST THIRD SER	5.000	12/01/2015	100.000	108.358	8.358	2	55
07/30/2003	612198-AQ-4	MONTCLAIR CALIF REDEV AGY RESIDENTIAL MTG REV	7.750	10/01/2011	111.000	119.250	8.250	2	10
09/25/2003	16876Q-BE-8	CHILDRENS TR FD P R TOB SETTLEMENT REV ASSET-BKD BDS	5.375	05/15/2033	84.483	92.683	8.200	2	35
08/29/2003	343487-MP-6	FLOWER MOUND TEX REF & IMPT	5.000	03/01/2007	100.000	108.142	8.142	2	260
08/13/2003	797669-GD-4	SAN FRANCISCO CALIF BAY AREA RAPID TRAN DIST SALES TAX REV	4.750	07/01/2023	91.868	100.000	8.132	2	50
07/29/2003	649667-XA-5	NEW YORK N Y SER D	5.250	08/01/2021	95.424	103.554	8.130	2	20
09/23/2003	898526-CV-8	TSASC INC N Y REV TOB SETTLEMENT ASSET-BKD-SER 1	5.500	07/15/2024	89.046	97.151	8.105	2	20
08/14/2003	592650-FQ-3	METROPOLITAN WASHINGTON D C ARPTS AUTH VA GEN ARPT REV SER A	5.750	10/01/2020	96.178	104.250	8.072	2	20
07/02/2003	167590-DN-5	CHICAGO ILL O HARE INTL ARPT SPL FAC REV REF-UTD AIR LINES INC PJ-SER A	5.350	09/01/2016	20.000	28.052	8.052	2	85
07/10/2003	234839-JJ-8	DALLAS CNTY TEX UTIL & RECLAMATION DIST REF-SER B	5.875	02/15/2029	98.000	106.007	8.007	2	15
07/29/2003	46948E-AA-5	JACKSONVILLE FLA SEW & SOLID WASTE DISP FACS REV ANHEUSER-BUSCH PROJ	5.875	02/01/2036	97.500	105.500	8.000	2	60
08/06/2003	59469C-2W-2	MICHIGAN ST STRATEGIC FD LTD OBLIG REV REF-DETROIT EDISON POLL CTL-B	5.650	09/01/2029	98.000	106.000	8.000	2	60
07/22/2003	181004-AX-0	CLARK CNTY NEV INDL DEV REV REF-NEVADA PWR CO PJ-SER B	5.900	10/01/2030	78.750	86.695	7.945	2	15
09/09/2003	818525-DH-7	SEWICKLEY VY HOSP AUTH PA REV ALLEGHENY CNTY REF-SEWICKLEY VY HOSP-MBIAIBC	5.750	10/15/2016	101.000	108.934	7.934	2	70
07/10/2003	41315R-CC-6	HARRIS CNTY TEX HEALTH FACS DEV CORP REV CHRISTUS HEALTH-SER A	5.375	07/01/2024	99.000	106.918	7.918	2	10
09/16/2003	649664-JE-0	NEW YORK N Y SER G	5.750	02/01/2017	101.735	109.527	7.792	2	40
07/22/2003	646139-QQ-1	NEW JERSEY ST TPK AUTH TPK REV SER A	5.500	01/01/2027	99.717	107.500	7.783	2	75
08/18/2003	130628-4Q-0	CALIFORNIA ST	4.750	12/01/2028	85.324	93.038	7.714	2	10
07/07/2003	052422-BS-0	AUSTIN TEX HOTEL OCCUPANCY TAX REV CONVENTION CTR/WALLER CEEK-A	5.500	11/15/2029	103.329	111.040	7.711	2	175
08/05/2003	232265-N2-0	CUYAHOGA CNTY OHIO HOSP REV REF & IMPT-UNIV HOSPS HEALTH-A	5.625	01/15/2021	100.270	107.980	7.710	2	40
07/31/2003	21226P-BV-9	CONTRA COSTA CNTY CALIF PUB FING AUTH LEASE REV REF & VARIOUS CAP PJS-SER A	5.000	06/01/2028	97.000	104.657	7.657	2	30
07/02/2003	49474E-BM-4	KING CNTY WASH REF-SER B	5.250	01/01/2034	100.409	108.054	7.645	2	15
08/01/2003	798147-RW-6	SAN JOSE CALIF REDEV AGY TAX ALLOCATION MERGED AREA REDEV PROJ	4.750	08/01/2029	92.384	100.000	7.616	2	35
09/25/2003	709141-D7-7	PENNSYLVANIA ST SECOND SER	3.750	07/01/2018	90.950	98.500	7.550	2	30
08/01/2003	833714-UG-1	SOCORRO TEX INDPT SCH DIST	5.125	02/15/2027	94.461	102.000	7.539	2	25

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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