2004/Q1 Worst Offer-side Spreads

Here is the 2004/Q1 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)
03/31/2004	575930-P6-3	MASSACHUSETTS ST HSG FIN AGY HSG REV SINGLE FAMILY-SER 108	2.400	06/01/2008		.500 / 110.000	109.500	15	1635
03/05/2004	254839-ZC-0	DISTRICT COLUMBIA REV CAP APPREC-UNIV-GEORGETOWN-A		04/01/2021	41.040 / 41.041	41.569 / 110.980	69.411	9	2325
03/05/2004	059132-YY-0	BALTIMORE CNTY MD REF-MET DIST	5.000	08/01/2012	107.686 / 107.686	41.569 / 110.980	69.411	3	95
02/04/2004	753075-HW-3	RANKIN CNTY MISS SCH DIST NTS	3.250	03/01/2012	98.926 / 98.926	37.902 / 101.366	63.464	10	1525
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	4.000 / 54.480	50.480	20	471
02/04/2004	753075-HS-2	RANKIN CNTY MISS SCH DIST NTS	3.000	03/01/2008		53.359 / 102.862	49.503	4	425
02/04/2004	753075-HR-4	RANKIN CNTY MISS SCH DIST NTS	2.750	03/01/2007		58.208 / 102.478	44.270	4	1070
02/20/2004	73358T-CW-9	PORT AUTH N Y & N J CONS-ONE HUNDRED THIRTY FOURTH	5.000	01/15/2039	104.000 / 104.000	68.575 / 108.125	39.550	8	750
02/24/2004	560211-HB-3	MAHTOMEDI MINN INDPT SCH DIST NO 832 CAP APPREC-SER B		02/01/2016	60.550 / 60.550	63.453 / 101.069	37.616	8	1565
01/30/2004	745291-PF-5	PUERTO RICO PUB FIN CORP CAP APPREC-COMWLTH APPROP-A		08/01/2012		65.710 / 100.000	34.290	3	500
02/23/2004	579398-AN-8	MCCANDLESS PA INDL DEV AUTH COML DEV FIRST MTG REV REF-KMART CORP-SER A	7.200	07/15/2007		30.750 / 62.000	31.250	3	50
02/19/2004	690496-CF-9	OWASCO N Y PUB IMPT	4.375	02/15/2014		103.058 / 129.516	26.458	2	20
03/30/2004	576018-AK-1	MASSACHUSETTS ST TPK AUTH MET HWY SYS REV CAP APPREC-SR-SER A		01/01/2028	28.220 / 28.220	5.240 / 31.027	25.787	6	560
03/03/2004	010586-AC-9	ALABAMA ST INDL DEV AUTH SOLID WASTE DISP REV PINE CITY FIBER CO-RMK 1/2/97	6.450	12/01/2023		79.050 / 104.500	25.450	3	120
03/31/2004	919675-AK-4	VALLEY HEALTH SYS CALIF CTFS PARTN REF PROJ	6.875	05/15/2023	83.000 / 83.000	62.500 / 87.550	25.050	13	500
02/19/2004	38526C-BV-9	GRAND CENTRAL DIST MGMT ASSN INC N Y REF-CAP IMPT-BUSINESS IMPT	5.000	01/01/2017		108.068 / 132.357	24.289	3	100
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	30.000 / 52.750	22.750	12	807
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	75.250 / 98.000	22.750	6	50
03/17/2004	919676-AE-6	VALLEY HEALTH SYS CALIF HOSP REV REF & IMPT PROJ-SER A	6.500	05/15/2015		60.450 / 81.880	21.430	3	70
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	81.250 / 102.350	21.100	8	605
03/02/2004	54811B-BU-4	LOWER COLO RIV AUTH TEX TRANSMISSION CONTRACT REV REF-LCRA TRANSN SVCS CORP	5.000	05/15/2011		113.266 / 133.266	20.000	11	2630
03/18/2004	13077Y-AA-4	CALIFORNIA STATEWIDE CMNTYS DEV AUTH SPL FACS REV UTD AIR LINES INC-LOS ANG	5.625	10/01/2034	13.800 / 14.300	16.560 / 36.338	19.778	8	1250
02/19/2004	888806-AC-0	TOBACCO SETTLEMENT REV MGMT AUTH S C TOB SETTLEMENT REV SER B	6.375	05/15/2028	95.158 / 96.119	81.950 / 100.500	18.550	14	465
02/23/2004	45188H-BZ-3	ILLINOIS DEV FIN AUTH HEALTH FACS REV BARTON W STONE CHRISTIAN HOME	6.625	05/01/2021	68.000 / 68.125	52.200 / 70.500	18.300	4	100
01/22/2004	566795-GU-8	MARICOPA CNTY ARIZ CMNTY COLLEGE DIST REF	3.250	07/01/2013		99.356 / 116.930	17.574	7	2375
01/23/2004	167590-CN-6	CHICAGO ILL O HARE INTL ARPT SPL FAC REV REF-AMERICAN AIRLINES INC PJ	8.200	12/01/2024	91.000 / 91.000	79.500 / 97.000	17.500	6	95
02/19/2004	251174-AV-0	DETROIT MICH LOC DEV FIN AUTH SUB-TAX INCREMENT-SER A	5.500	05/01/2021	79.900 / 79.900	83.780 / 101.000	17.220	5	115
03/12/2004	816692-CX-3	SEMINOLE CNTY FLA SCH BRD CTFS PARTN SER A	5.000	07/01/2017		89.059 / 106.000	16.941	4	145
03/10/2004	13062N-G7-6	CALIFORNIA ST REF	5.000	02/01/2019	101.971 / 101.971	89.971 / 106.471	16.500	3	45
03/05/2004	639905-BZ-0	NEENAH WIS JT SCH DIST REF	4.600	03/01/2011	94.000 / 94.000	94.000 / 108.887	14.887	3	1270
01/07/2004	207726-F2-1	CONNECTICUT ST CAP APPREC-COLLEGE SVNGS-SER B		12/15/2011		60.000 / 74.495	14.495	2	6
01/20/2004	888808-AT-9	TOBACCO SETTLEMENT FING CORP N J ASSET BKD	6.125	06/01/2042	82.000 / 91.837	82.000 / 96.076	14.076	10	455
01/07/2004	888805-AG-3	TOBACCO SETTLEMENT AUTH IOWA TOB SETTLEMENT REV ASSET-BKD-SER B	5.600	06/01/2035	81.000 / 82.092	86.000 / 100.000	14.000	12	630
02/18/2004	79306E-KA-1	ST PAUL MINN PORT AUTH INDL DEV REV SER I-1996 LOTTERY	7.625	12/01/2015		65.000 / 78.800	13.800	4	40
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	77.520 / 91.250	13.730	7	120
01/23/2004	341150-QT-0	FLORIDA ST DEPT TRANSN-RIGHT OF WAY-SER A	5.000	07/01/2014		101.060 / 114.500	13.440	3	150
03/17/2004	351694-ZH-0	FRAMINGHAM MASS	5.000	03/15/2013	114.765 / 114.765	101.765 / 114.765	13.000	24	1770
02/19/2004	60635R-JW-8	MISSOURI ST HEALTH & EDL FACS AUTH HEALTH FACS REV NATL BENEVOLENT ASSOC-LE	6.100	02/01/2017		52.200 / 65.000	12.800	2	60
02/24/2004	649653-FU-1	NEW YORK N Y SER B	7.250	10/01/2006	98.188 / 98.188	100.188 / 112.529	12.341	7	270
02/04/2004	709222-BD-4	PENNSYLVANIA ST TPK COMMN REGISTRATION FEE REV	5.000	07/15/2041	101.511 / 101.511	92.098 / 104.166	12.068	4	95
02/20/2004	13062P-PT-3	CALIFORNIA ST	5.000	02/01/2029		99.333 / 111.334	12.001	197	33230
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	41.000 / 53.000	12.000	8	410
03/09/2004	64966B-B6-9	NEW YORK N Y UNREFUNDED BALANCE-SER A	6.250	08/01/2012	111.307 / 111.307	101.086 / 112.918	11.832	3	60
01/12/2004	649834-AN-8	NEW YORK ST DORM AUTH REVS STATE UNIV EDL FACS-SER A	5.500	05/15/2011	111.270 / 111.270	112.270 / 123.994	11.724	13	1140
02/12/2004	649868-WK-8	NEW YORK ST HSG FIN AGY REV INSD-MULTIFAMILY MTG HSG-SER C	6.500	08/15/2024	101.650 / 101.650	101.650 / 113.295	11.645	4	55
02/18/2004	452010-SK-8	ILLINOIS HSG DEV AUTH MULTI-FAMILY HSG	5.000	07/01/2025	85.500 / 85.500	87.500 / 99.000	11.500	3	20
03/23/2004	88880P-AC-8	TOBACCO SETTLEMENT FING CORP LA REV ASSET-BKD-SER B	5.875	05/15/2039	85.535 / 89.567	93.000 / 104.259	11.259	21	2335
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	88.920 / 100.000	11.080	6	60
03/15/2004	59465E-CY-7	MICHIGAN ST HOSP FIN AUTH REV REF-HOSP-SINAI HOSPITAL	6.700	01/01/2026	79.000 / 79.259	71.958 / 82.252	10.294	18	1105
02/04/2004	930866-CG-1	WAKE CNTY N C HOSP REV	5.125	10/01/2026	100.000 / 100.000	100.000 / 110.282	10.282	6	130
03/08/2004	074876-BP-7	BEAVER CNTY PA INDL DEV AUTH POLLUTN CTL REV J RAY MCDERMOTT PROJ	6.800	02/01/2009	79.000 / 79.000	82.000 / 92.250	10.250	6	40
03/03/2004	546279-GL-8	LOUISIANA LOC GOVT ENVIRONMENTAL FACS & CMNTY DEV AUTH REV CAP PJS & EQUIP	6.300	07/01/2030	110.010 / 110.010	113.000 / 123.139	10.139	7	190
01/13/2004	963439-WT-7	WHITE BEAR LAKE MINN INDPT SCH DIST NO 624 BLDG-SER 4-A	3.750	02/01/2018		90.625 / 100.758	10.133	19	1200
03/03/2004	123583-GC-4	BUTLER CNTY PA	5.000	07/15/2016		111.291 / 121.409	10.118	6	550
03/24/2004	20772G-FU-7	CONNECTICUT ST REF-SER B	5.000	06/01/2019		100.000 / 110.109	10.109	17	4220
03/16/2004	668843-Z7-3	NORWALK CONN REF	3.500	01/15/2014		103.107 / 113.202	10.095	4	140
02/24/2004	49474E-MH-3	KING CNTY WASH UNREFUNDED BAL-REF	5.500	12/01/2012	106.210 / 106.210	106.610 / 116.610	10.000	3	45
03/02/2004	015083-AU-2	ALEXANDRIA LA SALES & USE TAX REV	4.200	08/01/2023	90.000 / 90.000	90.000 / 100.000	10.000	5	125
03/17/2004	649668-MT-4	NEW YORK N Y PREREFUNDED-SER E	6.000	02/15/2011	104.200 / 104.200	104.644 / 114.644	10.000	3	45
01/26/2004	054071-EH-4	AVON IND CMNTY SCH BLDG CORP REF-FIRST MTG	4.000	07/10/2017		100.000 / 109.928	9.928	2	175
01/09/2004	43232V-JT-9	HILLSBOROUGH CNTY FLA SCH BRD CTFS PARTN FLA MASTER LEASE PROG	4.500	07/01/2028		91.125 / 101.000	9.875	2	35
02/24/2004	888809-AC-4	TOBACCO SETTLEMENT FING CORP RHODE IS ASSET BKD-SER A	6.250	06/01/2042	88.122 / 91.118	90.375 / 100.250	9.875	20	2255
02/04/2004	753075-HV-5	RANKIN CNTY MISS SCH DIST NTS	3.000	03/01/2011		99.373 / 109.221	9.848	6	660
03/17/2004	13077Y-AA-4	CALIFORNIA STATEWIDE CMNTYS DEV AUTH SPL FACS REV UTD AIR LINES INC-LOS ANG	5.625	10/01/2034	12.910 / 20.400	12.200 / 22.000	9.800	6	155
03/22/2004	607893-AB-0	MOGADORE OHIO BD ANTIC NTS	1.200	03/24/2005		100.442 / 110.000	9.558	2	50
02/03/2004	796265-BN-5	SAN ANTONIO TEX HSG FIN CORP MULTI-FAMILY HSG REV ALT AFFORDABLE HSG SVCS I	8.500	12/01/2019		78.640 / 88.180	9.540	5	60
01/28/2004	64577M-JU-5	NEW JERSEY ECONOMIC DEV AUTH ECONOMIC DEV REV AMERICAN AIRLINES INC PROJ	7.100	11/01/2031		74.000 / 83.500	9.500	4	315
03/19/2004	056559-AF-4	BADGER TOB ASSET SECURITIZATION CORP WIS TOB SETTLEMENT REV ASSET-BKD	5.500	06/01/2010	95.750 / 95.750	97.250 / 106.730	9.480	7	90
03/05/2004	346907-DV-7	FORT BEND CNTY TEX MUN UTIL DIST NO 23	6.500	09/01/2008		107.455 / 116.863	9.408	2	140
01/12/2004	13066Y-CB-3	CALIFORNIA ST DEPT WTR RES PWR SUPPLY REV SER A	6.000	05/01/2013	116.190 / 116.190	107.271 / 116.490	9.219	9	250
03/31/2004	613340-ZU-5	MONTGOMERY CNTY MD CONS PUB IMPT-SER A	4.375	04/01/2024		99.875 / 109.000	9.125	67	2225
03/29/2004	59465E-KB-8	MICHIGAN ST HOSP FIN AUTH REV HOSP-HOLLAND CMNTY HOSP	5.625	01/01/2028		101.000 / 110.118	9.118	4	120
01/05/2004	826310-AG-9	SIERRA FOOTHILLS CALIF PUB FING AUTH CTFS PARTN SER A	8.250	12/15/2007	33.300 / 33.300	27.000 / 36.000	9.000	8	720
01/16/2004	791649-HC-3	ST LOUIS MO INDL DEV AUTH REV SR LIEN-ST LOUIS CONVENTION-A	7.200	12/15/2028		90.000 / 99.000	9.000	2	10
03/11/2004	64970K-E5-2	NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV FISCAL 2004-SER C	4.500	06/15/2025		100.319 / 109.260	8.941	5	150
03/04/2004	88906R-AP-5	TOHOPEKALIGA WTR AUTH FLA UTIL SYS REV SER A	5.250	10/01/2016	111.701 / 111.701	103.143 / 112.042	8.899	3	2400
03/30/2004	13077Y-AA-4	CALIFORNIA STATEWIDE CMNTYS DEV AUTH SPL FACS REV UTD AIR LINES INC-LOS ANG	5.625	10/01/2034	19.400 / 19.400	12.200 / 21.000	8.800	3	125
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	71.500 / 80.250	8.750	8	80
03/29/2004	605343-TT-9	MISSISSIPPI DEV BK SPL OBLIG CAP PJS & EQUIP ACQUISITION-A2	5.000	07/01/2024	94.830 / 94.830	100.000 / 108.684	8.684	7	80
01/14/2004	13016N-BW-3	CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY TOB SETTLEMENT REV ASSET-BKD-A	5.750	06/01/2029	94.000 / 94.000	90.389 / 99.000	8.611	6	765
01/27/2004	433142-AL-0	HINDS CNTY MISS REV REF-MISS METHOLIST HOSP&REHAB	5.600	05/01/2012		107.000 / 115.610	8.610	4	40
03/31/2004	544712-JC-7	LOS ANGELES CNTY CALIF MET TRANSN AUTH SALES TAX REV REF-PROP A-FIRST TIER-	5.250	07/01/2027	100.747 / 100.747	105.500 / 114.016	8.516	3	65
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	43.000 / 51.500	8.500	13	675
01/15/2004	64966C-RS-2	NEW YORK N Y SER C	5.000	09/15/2028	101.015 / 101.015	97.888 / 106.333	8.445	21	1090
02/13/2004	478782-AJ-4	JOHNSON CNTY KY JUSTICE CTR CORP REV FIRST MTG-JUSTICE CTR PROJ	2.400	08/01/2009		91.567 / 100.000	8.433	6	970
01/21/2004	745145-Z2-1	PUERTO RICO COMWLTH REF-PUB IMPT-SER C	5.000	07/01/2028		103.784 / 112.206	8.422	5	300
01/30/2004	235035-AH-5	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV AMERICAN AIRLINES INC	7.250	11/01/2030		73.000 / 81.370	8.370	4	100
01/06/2004	888805-AG-3	TOBACCO SETTLEMENT AUTH IOWA TOB SETTLEMENT REV ASSET-BKD-SER B	5.600	06/01/2035	78.728 / 83.500	82.750 / 91.099	8.349	23	2955
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	76.186 / 84.500	8.314	9	145
03/02/2004	13016N-BW-3	CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY TOB SETTLEMENT REV ASSET-BKD-A	5.750	06/01/2029		88.250 / 96.506	8.256	7	210
02/23/2004	567090-VX-0	MARICOPA CNTY ARIZ SCH DIST NO 11 PEORIA UNI REF	5.000	07/01/2008		103.668 / 111.907	8.239	5	50
01/30/2004	646133-GT-9	NEW JERSEY ST TRAN CORP CTFS PARTN SER A	5.250	09/15/2014		107.065 / 115.285	8.220	4	50
02/25/2004	888808-AT-9	TOBACCO SETTLEMENT FING CORP N J ASSET BKD	6.125	06/01/2042	85.456 / 88.875	89.593 / 97.750	8.157	13	285
02/17/2004	64966B-EH-2	NEW YORK N Y SER D	5.250	06/01/2027		106.553 / 114.679	8.126	4	90
02/04/2004	786004-LD-1	SACRAMENTO CALIF MUN UTIL DIST ELEC REV	5.100	12/01/2011	98.000 / 98.000	101.000 / 109.047	8.047	3	40
01/22/2004	092597-AA-1	BLACKWATER HSG CORP FLA HSG REV SER A	6.500	06/01/2025	35.350 / 35.350	31.500 / 39.500	8.000	6	95
03/26/2004	898526-CV-8	TSASC INC N Y REV TOB SETTLEMENT ASSET-BKD-SER 1	5.500	07/15/2024	97.000 / 97.000	92.000 / 100.000	8.000	3	65
01/27/2004	592598-D9-4	METROPOLITAN TRANSN AUTH N Y TRAN FACS REV SER C	5.125	07/01/2020		102.000 / 109.979	7.979	2	110
02/12/2004	130628-SE-1	CALIFORNIA ST AMT-SER BH	5.200	12/01/2011	99.400 / 99.400	101.487 / 109.430	7.943	5	80
03/02/2004	010891-KG-3	ALAMEDA CNTY CALIF CTFS PARTN REF-SANTA RITA JAIL PROJ	5.375	06/01/2009		107.559 / 115.358	7.799	2	70

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.

Data provided by :