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

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2003/Q4 Worst Offer-side Spreads

Here is the 2003/Q4 list of the one hundred worst "offer-side" spreads when comparing lowest offer to highest offer. 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)	Offer Side Customer Purchase from Dealer (Lowest / Highest)	Spread	# of Trades	Volume (000)
10/27/2003	373540-WK-5	GEORGIA MUN ELEC AUTH PWR REV CAP APPREC-REF-SER B		01/01/2013	150.000 / 166.667	65.021 / 166.667	101.646	6	430
10/08/2003	64966C-TC-5	NEW YORK N Y REVERT PRAMS 5.00% 9/15/28-115		09/15/2028		63.500 / 164.000	100.500	8	320
12/24/2003	64966C-RS-2	NEW YORK N Y SER C	5.000	09/15/2028	100.750 / 100.750	102.750 / 192.750	90.000	5	160
10/30/2003	73029M-CQ-6	POCAHONTAS PKWY ASSN VA RT 895 CONNECTOR TOLL RD REV CAP APPREC-SR-B-ACA-CB		08/15/2024		28.669 / 99.005	70.336	7	355
10/24/2003	605356-MG-6	MISSISSIPPI HSG FIN CORP SINGLE FAMILY MTG PUR REV CAP APPREC-PREREFUNDED		09/15/2016		56.017 / 114.365	58.348	3	130
10/07/2003	688562-BS-5	OSSINING TWN N Y PUB IMPT	4.500	05/15/2023		41.838 / 99.996	58.158	4	310
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	47.992 / 103.000	55.008	4	6
12/19/2003	743787-K8-5	PROVIDENCE R I SER B	5.350	01/15/2007	106.595 / 106.595	106.870 / 160.870	54.000	9	1155
10/03/2003	20772F-7K-0	CONNECTICUT ST SER E	4.150	08/15/2019		52.024 / 102.140	50.116	4	55
10/30/2003	57583F-BT-7	MASSACHUSETTS ST DEV FIN AGY REV CONCORD-ASSABET FAMILY SVCS	6.000	11/01/2028	89.024 / 89.024	57.500 / 95.028	37.528	12	1260
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	66.000 / 100.000	34.000	21	2475
12/03/2003	599377-A2-4	MILFORD CONN REF	3.625	11/01/2014		66.743 / 98.711	31.968	3	240
10/01/2003	057510-WJ-4	BAKERSFIELD CALIF IMPT BD ACT 1915 LTD OBLIG-ASSMT DIST 03-2	4.000	09/02/2010		70.650 / 100.000	29.350	4	125
10/28/2003	01852L-AA-8	ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLINES INC PROJ	7.500	12/01/2029		42.250 / 71.396	29.146	5	2080
11/26/2003	235035-AM-4	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV AMERICAN AIRLINES INC	6.375	05/01/2035		68.000 / 95.750	27.750	2	55
11/26/2003	717813-FF-1	PHILADELPHIA PA SER A	4.000	02/15/2005		103.088 / 130.088	27.000	13	3305
10/07/2003	472904-UB-5	JEFFERSON CNTY KY SCH DIST FIN CORP SCH BLDG REV SER B	4.750	06/01/2020	79.359 / 79.359	81.059 / 104.684	23.625	4	355
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	34.500 / 57.690	23.190	10	1980
11/26/2003	596842-AK-0	MIDDLETOWN BORO PA SER A	4.750	01/01/2032		81.638 / 101.625	19.987	9	2165
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	87.308 / 106.283	18.975	5	200
10/29/2003	686076-DV-9	OREGON ST ECONOMIC DEV REV REF-GA-PACIFIC CORP PJ-SER 183	5.700	12/01/2025	80.000 / 80.000	65.000 / 83.500	18.500	3	80
10/27/2003	83755G-H4-2	SOUTH DAKOTA HSG DEV AUTH HOMEOWNERSHIP MTG-SER G	3.050	05/01/2009		100.000 / 118.293	18.293	2	115
12/24/2003	00037E-DP-8	ABAG FIN AUTH FOR NONPROFIT CORPS CALIF CTFS PARTN REF-AMERICAN BAPTIST HOM	5.850	10/01/2027		93.319 / 111.373	18.054	2	20
12/02/2003	38122N-AP-7	GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV ASSET-BKD-SER A-	6.250	06/01/2033	89.547 / 93.000	93.637 / 111.674	18.037	14	2240
10/14/2003	45200L-VX-1	ILLINOIS HEALTH FACS AUTH REV VICTORY HEALTH SVCS-SER A	5.750	08/15/2027	73.688 / 73.688	74.098 / 91.750	17.652	5	1210
10/29/2003	917572-JL-4	UTAH WTR FIN AGY REV POOLED LN FING PROG-SER C	5.250	10/01/2013	110.950 / 110.950	110.950 / 128.380	17.430	15	1330
10/29/2003	491026-JG-6	KENTON CNTY KY ARPT BRD ARPT REV SPL FACS-DELTA AIRLINES PJ-A	7.500	02/01/2020	93.500 / 96.299	82.500 / 99.500	17.000	9	235
10/14/2003	65003P-BR-4	NEW YORK ST URBAN DEV CORP CORRECTIONAL & YOUTH FACS SVC CONTRACT REV SER A	5.250	01/01/2021	109.200 / 109.224	108.724 / 125.420	16.696	247	40560
11/10/2003	249271-EY-9	DENVER COLO CITY & CNTY SPL FACS ARPT REV UNITED AIR LINES PROJ-SER A	6.875	10/01/2032	60.500 / 62.500	46.550 / 63.000	16.450	11	800
12/02/2003	537423-BF-1	LITTLE ROCK ARK RESIDENTL HSG FACS BRD SINGLE FAMILY MTG REV PREREFUNDED-09	7.300	09/01/2011	111.130 / 111.130	101.104 / 117.130	16.026	5	30
10/29/2003	491026-JK-7	KENTON CNTY KY ARPT BRD ARPT REV SPL FACS-DELTA AIRLINES PJ-A	7.125	02/01/2021	90.000 / 94.000	81.454 / 97.000	15.546	9	135
12/11/2003	742501-BC-2	PRINCETON W VA HOSP REV CMNTY HOSP ASSOC INC PJ	5.550	05/01/2009	72.000 / 72.000	76.000 / 91.400	15.400	5	85
11/19/2003	977055-RE-4	WISCONSIN ST ZERO CPN-SER D-HIGHER ED		05/01/2008	68.037 / 68.037	73.110 / 88.395	15.285	5	8
10/29/2003	235035-AF-9	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV DELTA AIR LINES INC	7.125	11/01/2026	76.957 / 76.957	66.500 / 81.000	14.500	3	105
10/21/2003	837033-EZ-8	SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH HEALTH FACS REV REF-1ST MTG-LUTHERAN	5.700	05/01/2026	81.500 / 81.500	69.600 / 84.000	14.400	3	170
10/07/2003	432134-AE-4	HILLSBORO ORE WTR REV	3.000	12/01/2008		88.660 / 103.012	14.352	2	825
10/28/2003	61213H-DN-4	MONTANA ST BRD INVT UNREFUNDED BAL-96-PAYROLL TAX	6.875	07/01/2020	99.000 / 99.000	101.000 / 115.250	14.250	4	30
12/31/2003	645905-6Y-1	NEW JERSEY ECONOMIC DEV AUTH REV FIRST MTG-FELLOWSHIP VLG PJ-C	5.500	01/01/2028		84.500 / 98.688	14.188	2	50
10/16/2003	567873-AW-4	MARIN CNTY CALIF REDEV AGY REV RESIDENTIAL MTG	7.000	09/01/2010	113.000 / 113.000	100.200 / 114.227	14.027	4	170
10/01/2003	385640-CP-0	GRAND ISLAND NEB ELEC REV	6.100	09/01/2012		100.080 / 113.776	13.696	3	40
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	86.000 / 99.110	13.110	6	100
12/08/2003	593211-AZ-8	MIAMI BEACH FLA HEALTH FACS AUTH HOSP REV MT SINAI MED CTR FLA PROJ	5.375	11/15/2028	76.724 / 79.477	80.000 / 92.990	12.990	18	1150
10/27/2003	303820-ZF-4	FAIRFAX CNTY VA REF-PUB IMPT-SER A	5.000	06/01/2007	97.000 / 97.000	98.000 / 110.330	12.330	5	175
10/20/2003	650034-MB-4	NEW YORK ST URBAN DEV CORP REV CORRTL FACS SVC CONTRACT-SER B	4.750	01/01/2028	103.063 / 109.468	99.282 / 111.518	12.236	10	285
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	75.190 / 87.250	12.060	9	250
11/10/2003	64971K-BJ-4	NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV MBIA IBC-SER C-PREREFUNDED	5.000	05/01/2029	110.156 / 110.156	111.332 / 123.367	12.035	6	105
12/15/2003	235035-AF-9	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV DELTA AIR LINES INC	7.125	11/01/2026	71.800 / 71.800	79.000 / 90.868	11.868	6	45
11/04/2003	745232-RM-2	PUERTO RICO PUB BLDGS AUTH GTD PUB ED & HEALTH FACS PREREFUNDED-SER M	5.500	07/01/2021		95.500 / 106.747	11.247	2	15
11/19/2003	130684-GD-9	CALIFORNIA ST PUB WKS BRD LEASE REV DEPT CORRECTIONS-SER C	5.000	06/01/2010		97.086 / 108.106	11.020	4	400
10/21/2003	92774G-BQ-7	VIRGINIA BEACH VA DEV AUTH PUB FAC REV SER A	4.750	12/01/2023		99.500 / 110.500	11.000	9	380
10/02/2003	645913-AA-2	NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER A	7.425	02/15/2029		109.750 / 120.510	10.760	4	38
11/13/2003	646139-CA-1	NEW JERSEY ST TPK AUTH TPK REV	5.750	01/01/2009		100.056 / 110.801	10.745	2	45
11/13/2003	657902-TE-2	NORTH CAROLINA MED CARE COMMN HEALTH CARE FACS REV DUKE UNIV HEALTH SYS-SER	4.750	06/01/2028	96.000 / 98.010	91.375 / 102.060	10.685	24	2290
10/22/2003	61213H-DN-4	MONTANA ST BRD INVT UNREFUNDED BAL-96-PAYROLL TAX	6.875	07/01/2020	104.250 / 104.250	104.500 / 115.114	10.614	4	90
10/23/2003	452151-LF-8	ILLINOIS ST TAXABLE-PENSION	5.100	06/01/2033	88.941 / 89.382	89.435 / 100.000	10.565	7	2150
12/11/2003	492246-DY-6	KERN CALIF HIGH SCH DIST SER D	5.600	08/01/2016		102.548 / 113.000	10.452	2	55
10/14/2003	271014-KD-3	EAST BAY CALIF MUN UTIL DIST WTR SYS REV SUB	4.500	06/01/2012	104.305 / 104.305	105.741 / 116.182	10.441	3	375
12/17/2003	686076-DV-9	OREGON ST ECONOMIC DEV REV REF-GA-PACIFIC CORP PJ-SER 183	5.700	12/01/2025	93.000 / 93.000	87.564 / 98.000	10.436	7	335
12/19/2003	686076-DV-9	OREGON ST ECONOMIC DEV REV REF-GA-PACIFIC CORP PJ-SER 183	5.700	12/01/2025	87.000 / 87.000	88.065 / 98.500	10.435	5	85
11/06/2003	612136-7R-6	MONTANA ST BRD REGENTS REVS REF-HIGHER ED-UNIV MONT-SER F	5.750	05/15/2024	107.071 / 107.071	109.974 / 120.386	10.412	3	50
12/15/2003	93978E-RG-9	WASHINGTON ST HEALTH CARE FACS AUTH REV PREREFUNDED-EMPIRE HLTH SVCS	5.625	11/01/2019	100.300 / 100.300	102.300 / 112.650	10.350	3	40
12/19/2003	888808-AT-9	TOBACCO SETTLEMENT FING CORP N J ASSET BKD	6.125	06/01/2042	87.202 / 88.590	82.000 / 92.205	10.205	10	670
12/05/2003	649892-GD-2	NEW YORK ST PWR AUTH REV & GEN PURP	5.625	01/01/2010		100.000 / 110.041	10.041	2	20
10/01/2003	64579C-FY-1	NEW JERSEY HEALTH CARE FACS FING AUTH REV COLUMBUS HOSP-SER A	7.500	07/01/2021		78.250 / 88.250	10.000	2	85
10/09/2003	498062-FY-9	KITSAP CNTY WASH SCH DIST NO 303 BAINBRIDGE ISLAND REF-SER B	5.250	11/15/2006	110.000 / 110.000	100.884 / 110.884	10.000	11	1440
10/23/2003	235416-UA-0	DALLAS TEX WTRWKS & SWR SYS REV REF & IMPT	5.000	10/01/2008		101.515 / 111.515	10.000	15	1000
10/24/2003	56969P-AB-1	MARION KANS HEALTH CARE FACS REV TAXABLE-MARION ASSISTED LIVING	9.000	10/01/2013		100.000 / 110.000	10.000	48	830
10/31/2003	341426-JU-9	FLORIDA ST BRD ED CAP OUTLAY PUB ED-SER I	5.000	06/01/2008		100.964 / 110.964	10.000	7	200
11/17/2003	888808-AT-9	TOBACCO SETTLEMENT FING CORP N J ASSET BKD	6.125	06/01/2042	84.477 / 86.387	80.000 / 90.000	10.000	13	1280
11/19/2003	60534P-TK-9	MISSISSIPPI DEV BK SPL OBLIG FRANKLIN CNTY MEM HOSP PROJ	5.500	07/01/2023		100.953 / 110.953	10.000	5	75
11/21/2003	556902-BE-3	MADERA CNTY CALIF CTFS PARTN VALLEY CHILDRENS HOSP	6.250	03/15/2006		109.990 / 119.990	10.000	4	500
12/17/2003	73029M-AA-3	POCAHONTAS PKWY ASSN VA RT 895 CONNECTOR TOLL RD REV SR-SER A	5.000	08/15/2005		101.538 / 111.538	10.000	6	500
12/18/2003	686076-DV-9	OREGON ST ECONOMIC DEV REV REF-GA-PACIFIC CORP PJ-SER 183	5.700	12/01/2025	94.000 / 94.000	88.064 / 98.000	9.936	5	155
11/21/2003	664257-AM-4	NORTHEAST MD WASTE DISP AUTH SOLID WASTE REV MONTGOMERY CNTY RES REC PJ-A	6.000	07/01/2007	110.824 / 110.824	101.000 / 110.924	9.924	4	1005
12/04/2003	010257-EU-3	ALABAMA DRINKING WTR FIN AUTH REVOLVING FD LN-SER A	4.250	08/15/2018		90.125 / 100.000	9.875	3	90
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	64.000 / 73.750	9.750	15	1355
12/12/2003	432321-DD-6	HILLSBOROUGH CNTY FLA INDL DEV AUTH INDL DEV REV UNIV CMNTY HOSP	6.500	08/15/2019		112.650 / 122.298	9.648	2	20
12/03/2003	470592-FW-1	JAMESTOWN N Y CITY SCH DIST SER A	3.500	11/01/2012		100.875 / 110.500	9.625	4	70
12/22/2003	43232V-JT-9	HILLSBOROUGH CNTY FLA SCH BRD CTFS PARTN FLA MASTER LEASE PROG	4.500	07/01/2028	97.600 / 97.600	91.125 / 100.750	9.625	10	235
11/19/2003	218111-CH-3	CORAOPOLIS PA REF	2.500	09/01/2008		100.446 / 109.921	9.475	3	55
10/27/2003	452151-LF-8	ILLINOIS ST TAXABLE-PENSION	5.100	06/01/2033	89.000 / 90.400	90.680 / 100.000	9.320	15	2340
10/08/2003	840658-JZ-2	SOUTH-WESTERN CITY SCH DIST OHIO FRANKLIN & PICKWAY CNTY REF	5.000	12/01/2013		110.096 / 119.382	9.286	7	1485
11/04/2003	239874-AP-5	DAYTON OHIO SPL FACS REV REF-EMERY AIR FREIGHT-SER A	5.625	02/01/2018		77.500 / 86.750	9.250	4	165
12/10/2003	661802-QF-8	NORTH READING MASS	2.000	08/01/2005		100.974 / 110.134	9.160	2	120
11/25/2003	888809-AC-4	TOBACCO SETTLEMENT FING CORP RHODE IS ASSET BKD-SER A	6.250	06/01/2042		82.000 / 91.002	9.002	5	100
10/14/2003	82631P-AA-7	SIERRA FOOTHILLS CALIF PUB UTIL DIST CTFS PARTN SER B	9.000	10/15/2005	28.000 / 28.000	21.000 / 30.000	9.000	4	190
12/30/2003	741724-AS-7	PRINCE GEORGES CNTY MD REV EXTRAS-COLLINGTON EPISCOPAL-B	5.250	04/01/2016	74.350 / 74.350	67.000 / 76.000	9.000	3	35
10/09/2003	650033-ML-4	NEW YORK ST URBAN DEV CORP REV CAP APPREC-ST OFFICE-S MALL-A		01/01/2011	63.000 / 70.408	64.337 / 73.270	8.933	8	680
11/12/2003	733581-Z7-0	PORT AUTH N Y & N J CONS-127TH SER	5.250	12/15/2032		100.000 / 108.850	8.850	77	6345
11/13/2003	733581-Z7-0	PORT AUTH N Y & N J CONS-127TH SER	5.250	12/15/2032		100.000 / 108.850	8.850	61	2770
10/31/2003	373540-VP-5	GEORGIA MUN ELEC AUTH PWR REV CAP APP-REF-Q-BIG-BOOK ENTRY		01/01/2012	62.088 / 62.088	55.000 / 63.836	8.836	3	65
12/01/2003	249164-EG-5	DENVER COLO CITY & CNTY MED FACS-SER B	4.250	08/01/2017		93.861 / 102.627	8.766	3	50
10/15/2003	253444-NW-9	DICKSON CNTY TENN REF	5.000	03/01/2012		102.444 / 111.150	8.706	5	290
12/15/2003	59465C-T7-2	MICHIGAN ST HOSP FIN AUTH REV REF-MCLAREN OBLIG GROUP-SER A	4.500	10/15/2021	93.000 / 93.000	88.050 / 96.750	8.700	3	30
10/08/2003	888808-BH-4	TOBACCO SETTLEMENT FING CORP N J	6.375	06/01/2032		86.000 / 94.600	8.600	4	75
12/02/2003	083779-PL-6	BERGEN CNTY N J SWR AUTH	7.100	12/15/2005		101.724 / 110.295	8.571	3	30
10/01/2003	078027-CW-7	BELL CNTY TEX HEALTH FACS DEV CORP REV ADVANCED LIVING TECH INC	8.125	12/15/2016	80.550 / 80.550	88.500 / 97.000	8.500	6	230
10/01/2003	078027-CX-5	BELL CNTY TEX HEALTH FACS DEV CORP REV ADVANCED LIVING TECH INC	8.500	12/15/2026	79.850 / 79.850	88.500 / 97.000	8.500	5	1585
10/01/2003	452010-SK-8	ILLINOIS HSG DEV AUTH MULTI-FAMILY HSG	5.000	07/01/2025	98.000 / 98.000	92.000 / 100.500	8.500	4	30
10/03/2003	793044-AC-2	ST PAUL MINN PORT AUTH PKG REV SR LIEN-4TH PKG RAMP PJ-SER 1	8.000	12/01/2027	65.000 / 65.000	66.625 / 75.000	8.375	6	200

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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