2003 Worst "Two-Trade" Bid/Offer Spreads

For 2003 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)
06/05/2003	833153-KL-2	SNOHOMISH CNTY WASH SCH DIST NO 015 EDMONDS REF	4.750	12/01/2003	10.364	101.364	91.000	2	200
08/14/2003	696837-GP-2	PALMER MASS SER B	4.000	10/01/2010	100.000	183.166	83.166	2	200
06/05/2003	181144-MG-8	CLARK CNTY WASH SCH DIST NO 037 VANCOUVER	5.000	06/01/2004	30.060	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	103.151	72.900	2	200
06/05/2003	760133-QB-7	RENTON WASH	4.350	12/01/2014	60.074	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	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	106.987	46.000	2	200
01/09/2003	131544-AB-4	CALVERT CNTY MD POLLUTN CTL REV REF-BALTIMORE GAS & ELEC CO PJ	5.550	07/15/2014	60.000	100.000	40.000	2	115
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
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
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
02/03/2003	101029-AN-6	BOSTON MASS WTR & SWR COMMN REV	10.875	01/01/2009	100.000	129.023	29.023	2	10
06/05/2003	939745-DP-7	WASHINGTON ST REF-SER R-96C	4.900	07/01/2007	80.388	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	108.500	28.000	2	50
07/23/2003	303585-LX-9	FAIRBORN OHIO DAYTON-YELLOW SPRINGS RD IMPT		12/01/2009	100.000	127.700	27.700	2	22
02/10/2003	649716-7L-5	NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV FUTURE TAX SECD-B-FGIC TCRS	5.000	11/01/2027	103.875	131.534	27.659	2	90
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
01/31/2003	235035-AK-8	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV AMERICAN AIRLINES INC	6.000	11/01/2014	26.750	48.000	21.250	2	60
07/23/2003	303585-LV-3	FAIRBORN OHIO DAYTON-YELLOW SPRINGS RD IMPT		12/01/2007	100.000	121.237	21.237	2	20
04/29/2003	452226-ML-4	ILLINOIS ST SALES TAX REV SER L-ILL RETIRE-GROWTH & TEN		06/15/2009	102.000	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	118.588	19.600	2	760
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
04/04/2003	16876Q-BG-3	CHILDRENS TR FD P R TOB SETTLEMENT REV ASSET-BKD BDS	5.625	05/15/2043	76.050	94.329	18.279	2	1590
07/23/2003	303585-LU-5	FAIRBORN OHIO DAYTON-YELLOW SPRINGS RD IMPT		12/01/2006	100.000	117.228	17.228	2	20
01/30/2003	64971S-AB-5	NEW YORK N Y CITY INDL DEV AGY SPL FAC REV 1990 AMERICAN AIRLINES INC PJ	5.400	07/01/2020	37.000	53.500	16.500	2	40
05/27/2003	96253C-AZ-8	WHATELY MASS REF-SER A	3.000	01/15/2009	100.000	116.500	16.500	2	200
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
03/18/2003	64578C-AE-1	NEW JERSEY ECONOMIC DEV AUTH SPL FAC REV CONTINENTAL AIRLINES INC PJ	6.250	09/15/2019	54.000	70.004	16.004	2	80
01/09/2003	232789-AP-2	CYPRESS HILL MUN UTIL DIST NO 1 TEX	11.500	09/01/2003	100.000	116.000	16.000	2	10
03/17/2003	454623-NS-4	INDIANA BD BK REV REF-SPL PROG-SER A	5.000	02/01/2022	122.000	138.000	16.000	2	175
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
03/20/2003	010632-HV-2	ALABAMA ST UNIV REV TAXABLE-REF-GEN TUITION FEE-B	4.650	01/01/2022	100.000	115.703	15.703	2	300
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
06/02/2003	684515-LD-9	ORANGE CNTY FLA SALES TAX REV	5.125	01/01/2028	100.468	115.700	15.232	2	20
02/14/2003	130909-VX-9	CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV CTFS PARTN SUTTER HEALTH OBLIG GRO	6.000	08/15/2025	95.550	110.557	15.007	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	124.883	14.793	2	40
01/31/2003	248397-DD-0	DENISON TEX HOSP AUTH HOSP REV TEXOMA MED CTR INC PROJ	6.125	08/15/2017	81.875	96.000	14.125	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
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	114.862	13.532	2	110
03/20/2003	121822-AJ-9	BURLINGTON KANS ENVIRONMENTAL IMPT REV REF-K C PWR & LT-A-RMK 8/30/02	4.750	09/01/2015	90.934	104.250	13.316	2	70
03/28/2003	658196-F2-1	NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV UNREFUNDED BALANCE-REF-SER B	6.250	01/01/2012	89.000	102.288	13.288	2	10
02/28/2003	360052-AJ-3	FULTON CNTY GA DEV AUTH SPL FACS REV DELTA AIRLINES INC PROJ	5.450	05/01/2023	45.000	58.250	13.250	2	30
01/02/2003	649892-HN-9	NEW YORK ST PWR AUTH REV & GEN PURP	5.500	01/01/2010	100.000	112.955	12.955	2	105
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
01/15/2003	207726-SB-7	CONNECTICUT ST CAP APPREC-SER A		07/01/2008	73.491	86.012	12.521	2	21
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
03/21/2003	888808-AR-3	TOBACCO SETTLEMENT FING CORP N J ASSET BKD	5.750	06/01/2032	84.074	96.565	12.491	2	145
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
01/28/2003	207726-RX-0	CONNECTICUT ST CAP APPREC-SER A		07/01/2004	85.681	98.042	12.361	2	6
01/28/2003	207726-TG-5	CONNECTICUT ST CAP APPREC-SER B		11/01/2005	83.081	95.321	12.240	2	21
04/16/2003	010652-BP-9	ALABAMA 21ST CENTY AUTH TOB SETTLEMENT REV	5.500	12/01/2021	73.589	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	114.079	12.079	2	20
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
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
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
03/14/2003	116403-PK-6	BROWNSVILLE TEX CAP APPREC-REF		02/15/2006	82.395	94.110	11.715	2	20
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
06/11/2003	186397-BA-2	CLEVELAND OHIO PKG FACS REV REF	5.500	09/15/2022	101.027	112.720	11.693	2	45
02/12/2003	246388-LJ-9	DELAWARE ST HEALTH FACS AUTH REV CHRISTIANA CARE HEALTH SVCS	2.600	10/01/2008	98.605	110.153	11.548	2	1465
02/24/2003	888805-AF-5	TOBACCO SETTLEMENT AUTH IOWA TOB SETTLEMENT REV ASSET-BKD-SER B	5.300	06/01/2025	83.520	94.981	11.461	2	70
01/14/2003	59465C-T7-2	MICHIGAN ST HOSP FIN AUTH REV REF-MCLAREN OBLIG GROUP-SER A	4.500	10/15/2021	80.000	91.449	11.449	2	25
03/07/2003	646139-AH-8	NEW JERSEY ST TPK AUTH TPK REV	5.200	01/01/2008	95.718	107.036	11.318	2	40
04/03/2003	735397-BE-0	PORT SEATTLE WASH SPL FAC REV PREREFUNDED-AMT-SER C	6.000	09/01/2029	104.052	115.320	11.268	2	15
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
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
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
05/22/2003	914658-2C-2	UNIVERSITY NEV UNIV REVS REF-CMNTY COLLEGE SYS-SER A	5.000	07/01/2010	103.304	114.404	11.100	2	1000
02/28/2003	45222L-AK-6	ILLINOIS ST CIVIC CTR REF-SPL ST OBLIG	5.000	12/15/2007	100.248	111.248	11.000	2	30
03/25/2003	189045-AX-5	CLOQUET MINN POLLUTN CTL REV REF-POTLACH CORP PROJS	5.900	10/01/2026	83.000	94.000	11.000	2	125
03/28/2003	888794-AB-0	TOB SECURITIZATION AUTH NORTHN CALIF TOB SETTLEMENT REV ASSET BKD BDS-SER A	5.375	06/01/2041	77.388	88.327	10.939	2	110
04/02/2003	084243-BA-1	BERKELEY CNTY W VA BLDG COMM HOSP REV CITY HOSP PROJ	6.500	11/01/2022	89.100	100.000	10.900	2	35
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
02/12/2003	130656-AQ-4	CALIFORNIA ST DEPT TRANSN CTFS PARTN CAP APPREC-SER A		03/01/2007	76.060	86.932	10.872	2	3
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
02/13/2003	716390-AQ-2	PETOSKEY MICH HOSP FIN AUTH HOSP FACS REV	6.700	03/01/2007	100.000	110.839	10.839	2	15
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
01/29/2003	72736M-BB-6	PLANTATION FLA HEALTH FACS AUTH REV REF-COVENANT VLG OF FLA INC	5.125	12/01/2022	83.000	93.750	10.750	2	20
04/16/2003	898526-BH-0	TSASC INC N Y REV TOB FLEX AMORT-1 PLANPRIN 2014	6.000	07/15/2020	85.250	96.000	10.750	2	50
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
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
04/16/2003	898526-BM-9	TSASC INC N Y REV TOB FLEX AMORT-1 PLANPRIN 2029	6.375	07/15/2039	84.261	94.932	10.671	2	15
03/06/2003	010621-BS-8	ALABAMA ST SPACE SCIENCE EXHIBIT FIN AUTH REV SPACE CAMP PROJ-SER B	6.250	12/01/2010	77.750	88.310	10.560	2	55
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

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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