2004/Q1 Worst Bid-side Spreads

Here is the 2004/Q1 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)
01/20/2004	451295-RA-9	IDAHO HEALTH FACS AUTH REV VAR-REF-TRINITY HEALTH GRP-A		12/01/2036	1.000 / 100.000	99.000	100.000 / 100.000	5	1225
02/09/2004	040504-EW-8	ARIZONA EDL LN MARKETING CORP EDL LN REV VAR-TAXABLE-SR-SER-E-1		12/01/2037	1.000 / 100.000	99.000	99.996 / 100.000	9	1000
02/02/2004	545771-AA-5	LOUDON CNTY TENN INDL DEV BRD SOLID WASTE DISP REV KIMBERLY-CLARK CORP PROJ	6.200	02/01/2023	14.429 / 101.000	86.571		7	280
03/25/2004	64982P-SG-8	NEW YORK ST DORM AUTH LEASE REV VAR-MUN HLTH FACS IMPT-SER 2-2		01/15/2023	25.000 / 100.000	75.000	100.000 / 100.000	8	1150
01/12/2004	157432-BH-7	CHAFFEY CMNTY COLLEGE DIST CALIF TAXABLE-SER A	5.150	07/01/2008	58.580 / 105.996	47.416		2	500
03/18/2004	457106-MN-9	INGLEWOOD CALIF REDEV AGY TAX ALLOCATION SUB LIEN-MERGED REDEV PROJ		05/01/2024	31.665 / 75.500	43.835		3	1490
03/15/2004	59259R-BE-3	METROPOLITAN TRANSN AUTH N Y REV REF-INSD-SER A	5.000	11/15/2030	65.576 / 103.291	37.715	106.799 / 108.375	5	85
03/23/2004	040504-ED-0	ARIZONA EDL LN MARKETING CORP EDL LN REV SR-SER A-1	4.400	12/01/2005	104.898 / 140.560	35.662	104.898 / 105.135	18	3245
03/08/2004	442348-XC-7	HOUSTON TEX ARPT SYS REV SPL FACS-CONTINENTAL AIRLINE-B	6.125	07/15/2017	69.000 / 102.000	33.000		5	30
03/05/2004	20786L-AB-7	CONNECTOR 2000 ASSN INC S C TOLL RD REV SR-SOUTHN CONNECTOR PJ-SER A	5.375	01/01/2038	34.000 / 62.000	28.000	64.000 / 65.000	12	2715
03/17/2004	649835-HU-2	NEW YORK ST DORM AUTH REVS CAP APPREC-COLLEGE & UNIV ED		07/01/2009	57.090 / 84.560	27.470		2	40
02/27/2004	130656-AT-8	CALIFORNIA ST DEPT TRANSN CTFS PARTN CAP APPREC-SER A		03/01/2010	79.150 / 104.650	25.500		4	180
03/25/2004	447201-AD-6	HUNTSVILLE-CARLTON COVE ALA SPL CARE FACS FING AUTH RETIREMENT FAC REV CARL	8.125	11/15/2031	48.060 / 72.500	24.440		5	765
02/03/2004	948804-AD-1	WEIRTON W VA POLLUTN CTL REV REF-WEIRTON STEEL CORP PJ	.500	04/01/2012	28.150 / 52.000	23.850	52.000 / 53.500	19	5361
01/29/2004	948804-AD-1	WEIRTON W VA POLLUTN CTL REV REF-WEIRTON STEEL CORP PJ	.500	04/01/2012	29.750 / 50.000	20.250	30.000 / 52.750	12	807
01/07/2004	181004-BG-6	CLARK CNTY NEV INDL DEV REV NEVADA PWR CO PJ-A-ACA-CBI	5.600	10/01/2030	81.000 / 100.000	19.000	81.250 / 102.350	8	605
01/12/2004	238259-2B-0	DAUPHIN CNTY PA GEN AUTH REV HOTEL & CONF CTR-HYATT REGENCY	6.200	01/01/2029	41.000 / 59.750	18.750	63.125 / 63.125	9	515
03/17/2004	79875L-AA-7	SAN MARCOS CALIF PUB FING AUTH REV SER A	6.250	09/02/2022	100.250 / 118.521	18.271	121.771 / 126.773	6	645
03/05/2004	79306E-DG-6	ST PAUL MINN PORT AUTH INDL DEV REV SER C-1996 LOTTERY	10.000	12/01/2006	72.270 / 90.000	17.730	75.250 / 98.000	6	50
02/09/2004	592597-K4-9	METROPOLITAN TRANSN AUTH N Y SVC CONTRACT CAP APPREC-COMMUTER FACS-SER 7		07/01/2012	72.531 / 89.896	17.365		4	40
01/15/2004	040625-FG-5	ARIZONA ST MUN FING PROG CTFS PARTN SER 11	8.000	08/01/2017	100.000 / 116.750	16.750		2	20
03/31/2004	544628-EZ-9	LOS ANGELES CALIF REGL ARPTS IMPT CORP LEASE REV REF-UNITED AIR LINES-L A I	6.875	11/15/2012	37.400 / 53.000	15.600	41.000 / 53.000	8	410
01/08/2004	363716-AW-1	GALLATIN MO CTFS PARTN NAT GAS DISTR & TRANSMISSION	7.300	12/01/2018	79.000 / 93.750	14.750	95.500 / 95.500	7	130
02/19/2004	79306E-QT-4	ST PAUL MINN PORT AUTH INDL DEV REV SER H-1996 LOTTERY	8.000	11/01/2019	57.500 / 71.960	14.460		5	50
01/30/2004	239874-AP-5	DAYTON OHIO SPL FACS REV REF-EMERY AIR FREIGHT-SER A	5.625	02/01/2018	74.520 / 88.250	13.730	77.520 / 91.250	7	120
02/26/2004	725276-Y2-9	PITTSBURGH PA SCH DIST REF-SER A	5.250	09/01/2011	100.848 / 114.553	13.705		2	400
01/20/2004	24919P-FK-5	DENVER COLO CITY & CNTY SCH DIST NO 001 CTFS PARTN DENVER SCH FACS LEASING	5.125	12/01/2020	102.976 / 115.282	12.306	103.326 / 103.326	4	250
02/11/2004	67910H-FB-1	OKLAHOMA ST MUN PWR AUTH PWR SUPPLY SYS REV SER B	5.875	01/01/2024	103.560 / 115.505	11.945		2	20
02/11/2004	360052-AG-9	FULTON CNTY GA DEV AUTH SPL FACS REV DELTA AIR LINES INC PROJ	6.950	11/01/2012	78.500 / 90.348	11.848	90.014 / 93.058	10	255
03/19/2004	455398-EU-7	INDIANAPOLIS IND GAS UTIL REV	7.000	06/01/2008	99.500 / 111.135	11.635		2	115
03/12/2004	382065-AA-8	GOOCHLAND CNTY VA INDL DEV AUTH INDL DEV REV REF-NEKOOSA PACKAGING CORP	5.650	12/01/2025	80.000 / 91.500	11.500	93.475 / 96.000	10	460
03/30/2004	948804-AD-1	WEIRTON W VA POLLUTN CTL REV REF-WEIRTON STEEL CORP PJ	.500	04/01/2012	25.750 / 37.000	11.250	37.000 / 37.000	20	2730
02/25/2004	967005-AM-1	WICHITA CNTY TEX HEALTH FACS DEV CORP REV REF-ROLLING MEADOWS FAC-SER A	6.250	01/01/2028	86.550 / 97.750	11.200	88.920 / 100.000	6	60
03/02/2004	826310-AE-4	SIERRA FOOTHILLS CALIF PUB FING AUTH CTFS PARTN SER A	8.000	12/15/2005	22.000 / 33.200	11.200	36.000 / 36.000	3	100
03/12/2004	235308-FE-8	DALLAS TEX INDPT SCH DIST UNREFUNDED BALANCE	5.500	02/15/2017	99.040 / 109.910	10.870		4	30
02/19/2004	948804-AD-1	WEIRTON W VA POLLUTN CTL REV REF-WEIRTON STEEL CORP PJ	.500	04/01/2012	34.000 / 44.750	10.750	4.000 / 54.480	20	471
03/10/2004	888808-BK-7	TOBACCO SETTLEMENT FING CORP N J	6.750	06/01/2039	88.500 / 99.250	10.750	101.520 / 102.046	16	890
01/07/2004	271655-AA-0	EAST CHICAGO IND SOLID WASTE DISP REV USG CORP PROJ	5.500	09/01/2028	69.550 / 80.250	10.700	71.500 / 80.250	8	80
01/14/2004	777577-ZA-8	ROSEMOUNT MINN SER A	4.850	02/01/2010	100.904 / 111.500	10.596		3	120
02/05/2004	235035-AF-9	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV DELTA AIR LINES INC	7.125	11/01/2026	71.000 / 81.500	10.500	76.186 / 84.500	9	145
01/29/2004	359900-PC-5	FULTON CNTY GA DEV AUTH REV KLAUS PKING & FAMILY HSG PROJS	5.000	11/01/2013	100.500 / 110.600	10.100	110.500 / 110.600	5	175
03/03/2004	888808-AT-9	TOBACCO SETTLEMENT FING CORP N J ASSET BKD	6.125	06/01/2042	83.207 / 93.250	10.043	90.500 / 92.999	10	1000
01/09/2004	765418-DN-5	RICHMOND VA MET AUTH EXPWY REV REF	5.250	07/15/2022	100.722 / 110.722	10.000		2	50
01/29/2004	610755-WW-6	MONROE CNTY N Y INDL DEV AGY REV INDL DEV-EMPIRE SPORTS PJ-A	6.250	03/01/2028	40.000 / 50.000	10.000	41.000 / 41.000	6	700
03/01/2004	612129-EG-7	MONTANA ST HEALTH FACS AUTH REV SISTERS OF CHARITY LEAVENWORTH	5.000	12/01/2024	100.000 / 110.000	10.000		2	20
03/10/2004	914440-AM-4	UNIVERSITY MASS BLDG AUTH PROJ REV GTD-SR-SER 1	4.800	11/01/2012	100.011 / 110.011	10.000		2	1050
03/24/2004	386211-AZ-9	GRAND RAPIDS CHARTER TWP MICH ECONOMIC DEV CORP LTD OBLIG REV PORTER HILLS	5.450	07/01/2029	102.110 / 112.110	10.000		6	315
02/10/2004	594614-UL-1	MICHIGAN ST BLDG AUTH REV REF-FACS PROG-SER I	5.250	10/15/2015	102.637 / 112.635	9.998	112.635 / 112.635	6	45
01/12/2004	592596-RG-7	METROPOLITAN TRANSN AUTH N Y COMMUTER FACS REV SER E	5.000	07/01/2021	103.875 / 113.842	9.967	114.592 / 114.592	5	145
02/17/2004	649861-AK-7	NEW YORK ST HSG FIN AGY HOSP & NURSING HOME PROJ	7.000	11/01/2017	113.800 / 123.641	9.841	116.200 / 116.200	4	206
01/20/2004	888808-AT-9	TOBACCO SETTLEMENT FING CORP N J ASSET BKD	6.125	06/01/2042	82.000 / 91.837	9.837	82.000 / 96.076	10	455
01/22/2004	762241-6X-0	RHODE ISLAND ST HEALTH & EDL BLDG CORP REV REF-HOSP FING-ROGER WILLIAMS	5.500	07/01/2028	72.680 / 82.456	9.776	84.556 / 84.556	6	135
01/28/2004	948804-AD-1	WEIRTON W VA POLLUTN CTL REV REF-WEIRTON STEEL CORP PJ	.500	04/01/2012	40.250 / 50.000	9.750	50.000 / 50.000	23	5657
03/11/2004	684517-AT-2	ORANGE CNTY FLA SCH BRD CTFS PARTN SER A	5.375	08/01/2022	97.050 / 106.770	9.720		3	60
01/13/2004	542690-CH-3	LONG ISLAND PWR AUTH N Y ELEC SYS REV CAP APPREC-GEN-SER A		12/01/2023	30.150 / 39.750	9.600	41.998 / 41.998	6	120
03/29/2004	888808-AR-3	TOBACCO SETTLEMENT FING CORP N J ASSET BKD	5.750	06/01/2032	83.839 / 93.403	9.564	93.403 / 93.403	3	25
01/21/2004	576049-FD-7	MASSACHUSETTS ST WTR RES AUTH GEN-SER C	5.250	12/01/2015	105.112 / 114.673	9.561	111.697 / 114.773	6	550
01/28/2004	977055-RC-8	WISCONSIN ST ZERO CPN-SER D-HIGHER ED		05/01/2006	84.500 / 93.920	9.420	89.500 / 89.500	4	7
02/02/2004	594614-UF-4	MICHIGAN ST BLDG AUTH REV REF-FACS PROG-SER I	5.000	10/15/2010	103.000 / 112.366	9.366	112.366 / 112.366	6	30
01/21/2004	373541-DK-4	GEORGIA MUN ELEC AUTH PWR REV REF-SER Z-FGIC-TCRS	5.500	01/01/2020	103.900 / 113.220	9.320		2	35
02/17/2004	882720-EE-1	TEXAS ST VETERANS LD	6.000	12/01/2030	98.380 / 107.700	9.320	110.000 / 110.000	5	115
03/15/2004	542690-BE-1	LONG ISLAND PWR AUTH N Y ELEC SYS REV GEN-SER A	5.000	12/01/2018	100.168 / 109.450	9.282		5	115
01/16/2004	040625-TS-4	ARIZONA ST MUN FING PROG CTFS PARTN SER 34	7.250	08/01/2009	107.500 / 116.625	9.125		2	65
01/20/2004	71437M-CU-7	PERRIS CALIF PUB FING AUTH LOC AGY REV PARITY-SER F	5.750	09/01/2016	100.000 / 109.121	9.121	106.088 / 106.088	5	50
01/13/2004	88880P-AC-8	TOBACCO SETTLEMENT FING CORP LA REV ASSET-BKD-SER B	5.875	05/15/2039	81.263 / 90.362	9.099	89.490 / 93.331	20	2285
01/29/2004	88880P-AC-8	TOBACCO SETTLEMENT FING CORP LA REV ASSET-BKD-SER B	5.875	05/15/2039	81.050 / 90.132	9.082	88.100 / 92.492	14	1410
03/18/2004	164243-HS-9	CHEROKEE CNTY GA WTR & SEW AUTH REV REF & IMPT	5.500	08/01/2023	107.495 / 116.500	9.005		4	45
01/26/2004	592598-D9-4	METROPOLITAN TRANSN AUTH N Y TRAN FACS REV SER C	5.125	07/01/2020	99.000 / 108.000	9.000		2	160
03/11/2004	888808-AR-3	TOBACCO SETTLEMENT FING CORP N J ASSET BKD	5.750	06/01/2032	85.081 / 94.070	8.989	94.027 / 95.505	11	475
03/29/2004	442436-VT-5	HOUSTON TEX WTR & SWR SYS REV REF-JR LIEN-SER A	5.375	12/01/2027	96.856 / 105.830	8.974	103.744 / 109.080	7	60
02/18/2004	235035-AK-8	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV AMERICAN AIRLINES INC	6.000	11/01/2014	67.620 / 76.575	8.955	74.078 / 74.078	8	815
02/04/2004	88275B-BR-8	TEXAS ST DEPT HSG & CMNTY AFFAIRS MULTI-FAMILY REV HSG-SR-DALLAS-FORT WORTH	6.500	07/01/2026	91.058 / 100.000	8.942	100.000 / 100.000	4	180
02/12/2004	796825-AZ-0	SAN BERNARDINO CNTY CALIF FING AUTH PENSION OBLIG REV CAP APPREC		08/01/2018	42.144 / 51.050	8.906	44.760 / 44.760	5	130
02/05/2004	79306E-HB-3	ST PAUL MINN PORT AUTH INDL DEV REV SER J-1996 LOTTERY	9.500	12/01/2011	69.000 / 77.889	8.889		8	75
01/29/2004	646139-VY-8	NEW JERSEY ST TPK AUTH TPK REV TAXABLE-SER B	4.252	01/01/2016	86.690 / 95.425	8.735	95.455 / 95.455	7	1205
01/29/2004	888808-AT-9	TOBACCO SETTLEMENT FING CORP N J ASSET BKD	6.125	06/01/2042	86.000 / 94.716	8.716	88.382 / 94.250	26	3980
02/26/2004	378334-KB-1	GLENDALE ARIZ UN HIGH SCH DIST NO 205 SCH IMPT-PROJ OF 2003	4.500	07/01/2015	94.573 / 103.246	8.673	106.457 / 106.457	5	715
02/24/2004	745144-Z3-2	PUERTO RICO COMWLTH	5.750	07/01/2024	98.500 / 107.109	8.609		5	310
02/10/2004	012679-CS-3	ALBEMARLE CNTY VA INDL DEV AUTH MTG REV RESIDENTIAL CARE FAC-SER A	6.200	01/01/2031	90.500 / 99.074	8.574		21	715
01/12/2004	01852L-AA-8	ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLINES INC PROJ	7.500	12/01/2029	62.000 / 70.500	8.500	70.500 / 70.555	6	1060
03/10/2004	640665-AQ-8	NEPHI UTAH INDL DEV REV COLONIAL MANOR HLTH CARE CTR	7.500	11/01/2010	88.500 / 97.000	8.500	100.000 / 100.000	5	40
01/20/2004	684228-EM-7	ORANGE CNTY CALIF CTFS PARTN LOMA RIDGE/DATA CTR PROJ	6.000	06/01/2021	108.000 / 116.468	8.468	119.843 / 119.843	4	100
02/03/2004	220147-J9-4	CORPUS CHRISTI TEX INDPT SCH DIST REF	5.000	08/15/2008	102.000 / 110.400	8.400	110.400 / 110.400	7	115
01/16/2004	23354M-DY-8	DADE CNTY FLA SCH BRD CTFS PARTN SER B	5.600	08/01/2026	102.030 / 110.381	8.351		4	65
03/12/2004	207726-N2-2	CONNECTICUT ST SER A	6.500	03/15/2007	100.000 / 108.275	8.275	109.700 / 109.700	5	210
03/12/2004	548100-2M-7	LOWER COLO RIV AUTH TEX REV PREREFUNDED-JR LIEN-1997	6.000	01/01/2017	114.590 / 122.842	8.252		5	70
03/02/2004	677599-AC-6	OHIO ST SOLID WASTE DISP REV USG CORP PROJ	5.600	08/01/2032	81.750 / 90.000	8.250		7	210
03/29/2004	93877M-AS-5	WASHINGTON D C CONVENTION CTR AUTH DEDICATED TAX REV SR LIEN	4.750	10/01/2028	90.200 / 98.410	8.210	100.000 / 101.410	9	130
03/29/2004	494748-S3-1	KING CNTY WASH SER D	5.300	12/01/2005	105.129 / 113.336	8.207		4	100
01/06/2004	454913-AB-0	INDIANA ST DEV FIN AUTH POLLUTION CTL REV REF-INLAND STEEL CO PJ NO 13	7.250	11/01/2011	55.830 / 64.000	8.170	64.000 / 66.000	10	610
03/05/2004	73358E-BN-3	PORT AUTH N Y & N J SPL OBLIG REV SPL PJ-JFK INTL AIR TERMINAL-6	5.750	12/01/2025	100.000 / 108.158	8.158		7	160
03/31/2004	649716-7M-3	NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV FUTURE TAX SECD-A-FGIC TCRS	5.000	11/15/2026	101.500 / 109.594	8.094	109.594 / 109.594	3	35
01/05/2004	745190-DH-8	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV SER A-MBIA IBC	4.750	07/01/2038	91.422 / 99.514	8.092		4	110
01/21/2004	130679-CE-1	CALIFORNIA ST PUB WKS BRD HIGH TECHNOLOGY FACS LEASE REV SAN JOSE FACS-SER	7.750	08/01/2006	101.225 / 109.214	7.989		4	20
03/09/2004	13033A-8H-7	CALIFORNIA HEALTH FACS FING AUTH REV CEDARS-SINAI MED CTR-SER A	6.125	12/01/2034	99.080 / 107.036	7.956		3	290
01/15/2004	64578C-AA-9	NEW JERSEY ECONOMIC DEV AUTH SPL FAC REV CONTINENTAL AIRLINES INC PJ	5.500	04/01/2028	68.500 / 76.453	7.953		2	25
01/14/2004	762241-6X-0	RHODE ISLAND ST HEALTH & EDL BLDG CORP REV REF-HOSP FING-ROGER WILLIAMS	5.500	07/01/2028	74.500 / 82.452	7.952	77.900 / 81.964	6	650
02/24/2004	948804-AD-1	WEIRTON W VA POLLUTN CTL REV REF-WEIRTON STEEL CORP PJ	.500	04/01/2012	40.650 / 48.500	7.850	43.000 / 51.500	13	675
03/29/2004	491026-JK-7	KENTON CNTY KY ARPT BRD ARPT REV SPL FACS-DELTA AIRLINES PJ-A	7.125	02/01/2021	76.415 / 84.250	7.835		12	145
02/17/2004	957366-AA-5	WESTCHESTER CNTY N Y HEALTH CARE CORP REV SR LIEN-SER A	5.875	11/01/2025	92.195 / 100.000	7.805	100.000 / 100.000	38	2930

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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