Worst One Hundred Bid-side Spread Offenders for 2003/Q4

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2003/Q4 Worst Bid-side Spreads

Here is the 2003/Q4 list of the one hundred worst "bid-side" spreads when comparing lowest bid to highest bid. Because this study measures spreads, it is limited to Municipal Bonds that traded twice or more in one day.

Date	CUSIP	Municipal Bond Name / Description	Coupon	Maturity	Bid Side Customer Sold to Dealer (Lowest / Highest)	Spread	Offer Side Customer Purchase from Dealer (Lowest / Highest)	# of Trades	Volume (000)
11/05/2003	082869-HF-8	BENTON CNTY WASH PUB UTIL DIST NO 001 ELEC REV REF	6.000	11/01/2004	47.992 / 103.000	55.008	47.992 / 103.000	4	6
12/04/2003	076075-AC-4	BEDFORD CNTY PA REDEV AUTH REV FIRST MTG-BEDFORD SPRINGS GOLF	6.750	12/15/2026	65.988 / 100.000	34.012	66.000 / 100.000	21	2475
12/30/2003	86529P-AA-3	SULLIVAN CNTY TENN HEALTH & EDL FACS BRD REV CONV-1ST MTG-KINGSPORT HSG-A	8.375	07/01/2012	32.400 / 62.370	29.970		5	60
11/24/2003	649831-SZ-8	NEW YORK ST DORM AUTH REVS JUDICIAL FACS LEASE	7.375	07/01/2016	96.500 / 123.500	27.000	100.000 / 100.000	3	20
12/01/2003	800732-DQ-9	SANGAMON CNTY ILL CMNTY UNIT SCH DIST NO 5 CAP APPREC		01/01/2008	61.872 / 88.388	26.516		2	200
11/05/2003	603786-CC-6	MINNEAPOLIS MINN REV WALKER METHODIST SR SVCS-SER C	5.875	11/15/2018	65.000 / 90.964	25.964		4	20
12/09/2003	248297-AV-5	DENHAM SPRINGS-LIVINGSTON HSG & MTG FIN AUTH LA SINGLE FAMILY REV	7.200	08/01/2010	99.500 / 122.214	22.714	123.739 / 123.739	5	415
10/28/2003	16876Q-BF-5	CHILDRENS TR FD P R TOB SETTLEMENT REV ASSET-BKD BDS	5.500	05/15/2039	84.247 / 105.533	21.286	87.308 / 106.283	5	200
10/09/2003	798111-CP-3	SAN JOAQUIN HILLS CALIF TRANSN CORRIDOR AGY TOLL RD REV CAP APPREC-REF-SER		01/15/2008	68.679 / 88.668	19.989		3	110
10/07/2003	287468-DM-1	ELKHART CNTY IND HOSP AUTH REV REF-INDL DEV-OAKLAWN CTR PJ	8.500	03/01/2026	79.375 / 99.110	19.735	86.000 / 99.110	6	100
10/27/2003	68407L-CF-4	ORANGE BEACH ALA WTR SWR & FIRE PROTN AUTH REV	5.400	05/15/2020	89.020 / 107.074	18.054	108.000 / 108.000	4	100
10/27/2003	373540-WK-5	GEORGIA MUN ELEC AUTH PWR REV CAP APPREC-REF-SER B		01/01/2013	150.000 / 166.667	16.667	65.021 / 166.667	6	430
12/19/2003	451187-AT-5	IDAHO FALLS IDAHO ELEC REV	6.750	04/01/2019	100.550 / 117.000	16.450	101.500 / 101.500	4	360
10/30/2003	64983U-MV-9	NEW YORK ST DORM AUTH REVS PREREFUNDED-MENTAL HLTH SVCS-D	5.250	08/15/2024	97.000 / 111.915	14.915		2	25
12/15/2003	898526-CW-6	TSASC INC N Y REV TOB SETTLEMENT ASSET-BKD-SER 1	5.750	07/15/2032	85.401 / 100.000	14.599		5	3120
10/23/2003	545901-AJ-9	LOUDOUN CNTY VA INDL DEV AUTH INDL DEV REV REF-DULLES ARPT MARRIOTT HOTEL	7.125	09/01/2015	84.200 / 98.250	14.050	99.395 / 99.395	5	30
11/24/2003	130171-AF-8	CALIFORNIA DESERT PUB FING AUTH REV PUB GOLF COURSE SHADOWROCK-A	8.000	02/15/2003	32.500 / 46.320	13.820	45.000 / 46.431	9	435
12/02/2003	804373-AC-2	SAUK TRAIL ACADEMY MICH CTFS PARTN	7.750	06/01/2021	81.500 / 95.300	13.800	100.000 / 100.000	6	305
11/12/2003	650034-E9-8	NEW YORK ST URBAN DEV CORP REV UNREFUNDED BAL-CORRTL-B-FSA-CR	5.000	01/01/2025	107.282 / 121.000	13.718		6	90
12/11/2003	340736-VK-0	FLORIDA HSG FIN AGY MULTIFAM HSG-SR LIEN-SER I-1	6.600	07/01/2028	84.000 / 97.380	13.380	85.250 / 85.250	8	1145
10/28/2003	74527E-DR-6	PUERTO RICO INDL TOURIST EDL MED & ENVIRONMENTAL CTL FACS FING AUTH HOSP RE	5.750	06/01/2019	71.200 / 84.500	13.300	75.190 / 87.250	9	250
12/29/2003	491566-FD-2	KENTUCKY ST TPK AUTH TOLL RD REV	6.000	07/01/2011	99.750 / 113.021	13.271		11	435
10/10/2003	911157-AY-1	UNITED NATIONS DEV CORP N Y REV	5.900	05/01/2023	105.000 / 118.000	13.000		5	100
10/03/2003	010652-BP-9	ALABAMA 21ST CENTY AUTH TOB SETTLEMENT REV	5.500	12/01/2021	73.916 / 86.228	12.312	89.425 / 90.411	9	880
11/19/2003	822516-SB-7	SHELDON TEX INDPT SCH DIST	5.125	02/15/2028	101.344 / 113.530	12.186	103.144 / 103.144	6	150
12/04/2003	658203-CD-4	NORTH CAROLINA MUN PWR AGY NO 1 CATAWBA ELEC REV	10.500	01/01/2010	116.116 / 128.122	12.006	128.125 / 128.552	10	3085
10/22/2003	235035-AE-2	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV DELTA AIR LINES INC	7.625	11/01/2021	85.000 / 97.000	12.000	98.320 / 98.320	4	1005
12/10/2003	57582N-CX-1	MASSACHUSETTS ST RITES-PA-1033R		03/01/2021	111.422 / 123.297	11.875		2	460
10/10/2003	888805-AG-3	TOBACCO SETTLEMENT AUTH IOWA TOB SETTLEMENT REV ASSET-BKD-SER B	5.600	06/01/2035	74.000 / 85.677	11.677		3	1045
12/19/2003	647370-AW-5	NEW MEXICO ST HOSP EQUIP LN COUNCIL HOSP REV MEM MED CTR INC PJ	5.500	06/01/2028	78.096 / 89.750	11.654		2	245
10/23/2003	574217-AP-0	MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV COLLINGTON EPISCOPAL LIFE-A	6.750	04/01/2020	63.000 / 74.500	11.500		2	20
11/20/2003	235035-AK-8	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV AMERICAN AIRLINES INC	6.000	11/01/2014	58.530 / 70.000	11.470	70.200 / 76.500	10	860
10/24/2003	74527P-DH-3	PUERTO RICO HSG FIN CORP COLL MTG OBLIG MTG TR IV-CL Z2		05/01/2016	103.000 / 114.415	11.415		2	540
12/19/2003	527599-AB-0	LEWIS & CLARK CNTY MONT ENVIRONMENTAL REV FACS-ASARCO INC PROJ	5.850	10/01/2033	32.000 / 43.125	11.125	34.500 / 57.690	10	1980
10/08/2003	05915A-AD-2	BALTIMORE CNTY MD NURSING FAC MTG REV EASTPOINT REHAB & NURS CTR-A	6.750	04/01/2028	13.777 / 24.875	11.098	25.000 / 25.000	5	500
12/05/2003	45200K-DW-5	ILLINOIS HEALTH FACS AUTH REV REF-EVANGELICAL HOSPS-SER A	6.250	04/15/2021	100.662 / 111.760	11.098		2	40
10/15/2003	18085P-BP-8	CLARK CNTY NEV ARPT REV SUB LIEN-SER A	6.000	07/01/2008	101.500 / 112.538	11.038		3	50
10/15/2003	826310-AH-7	SIERRA FOOTHILLS CALIF PUB FING AUTH CTFS PARTN SER A	8.500	10/15/2002	16.000 / 27.000	11.000	28.000 / 28.000	8	665
12/12/2003	686543-FF-1	ORLANDO & ORANGE CNTY EXPWY AUTH FLA EXPWY REV SR LIEN	7.625	07/01/2018	106.400 / 117.338	10.938		8	355
10/20/2003	491026-JG-6	KENTON CNTY KY ARPT BRD ARPT REV SPL FACS-DELTA AIRLINES PJ-A	7.500	02/01/2020	87.291 / 98.000	10.709	98.125 / 98.125	3	75
10/28/2003	056559-AK-3	BADGER TOB ASSET SECURITIZATION CORP WIS TOB SETTLEMENT REV ASSET-BKD	6.125	06/01/2027	80.250 / 90.813	10.563	90.491 / 92.780	23	1960
10/07/2003	130534-DW-7	CALIFORNIA POLLUTN CTL FING AUTH POLLUTN CTL REV KAISER STEEL CORP PROJ	7.250	10/01/2008	100.980 / 111.516	10.536		3	65
12/09/2003	796422-WN-9	SAN ANTONIO TEX WTR REV PREREFUNDED-REF	6.000	05/15/2016	98.500 / 109.031	10.531		4	35
11/03/2003	82631P-AA-7	SIERRA FOOTHILLS CALIF PUB UTIL DIST CTFS PARTN SER B	9.000	10/15/2005	20.000 / 30.500	10.500	32.500 / 32.500	3	90
10/17/2003	603786-BS-2	MINNEAPOLIS MINN REV WALKER METHODIST SR SVCS-SER A	6.000	11/15/2028	78.050 / 88.500	10.450		2	575
11/03/2003	64983U-LT-5	NEW YORK ST DORM AUTH REVS PREREFUNDED-MENTAL HLTH SVCS-D	5.125	08/15/2027	100.708 / 110.982	10.274	112.232 / 112.622	18	1495
10/24/2003	745232-RM-2	PUERTO RICO PUB BLDGS AUTH GTD PUB ED & HEALTH FACS PREREFUNDED-SER M	5.500	07/01/2021	95.500 / 105.759	10.259	106.923 / 107.009	4	80
10/14/2003	646139-XE-0	NEW JERSEY ST TPK AUTH TPK REV PREREFUNDED-SER C	6.500	01/01/2016	111.000 / 121.246	10.246	117.830 / 120.715	15	1305
12/09/2003	074876-BP-7	BEAVER CNTY PA INDL DEV AUTH POLLUTN CTL REV J RAY MCDERMOTT PROJ	6.800	02/01/2009	63.000 / 73.195	10.195	63.000 / 63.000	3	45
11/07/2003	762243-CX-9	RHODE ISLAND ST HEALTH & EDL BLDG CORP REV HIGHER ED FACS-BROWN UNIV-A	4.750	09/01/2037	86.458 / 96.508	10.050		4	1230
10/01/2003	478271-FF-1	JOHNSON CITY TENN HEALTH & EDL FACS BRD HOSP REV ESCROWED-SER 2000 A	5.125	07/01/2025	96.000 / 105.960	9.960	100.000 / 100.000	4	30
12/05/2003	575827-EF-3	MASSACHUSETTS ST REF-SER A	6.000	11/01/2010	102.707 / 112.534	9.827	118.548 / 118.548	6	250
11/12/2003	13077L-AR-5	CALIFORNIA STATEWIDE CMNTYS DEV AUTH LEASE REV SPL FACS-UNITED AIRLINES-SER	5.700	10/01/2033	40.250 / 50.000	9.750	52.125 / 52.125	10	870
11/06/2003	235037-MC-9	DALLAS-FORT WORTH TEX REGL ARPT REV BRANIFF SPL FACS	6.750	11/01/2008	88.700 / 98.411	9.711		6	30
11/18/2003	650034-MB-4	NEW YORK ST URBAN DEV CORP REV CORRTL FACS SVC CONTRACT-SER B	4.750	01/01/2028	100.000 / 109.590	9.590	110.443 / 111.624	27	1660
12/04/2003	938592-FC-1	WASHINGTON CNTY PA HOSP AUTH REV HOSP-WASHINGTON HOSP PJ	5.625	07/01/2023	90.500 / 100.065	9.565	103.000 / 103.000	3	80
11/13/2003	249271-EY-9	DENVER COLO CITY & CNTY SPL FACS ARPT REV UNITED AIR LINES PROJ-SER A	6.875	10/01/2032	54.687 / 64.250	9.563	65.000 / 65.000	13	345
11/03/2003	826310-AF-1	SIERRA FOOTHILLS CALIF PUB FING AUTH CTFS PARTN SER A	8.500	12/15/2018	30.500 / 39.800	9.300	32.500 / 39.800	5	470
11/03/2003	826310-AE-4	SIERRA FOOTHILLS CALIF PUB FING AUTH CTFS PARTN SER A	8.000	12/15/2005	30.500 / 39.800	9.300	32.500 / 39.800	4	150
12/01/2003	575895-BH-9	MASSACHUSETTS ST PORT AUTH REV	5.875	07/01/2008	99.500 / 108.800	9.300		7	85
11/12/2003	887861-BQ-4	TIPPECANOE CNTY IND HOSP AUTH REV LAFAYETTE HOME HOSP PROJ	7.250	01/01/2011	104.400 / 113.640	9.240	115.140 / 115.140	3	125
12/02/2003	452143-BY-5	ILLINOIS SPORTS FACS AUTH ST TAX SUPPORTED	5.000	06/15/2032	91.322 / 100.550	9.228	102.281 / 103.150	6	200
10/29/2003	709141-XZ-3	PENNSYLVANIA ST UNREFUNDED-REF FIRST SER	5.300	05/01/2005	100.974 / 109.974	9.000	102.472 / 102.472	5	40
12/17/2003	64983U-T7-5	NEW YORK ST DORM AUTH REVS PREREFUNDED-MENTAL FACS-A-MBIA	5.750	02/15/2027	101.929 / 110.929	9.000	112.429 / 112.929	4	160
12/19/2003	43232V-JT-9	HILLSBOROUGH CNTY FLA SCH BRD CTFS PARTN FLA MASTER LEASE PROG	4.500	07/01/2028	88.078 / 97.032	8.954		5	265
12/19/2003	13062N-YK-7	CALIFORNIA ST	5.000	11/01/2030	89.019 / 97.875	8.856	100.000 / 100.000	6	110
12/15/2003	382065-AA-8	GOOCHLAND CNTY VA INDL DEV AUTH INDL DEV REV REF-NEKOOSA PACKAGING CORP	5.650	12/01/2025	83.149 / 92.000	8.851	87.494 / 88.015	7	450
10/24/2003	882720-2L-8	TEXAS ST TAX & REV ANTIC NTS	2.000	08/31/2004	99.250 / 108.000	8.750	100.790 / 100.792	9	1190
12/15/2003	20774H-C7-7	CONNECTICUT ST HEALTH & EDL FACS AUTH REV HOSP FOR SPL CARE ISSUE-B	5.375	07/01/2017	76.750 / 85.500	8.750	85.500 / 85.500	5	190
10/28/2003	88880P-AC-8	TOBACCO SETTLEMENT FING CORP LA REV ASSET-BKD-SER B	5.875	05/15/2039	71.110 / 79.809	8.699	78.851 / 81.500	14	1515
12/16/2003	132813-EV-4	CAMDEN CNTY N J MUN UTILS AUTH SWR REV REF	5.125	07/15/2017	99.107 / 107.796	8.689	102.707 / 102.707	5	210
12/24/2003	888805-AF-5	TOBACCO SETTLEMENT AUTH IOWA TOB SETTLEMENT REV ASSET-BKD-SER B	5.300	06/01/2025	80.625 / 89.250	8.625		3	30
12/12/2003	01852L-AB-6	ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLS INC PROJ	7.000	12/01/2011	79.880 / 88.500	8.620		9	285
12/16/2003	161038-AM-6	CHARLOTTE N C HSG AUTH MULTI FAMILY HSG REV ROSELAND I & II	7.000	12/01/2028	22.288 / 30.900	8.612		3	380
10/15/2003	13012E-LR-7	CALIFORNIA CMNTY COLLEGE FING AUTH LEASE REV PREREFUNDED-SER A	4.100	10/01/2009	100.000 / 108.579	8.579	100.000 / 100.000	3	30
12/04/2003	888805-AG-3	TOBACCO SETTLEMENT AUTH IOWA TOB SETTLEMENT REV ASSET-BKD-SER B	5.600	06/01/2035	74.000 / 82.509	8.509	80.628 / 82.384	13	730
12/15/2003	646139-XE-0	NEW JERSEY ST TPK AUTH TPK REV PREREFUNDED-SER C	6.500	01/01/2016	110.516 / 119.000	8.484		4	30
10/02/2003	649668-5E-6	NEW YORK N Y PREREFUNDED-SER K	6.250	04/01/2016	102.000 / 110.473	8.473	111.673 / 111.673	3	35
12/15/2003	212239-EZ-6	CONTRA COSTA CNTY CALIF HOME MTG REV GNMA MTG SECS PROG	8.250	06/01/2021	129.090 / 137.542	8.452		2	55
11/18/2003	373382-TT-7	GEORGIA ST	5.000	07/01/2011	100.252 / 108.600	8.348	101.750 / 109.975	5	110
12/03/2003	38122N-AQ-5	GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV ASSET-BKD-SER A-	6.750	06/01/2039	89.243 / 97.532	8.289	95.482 / 98.482	34	4815
12/08/2003	646135-YC-1	NEW JERSEY ST TRANSN TR FD AUTH TRANSN SYS-SER B-PREREFUNDED	5.750	06/15/2013	100.000 / 108.281	8.281		2	375
12/18/2003	733581-SF-0	PORT AUTH N Y & N J CONS-ONE HUNDRED SIXTEENTH SER	4.250	10/01/2026	85.996 / 94.250	8.254	93.750 / 98.950	12	1115
10/15/2003	745290-EB-8	PUERTO RICO PORTS AUTH REV SPL FACS-AMERN AIRLINES-SER A	6.250	06/01/2026	61.750 / 70.000	8.250	64.000 / 73.750	15	1355
12/02/2003	20774H-C8-5	CONNECTICUT ST HEALTH & EDL FACS AUTH REV HOSP FOR SPL CARE ISSUE-B	5.500	07/01/2027	72.250 / 80.500	8.250	75.250 / 80.500	5	250
11/18/2003	249271-EY-9	DENVER COLO CITY & CNTY SPL FACS ARPT REV UNITED AIR LINES PROJ-SER A	6.875	10/01/2032	54.687 / 62.900	8.213		11	860
10/16/2003	605575-AA-7	MISSISSIPPI ST	6.200	02/01/2008	102.500 / 110.700	8.200		4	140
10/29/2003	054071-BL-8	AVON IND CMNTY SCH BLDG CORP FIRST MTG	5.500	01/01/2016	99.000 / 107.190	8.190		4	20
11/13/2003	930866-CG-1	WAKE CNTY N C HOSP REV	5.125	10/01/2026	97.000 / 105.190	8.190		5	100
11/24/2003	888808-AQ-5	TOBACCO SETTLEMENT FING CORP N J ASSET BKD	5.375	06/01/2018	86.073 / 94.250	8.177	88.247 / 88.247	6	340
11/25/2003	76911D-CE-7	RIVERSIDE CNTY CALIF BRD ED CTFS PARTN CAP APPREC-FING PROJS-SER A		11/01/2005	87.566 / 95.733	8.167		3	40
12/15/2003	544712-JC-7	LOS ANGELES CNTY CALIF MET TRANSN AUTH SALES TAX REV REF-PROP A-FIRST TIER-	5.250	07/01/2027	92.300 / 100.451	8.151	100.000 / 100.000	4	65
11/07/2003	898526-CW-6	TSASC INC N Y REV TOB SETTLEMENT ASSET-BKD-SER 1	5.750	07/15/2032	87.500 / 95.588	8.088		8	365
11/21/2003	161034-4U-4	CHARLOTTE N C SER A	4.250	07/01/2018	96.361 / 104.407	8.046		4	95
10/17/2003	161038-AM-6	CHARLOTTE N C HSG AUTH MULTI FAMILY HSG REV ROSELAND I & II	7.000	12/01/2028	52.000 / 60.000	8.000		3	35
10/20/2003	23354M-ED-3	DADE CNTY FLA SCH BRD CTFS PARTN SER A-MBIA-IBC	5.500	05/01/2025	100.408 / 108.408	8.000	108.408 / 108.408	3	30
10/23/2003	01852L-AB-6	ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLS INC PROJ	7.000	12/01/2011	77.000 / 85.000	8.000		4	35
11/07/2003	01852L-AB-6	ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLS INC PROJ	7.000	12/01/2011	76.500 / 84.500	8.000	87.750 / 87.750	9	210
12/01/2003	650034-A2-7	NEW YORK ST URBAN DEV CORP REV PREREFUNDED-COR FAC-A-MBIA IBC	5.000	01/01/2028	102.000 / 110.000	8.000		2	35
12/16/2003	167590-ET-1	CHICAGO ILL O HARE INTL ARPT SPL FAC REV REF-UNITED AIR LINES PJ-SER C	6.300	05/01/2016	20.000 / 28.000	8.000	29.000 / 29.000	10	640

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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