2003/Q4 Worst "Two-Trade" Bid/Offer Spreads

For 2003/Q4 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)
11/12/2003	870567-AW-4	SWEETWATER TENN INDL DEV BRD INDL REV REF-KMART CORP PROJ	6.500	09/01/2006	27.000	58.433	31.433	2	10
12/05/2003	646088-BP-8	NEW JERSEY ST HWY AUTH GARDEN ST PKWY GEN REV	6.600	01/01/2011	99.000	115.125	16.125	2	150
10/10/2003	59334K-AN-8	MIAMI-DADE CNTY FLA EXPWY AUTH TOLL SYS REV	6.375	07/01/2029	120.021	135.737	15.716	2	15
12/17/2003	235035-AF-9	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV DELTA AIR LINES INC	7.125	11/01/2026	75.500	90.868	15.368	2	65
12/09/2003	658196-QW-3	NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV PREREFUNDED-SER A	6.000	01/01/2026	107.992	119.868	11.876	2	25
12/22/2003	735328-AJ-5	PORT ST HELENS ORE POLLUTN CTL REV VAR-PORTLAND GEN ELEC CO PJ-A	5.250	08/01/2014	90.750	102.000	11.250	2	40
10/17/2003	79772L-BJ-1	SAN FRANCISCO CALIF ST BLDG AUTH LEASE REV SAN FRAN CIVIC CTR COMPLEX-A	6.000	12/01/2009	106.300	117.541	11.241	2	70
12/12/2003	083786-AV-5	BERGEN CNTY N J UTIL AUTH REV	6.400	12/15/2009	104.000	114.845	10.845	2	20
10/01/2003	791311-PY-3	ST LOUIS CNTY MO MTG REV CTFS RCPT-GNMA COLL-SER H	5.400	01/01/2019	99.000	109.840	10.840	2	15
10/02/2003	97710A-W7-5	WISCONSIN ST HEALTH & EDL FACS AUTH REV NATL REGENCY OF NEW BERLIN PJ	8.000	08/15/2025	102.760	113.500	10.740	2	90
10/29/2003	165618-AJ-8	CHESTER CNTY PA SCH AUTH SCH LEASE REV	4.100	06/01/2011	103.061	113.778	10.717	2	100
11/20/2003	68428N-AS-9	ORANGE CNTY CALIF RECOVERY CTFS PARTN SER A	5.700	07/01/2010	100.875	111.254	10.379	2	200
11/19/2003	977055-VB-5	WISCONSIN ST ZERO CPN-HIGHER ED-SER B		05/01/2006	84.750	94.809	10.059	2	2
10/17/2003	521840-NH-7	LEANDER TEX INDPT SCH DIST CAP APPREC-REF		08/15/2016	39.905	49.805	9.900	2	2
11/04/2003	745145-3H-3	PUERTO RICO COMWLTH UNREFUNDED-PUB IMPT-MBIA IBC	5.000	07/01/2028	93.750	103.340	9.590	2	10
12/04/2003	01852L-AB-6	ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLS INC PROJ	7.000	12/01/2011	78.000	87.500	9.500	2	25
12/18/2003	01852L-AB-6	ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLS INC PROJ	7.000	12/01/2011	81.500	91.000	9.500	2	5
10/28/2003	590485-RB-6	MESA ARIZ	4.375	07/01/2022	91.386	100.000	8.614	2	30
10/02/2003	649834-HY-7	NEW YORK ST DORM AUTH REVS REF-CITY UNIV-SER C	5.750	07/01/2012	105.000	113.549	8.549	2	60
12/31/2003	469404-SD-0	JACKSONVILLE FLA HEALTH FACS AUTH HOSP REV CHARITY OBLIG GROUP-SER B	5.250	08/15/2027	96.500	105.024	8.524	2	20
10/01/2003	181004-AX-0	CLARK CNTY NEV INDL DEV REV REF-NEVADA PWR CO PJ-SER B	5.900	10/01/2030	74.000	82.500	8.500	2	105
10/07/2003	461229-BD-7	INVER GROVE HEIGHTS MINN SR HSG REV PHM/INVER GROVE INC PRPJ-SER A	6.000	11/01/2031	97.000	105.500	8.500	2	60
12/09/2003	419818-FY-0	HAWAII ST HSG FIN & DEV CORP SINGLE FAMILY MTG PUR REV AMT-SER A	5.400	07/01/2030	96.000	104.478	8.478	2	25
12/09/2003	46613C-DM-4	JEA FLA ELEC SYS REV SER 3-A	4.625	10/01/2039	90.568	99.043	8.475	2	20
11/12/2003	46613P-EU-6	JEA FLA WTR & SWR SYS REV SUB-SER C	4.750	10/01/2043	92.529	100.940	8.411	2	40
11/07/2003	733581-SF-0	PORT AUTH N Y & N J CONS-ONE HUNDRED SIXTEENTH SER	4.250	10/01/2026	87.770	96.000	8.230	2	40
10/27/2003	130626-AB-0	CALIFORNIA ST	3.700	04/01/2015	88.300	96.378	8.078	2	10
10/22/2003	444595-AC-6	HUGO MINN INDL DEV REV REF-MINN UNION BUILDERS PROJ	8.000	03/01/2027	74.000	82.000	8.000	2	80
12/11/2003	20772E-LM-3	CONNECTICUT ST CAP APPREC-COLLEGE SAVINGS-B		12/15/2004	77.600	85.600	8.000	2	2
10/08/2003	249181-LP-1	DENVER COLO CITY & CNTY ARPT REV SER A	5.600	11/15/2020	100.850	108.739	7.889	2	60
10/07/2003	249181-YK-8	DENVER COLO CITY & CNTY ARPT REV REF-SER A	5.600	11/15/2018	100.000	107.874	7.874	2	45
12/04/2003	429740-XR-9	HIGH POINT N C PUB IMPT-SER A	5.400	06/01/2012	105.000	112.843	7.843	2	30
12/04/2003	649839-TC-1	NEW YORK ST DORM AUTH REVS OFFICE GEN SVCS	5.000	04/01/2028	95.500	103.342	7.842	2	15
10/23/2003	649706-6S-2	NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV SER B	5.500	06/15/2027	101.328	109.125	7.797	2	25
12/19/2003	592041-CL-9	MET GOVT NASHVILLE & DAVIDSON CNTY TENN H & E FACS BRD REV HOSP-BAPTIST HOS	4.875	11/01/2028	97.400	105.154	7.754	2	205
12/18/2003	45200P-BK-2	ILLINOIS HEALTH FACS AUTH REV TAXABLE-FAIRVIEW RESIDENCE-B	7.500	08/15/2005	92.250	100.000	7.750	2	6
12/30/2003	88880P-AB-0	TOBACCO SETTLEMENT FING CORP LA REV ASSET-BKD-SER B	5.500	05/15/2030	82.094	89.828	7.734	2	60
12/17/2003	283113-AV-0	EL DORADO CNTY CALIF SPL TAX CMNTY FACS DIST NO 1992-1	6.250	09/01/2029	95.580	103.244	7.664	2	20
11/21/2003	649665-W7-7	NEW YORK N Y SER H	6.000	08/01/2014	105.437	113.000	7.563	2	55
10/31/2003	61360P-AV-2	MONTGOMERY CNTY PA INDL DEV AUTH RETIREMENT CMNTY REV ACTS RETIREMENT-LIFE	5.250	11/15/2028	90.406	97.952	7.546	2	30
11/24/2003	385494-AU-3	GRAND FORKS N D SR HSG REV SPL TERM-4000 VY SQUARE PROJ	6.375	12/01/2034	84.602	92.127	7.525	2	280
12/12/2003	65820Y-BU-9	NORTH CAROLINA MED CARE COMMN RETIREMENT FACS REV 1ST MTG-GIVENS ESTATES PJ	6.375	07/01/2023	97.500	105.000	7.500	2	60
11/11/2003	720175-RH-3	PIEDMONT MUN PWR AGY S C ELEC REV REF-SER A	5.250	01/01/2021	92.570	100.000	7.430	2	120
12/03/2003	733581-6B-3	PORT AUTH N Y & N J CONS-131ST SER	4.625	12/15/2029	93.322	100.750	7.428	2	40
10/30/2003	798111-BJ-8	SAN JOAQUIN HILLS CALIF TRANSN CORRIDOR AGY TOLL RD REV SR LIEN	5.000	01/01/2033	84.000	91.418	7.418	2	55
10/27/2003	130626-AL-8	CALIFORNIA ST	3.500	08/01/2016	86.680	94.082	7.402	2	10
11/19/2003	649653-AP-7	NEW YORK N Y	5.600	12/01/2006	99.179	106.557	7.378	2	30
12/22/2003	95648M-DG-1	WEST VIRGINIA ECONOMIC DEV AUTH LEASE REV DEPT OF ENVIROMENTAL PROTN	5.000	11/01/2029	96.500	103.875	7.375	2	10
10/24/2003	246307-CW-0	DELAWARE RIV & BAY AUTH DEL AUTH REV	5.250	01/01/2026	98.830	106.092	7.262	2	75
11/05/2003	88880M-AJ-0	TOBACCO SETTLEMENT AUTH WASH TOB SETTLEMENT REV ASSET BACKED	6.625	06/01/2032	84.640	91.887	7.247	2	35
10/15/2003	130629-KD-9	CALIFORNIA ST MBIA IBC	4.750	12/01/2028	92.750	99.995	7.245	2	75
10/16/2003	047870-DA-5	ATLANTA GA WTR & WASTEWTR REV SER A	5.000	11/01/2039	95.300	102.500	7.200	2	35
10/06/2003	653337-AC-9	NEZ PERCE CNTY IDAHO POLLUTION CTL REV REF-POTLATCH CORP PROJ	6.000	10/01/2024	87.700	94.860	7.160	2	25
10/01/2003	29087F-AP-6	EMERALD COAST FLA HSG CORP HSG REV REF-SER A	6.250	01/01/2021	68.600	75.740	7.140	2	10
11/17/2003	791311-DV-2	ST LOUIS CNTY MO MTG REV GNMA COLL-SER A	8.125	08/01/2020	123.340	130.479	7.139	2	50
10/10/2003	64966C-GS-4	NEW YORK N Y REVERT PRAMS-6%-01/15/2020-112		01/15/2020	60.320	67.454	7.134	2	45
10/01/2003	649834-VC-9	NEW YORK ST DORM AUTH REVS REF-DEPT HEALTH	5.500	07/01/2020	97.390	104.500	7.110	2	25
12/11/2003	13068G-VV-5	CALIFORNIA ST PUB WKS BRD LEASE REV DEPT CORR-ST PRISON-SER E	5.500	06/01/2015	101.660	108.753	7.093	2	70
10/31/2003	145810-BA-4	CARSON CITY NEV HOSP REV CARSON-TAHOE HOSP PROJ	5.750	09/01/2031	94.691	101.750	7.059	2	65
10/10/2003	93877M-AS-5	WASHINGTON D C CONVENTION CTR AUTH DEDICATED TAX REV SR LIEN	4.750	10/01/2028	92.955	100.000	7.045	2	40
11/20/2003	341422-RS-4	FLORIDA ST BRD ED CAP OUTLAY PUB ED-SER B	4.500	06/01/2028	92.965	99.999	7.034	2	60
12/09/2003	199521-BS-3	COLUMBUS OHIO MUN ARPT AUTH REV ARPT IMPT-PORT COLUMBUS-B	5.000	01/01/2028	95.600	102.621	7.021	2	15
12/09/2003	594614-GR-4	MICHIGAN ST BLDG AUTH REV ZERO CPN-FACS PROG-SER II		10/15/2012	64.378	71.379	7.001	2	4
10/01/2003	986460-AS-2	YORK CNTY S C INDL REV EXEMPT FAC-HOECHST CELANESE	5.700	01/01/2024	93.000	100.000	7.000	2	30
10/07/2003	447411-AD-1	HURON ACADEMY MICH PUB SCH CTFS PARTN	7.000	05/01/2016	93.000	100.000	7.000	2	45
10/21/2003	442025-AP-7	HOUSTON CNTY GA DEV AUTH FIRST MTG REV GRANTLEY INC PROJ-SER A	7.375	04/01/2028	65.250	72.250	7.000	2	20
10/30/2003	880458-6N-9	TENNESSEE HSG DEV AGY AMT-HOMEOWNER-5A-RMK 8/21/97	5.500	07/01/2017	97.000	104.000	7.000	2	15
12/16/2003	645916-SX-6	NEW JERSEY ECONOMIC DEV AUTH REV	7.500	12/01/2032	102.000	109.000	7.000	2	35
12/29/2003	469404-HG-5	JACKSONVILLE FLA HEALTH FACS AUTH HOSP REV REF-METHODIST HOSP-SER A	8.000	10/01/2015	93.000	100.000	7.000	2	135
12/02/2003	472682-LW-1	JEFFERSON CNTY ALA SWR REV PREREFUNDED-CAP IMPT WTS-SER A	5.000	02/01/2033	104.875	111.865	6.990	2	15
12/04/2003	646139-CC-7	NEW JERSEY ST TPK AUTH TPK REV	6.000	01/01/2014	109.515	116.490	6.975	2	205
10/07/2003	286533-GT-5	ELGIN TEX INDPT SCH DIST REF	5.250	10/01/2024	98.800	105.772	6.972	2	10
11/14/2003	59333M-BJ-3	MIAMI-DADE CNTY FLA SCH BRD CTFS PARTN SER B	4.875	08/01/2027	104.856	111.828	6.972	2	35
10/16/2003	593328-DX-2	MIAMI CNTY OHIO HOSP FACS REV REF & IMPT-UPPER VY MED CTR-B	5.625	05/15/2019	102.000	108.940	6.940	2	10
11/11/2003	798111-DS-6	SAN JOAQUIN HILLS CALIF TRANSN CORRIDOR AGY TOLL RD REV REF-SER A	5.375	01/15/2029	98.899	105.830	6.931	2	55
12/01/2003	410018-BX-2	HANCOCK CNTY MISS SCH DIST	4.750	10/15/2008	100.730	107.615	6.885	2	20
11/03/2003	469404-RF-6	JACKSONVILLE FLA HEALTH FACS AUTH HOSP REV CHARITY OBLIG GROUP-SER A	5.125	08/15/2027	96.613	103.486	6.873	2	20
12/16/2003	658203-UM-4	NORTH CAROLINA MUN PWR AGY NO 1 CATAWBA ELEC REV ZERO CPNS-MBIA-IBC		01/01/2010	81.052	87.895	6.843	2	20
10/16/2003	649834-B3-1	NEW YORK ST DORM AUTH REVS UPSTATE CMNTY COLLEGES-SER A	5.400	07/01/2008	105.000	111.825	6.825	2	15
11/11/2003	246361-AV-1	DELAWARE RIV PORT AUTH PA & NJ DEL RIV BRDGS REV	6.500	01/15/2011	110.077	116.875	6.798	2	40
11/05/2003	246352-AH-1	DELAWARE RIV PORT AUTH PA & NJ REV	5.500	01/01/2026	100.550	107.340	6.790	2	25
12/18/2003	574216-TQ-0	MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV REF-JOHN HOPKINS UNIV	5.625	07/01/2027	102.849	109.628	6.779	2	25
10/27/2003	130626-AA-2	CALIFORNIA ST	3.000	03/01/2015	83.325	90.102	6.777	2	10
10/02/2003	251255-E6-8	DETROIT MICH WTR SUPPLY SYS REV SR LIEN-SER A	5.000	07/01/2034	96.529	103.290	6.761	2	15
10/17/2003	130174-U4-5	CALIFORNIA EDL FACS AUTH REV STANFORD UNIV-SER N	5.200	12/01/2027	96.028	102.760	6.732	2	65
11/26/2003	644804-AS-5	NEW HANOVER CNTY N C HOSP REV NEW HANOVER REGL MED CTR PROJ	4.750	10/01/2023	95.220	101.938	6.718	2	20
10/13/2003	59469C-WR-0	MICHIGAN ST STRATEGIC FD LTD OBLIG REV REF-DETROIT EDISON CO-SER A	5.550	09/01/2029	99.500	106.209	6.709	2	10
12/17/2003	645780-DX-2	NEW JERSEY ECONOMIC DEV AUTH WTR FACS REV UTD WTR N J INC PROJ	5.000	11/01/2028	96.068	102.750	6.682	2	25
12/02/2003	650034-XS-5	NEW YORK ST URBAN DEV CORP REV PERSONAL INCOME TAX-SER C-1	5.000	03/15/2033	96.230	102.875	6.645	2	60
12/08/2003	16876Q-BG-3	CHILDRENS TR FD P R TOB SETTLEMENT REV ASSET-BKD BDS	5.625	05/15/2043	89.306	95.936	6.630	2	250
10/22/2003	64579C-6N-5	NEW JERSEY HEALTH CARE FACS FING AUTH REV REF-INSD-HOLY NAME HOSP ISSUE	5.250	07/01/2020	100.426	107.026	6.600	2	25
12/17/2003	293146-BJ-4	ENGLEWOOD FLA WTR DIST UTIL SYS REV REF	4.650	10/01/2012	100.400	107.000	6.600	2	10
12/10/2003	236035-AR-2	DANBURY TEX HIGHER ED AUTH INC ED REV WEST HOUSTON CHARTER PJ-SER A	7.875	02/01/2032	93.000	99.595	6.595	2	10
10/02/2003	64579E-QR-0	NEW JERSEY HEALTH CARE FACS FING AUTH REV VIRTUA HEALTH ISSUE	4.500	07/01/2028	92.239	98.800	6.561	2	50
12/03/2003	906365-CY-5	UNION CNTY N J UTILS AUTH SOLID WASTE REV CNTY DEFICIENCY-SER A2	5.000	06/15/2028	96.250	102.799	6.549	2	15
12/04/2003	906365-CY-5	UNION CNTY N J UTILS AUTH SOLID WASTE REV CNTY DEFICIENCY-SER A2	5.000	06/15/2028	96.250	102.799	6.549	2	15
12/30/2003	147051-SD-9	CARY N C PUB IMPT	4.000	06/01/2021	91.000	97.540	6.540	2	50
12/16/2003	499523-RV-2	KNOX CNTY TENN HEALTH EDL & HSG FACS BRD HOSP FACS REV REF & IMPT-CATHOLIC	5.250	10/01/2027	99.407	105.939	6.532	2	75
12/09/2003	130656-AP-6	CALIFORNIA ST DEPT TRANSN CTFS PARTN CAP APPREC-SER A		03/01/2006	87.500	94.020	6.520	2	10
10/09/2003	875128-AW-0	TAMPA BAY WTR FLA UTIL SYS REV SER A	4.750	10/01/2027	93.480	99.998	6.518	2	55

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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