2004/Q1 Worst "Two-Trade" Bid/Offer Spreads

For 2004/Q1 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)
03/10/2004	566823-NW-6	MARICOPA CNTY ARIZ INDL DEV AUTH MULTI FAMILY HSG REV VAR-GRAN VICTORIA HSG	5.900	04/15/2030	.900	100.000	99.100	2	700
03/05/2004	646139-PY-5	NEW JERSEY ST TPK AUTH TPK REV SER A	5.500	01/01/2025	107.300	170.924	63.624	2	30
02/26/2004	764595-AC-8	RICHMOND CNTY GA DEV AUTH REV ZERO CPN-1ST MTG-A-RMK12/15/92		12/01/2021	41.568	102.803	61.235	2	305
02/09/2004	786004-HG-9	SACRAMENTO CALIF MUN UTIL DIST ELEC REV	6.750	03/01/2010	100.000	115.064	15.064	2	80
01/05/2004	791649-HC-3	ST LOUIS MO INDL DEV AUTH REV SR LIEN-ST LOUIS CONVENTION-A	7.200	12/15/2028	88.000	101.750	13.750	2	35
03/25/2004	59465E-KB-8	MICHIGAN ST HOSP FIN AUTH REV HOSP-HOLLAND CMNTY HOSP	5.625	01/01/2028	97.500	110.126	12.626	2	10
03/19/2004	898526-CV-8	TSASC INC N Y REV TOB SETTLEMENT ASSET-BKD-SER 1	5.500	07/15/2024	88.928	101.375	12.447	2	35
03/12/2004	346668-BP-0	FORSYTH MONT POLLUTION CTL REV REF-MONTANA PWR-COLSTRIP PJ-A	6.125	05/01/2023	84.780	96.983	12.203	2	90
01/21/2004	263075-JR-5	DU PAGE CNTY ILL SCH DIST NO 045 VILLA PARK CAP APPREC		12/01/2013	57.229	69.127	11.898	2	0
01/20/2004	132047-AD-3	CAMBRIA CNTY PA INDL DEV AUTH REV FIRST MTG-SENIOR CHOICE-SER A	8.250	05/01/2011	90.000	101.600	11.600	2	10
01/27/2004	741724-AS-7	PRINCE GEORGES CNTY MD REV EXTRAS-COLLINGTON EPISCOPAL-B	5.250	04/01/2016	62.700	74.000	11.300	2	15
01/21/2004	509632-CU-7	LAKE ELSINORE CALIF PUB FING AUTH LOCAL AGY REV REF-SER H	6.375	10/01/2033	97.000	107.700	10.700	2	40
01/28/2004	977123-MM-7	WISCONSIN ST TRANSN REV SER A	5.500	07/01/2013	106.093	116.706	10.613	2	0
02/23/2004	796825-AZ-0	SAN BERNARDINO CNTY CALIF FING AUTH PENSION OBLIG REV CAP APPREC		08/01/2018	42.109	52.560	10.451	2	20
02/02/2004	985212-CE-7	YAVAPAI CNTY ARIZ UNI SCH DIST NO 028 CAMP VERDE PREREFUNDED-REF	6.000	07/01/2007	103.400	113.850	10.450	2	90
03/11/2004	706436-AQ-5	PEMBROKE PINES FLA CONS UTIL SYS REV	6.250	09/01/2017	113.159	123.573	10.414	2	20
01/23/2004	29634D-AN-4	ESCONDIDO CALIF JT PWRS FING AUTH LEASE REV ESCONDIDO CIVIC CTR PROJ-SER B	6.125	09/01/2011	108.000	118.118	10.118	2	125
01/28/2004	546279-GM-6	LOUISIANA LOC GOVT ENVIRONMENTAL FACS & CMNTY DEV AUTH REV CAP PJS & EQUIP	6.550	09/01/2025	108.000	118.000	10.000	2	100
03/30/2004	650034-DX-6	NEW YORK ST URBAN DEV CORP REV CORRECTIONAL CAP FACS-SER 7	5.700	01/01/2016	101.000	111.000	10.000	2	30
01/14/2004	644682-DV-5	NEW HAMPSHIRE ST COLLEGE SAVINGS BD PROG		07/15/2006	84.805	94.705	9.900	2	2
03/11/2004	344460-3F-5	FOND DU LAC WIS REF	4.750	03/01/2015	99.510	109.181	9.671	2	400
01/29/2004	57585K-TW-8	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV PREREFUNDED-CAREGROUP-SER A	5.000	07/01/2025	97.000	106.611	9.611	2	15
01/29/2004	29634D-AN-4	ESCONDIDO CALIF JT PWRS FING AUTH LEASE REV ESCONDIDO CIVIC CTR PROJ-SER B	6.125	09/01/2011	106.000	115.535	9.535	2	35
03/10/2004	658546-RJ-7	NORTH CENT TEX HEALTH FAC DEV CORP REV HOSP-PRESBYTERIAN HLTHCARE-B	5.500	06/01/2021	105.800	115.275	9.475	2	25
01/28/2004	64982P-VH-2	NEW YORK ST DORM AUTH LEASE REV ST UNIV DORM FACS-MBIA IBC	5.000	07/01/2032	105.250	114.625	9.375	2	215
01/06/2004	892368-DA-6	TRACY CALIF AREA PUB FACS FING AGY SPL TAX CMNTY FACS DIST 87-1-SER G	5.500	10/01/2021	100.350	109.712	9.362	2	15
03/30/2004	810472-EN-6	SCOTTSDALE ARIZ INDL DEV AUTH HOSP REV SCOTTSDALE HEALTHCARE	5.800	12/01/2031	99.781	109.054	9.273	2	30
03/29/2004	20774L-WQ-4	CONNECTICUT ST HEALTH & EDL FACS AUTH REV YALE UNIV-SER W	5.125	07/01/2027	101.000	110.246	9.246	2	135
03/12/2004	592663-J8-2	METROPOLITAN WTR DIST SOUTHN CALIF WTRWKS REV PREREFUNDED-2004-SER A	5.000	07/01/2026	104.800	113.886	9.086	2	150
01/15/2004	409857-AG-4	HANCOCK CNTY IOWA HSG & HEALTH CARE REV SUMMIT HOUSE PROJ-SER A	7.000	02/01/2031	84.000	93.000	9.000	2	15
03/22/2004	548100-2M-7	LOWER COLO RIV AUTH TEX REV PREREFUNDED-JR LIEN-1997	6.000	01/01/2017	115.200	124.187	8.987	2	20
02/18/2004	54474C-AK-3	LOS ANGELES CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-SER C		06/30/2008	77.007	85.982	8.975	2	16
03/04/2004	745145-QB-1	PUERTO RICO COMWLTH PUB IMPT	5.750	07/01/2026	109.400	118.349	8.949	2	30
03/23/2004	367316-UW-4	GASTONIA N C STR IMPT	5.500	05/01/2015	105.500	114.298	8.798	2	45
01/07/2004	566761-LZ-3	MARICOPA CNTY ARIZ HOSP REV SUN HEALTH CORP	5.250	04/01/2019	94.050	102.640	8.590	2	15
01/26/2004	649892-GD-2	NEW YORK ST PWR AUTH REV & GEN PURP	5.625	01/01/2010	104.000	112.574	8.574	2	55
03/26/2004	132047-AX-9	CAMBRIA CNTY PA INDL DEV AUTH REV FIRST MTG-SR CHOICE INC PJ-C	7.500	08/01/2021	91.500	100.000	8.500	2	20
03/17/2004	898700-CB-3	TUCSON & PIMA CNTY ARIZ INDL DEV AUTHS SINGLE FAMILY MTG REV CAP APPRECIATI		12/01/2014	59.786	68.285	8.499	2	20
01/21/2004	303891-LZ-6	FAIRFAX CNTY VA WTR AUTH WTR REV UNREFUNDED BALANCE-REF	6.000	04/01/2022	105.700	114.140	8.440	2	30
02/03/2004	13066E-EA-7	CALIFORNIA ST DEPT WTR RES WTR REV CENTRAL VY PROJ-SER Z	5.000	12/01/2013	105.478	113.913	8.435	2	400
02/03/2004	873482-H6-3	TACOMA WASH DEPT PUB UTIL & LT DIV LT & PWR REV	5.250	01/01/2013	100.850	109.281	8.431	2	10
02/05/2004	410778-BP-8	HANOVER CNTY VA INDL DEV AUTH MED FACS REV RICHMOND MEM HOSP&HANOVER MED	6.000	10/01/2021	100.750	109.157	8.407	2	55
01/12/2004	649669-H2-7	NEW YORK N Y SER H	5.000	03/15/2029	97.000	105.250	8.250	2	160
01/05/2004	523488-AK-0	LEE CNTY FLA JUSTICE CTR COMPLEX INC IMPT REV	11.125	01/01/2011	125.000	133.231	8.231	2	40
01/21/2004	263075-JS-3	DU PAGE CNTY ILL SCH DIST NO 045 VILLA PARK CAP APPREC		12/01/2014	57.229	65.453	8.224	2	0
01/08/2004	341426-QF-4	FLORIDA ST BRD ED CAP OUTLAY PUB ED-SER J	4.625	06/01/2028	94.932	103.117	8.185	2	25
01/23/2004	97710A-3Q-5	WISCONSIN ST HEALTH & EDL FACS AUTH REV COLUMBUS CMNTY HOSP INC PROJ	7.100	07/01/2016	95.000	103.000	8.000	2	60
01/30/2004	88880M-AH-4	TOBACCO SETTLEMENT AUTH WASH TOB SETTLEMENT REV ASSET BACKED	6.500	06/01/2026	93.500	101.500	8.000	2	55
02/12/2004	87638L-BY-5	TARRANT CNTY TEX HEALTH FACS DEV CORP REV HLTH FACS-WESTCHESTER RETIRE-A	8.000	08/01/2025	66.000	74.000	8.000	2	15
03/23/2004	791689-KK-7	ST LOUIS MO SCH DIST	6.000	04/01/2012	92.000	100.000	8.000	2	4
03/22/2004	529607-DX-8	LEXINGTON S C WTR & SWR REV COMB-FSA-CR	5.450	04/01/2019	106.216	114.194	7.978	2	10
03/09/2004	592596-CN-8	METROPOLITAN TRANSN AUTH N Y COMMUTER FACS REV SER J	5.000	07/01/2017	107.049	115.000	7.951	2	15
01/08/2004	64578C-AB-7	NEW JERSEY ECONOMIC DEV AUTH SPL FAC REV CONTINENTAL AIRLINES INC PJ	6.625	09/15/2012	90.570	98.500	7.930	2	230
02/20/2004	649876-UJ-6	NEW YORK ST LOC GOVT ASSISTANCE CORP REF-SER B	4.875	04/01/2020	98.600	106.468	7.868	2	25
03/11/2004	344460-3G-3	FOND DU LAC WIS REF	4.750	03/01/2016	99.510	107.368	7.858	2	400
03/11/2004	344460-3H-1	FOND DU LAC WIS REF	4.750	03/01/2017	99.510	107.368	7.858	2	400
01/21/2004	130923-AR-6	CALIFORNIA STATEWIDE FING AUTH TOBACCO SETTLEMENT ASSET BKD-POOLED TOBACCO	6.000	05/01/2043	85.500	93.250	7.750	2	60
02/24/2004	468740-DC-6	JACKSON TENN HEALTH & EDL FACS BRD REV HSG-RETIREMENT VLG JACKSON-A	8.625	09/01/2023	94.250	102.000	7.750	2	20
01/30/2004	491026-JH-4	KENTON CNTY KY ARPT BRD ARPT REV SPL FACS-DELTA AIRLINES PJ-A	6.500	02/01/2022	81.268	89.000	7.732	2	15
03/03/2004	592041-JK-4	MET GOVT NASHVILLE & DAVIDSON CNTY TENN H & E FACS BRD REV ASCENSION HLTH C	6.000	11/15/2030	111.600	119.308	7.708	2	10
02/18/2004	686076-DV-9	OREGON ST ECONOMIC DEV REV REF-GA-PACIFIC CORP PJ-SER 183	5.700	12/01/2025	87.500	95.000	7.500	2	10
01/14/2004	733580-5F-7	PORT AUTH N Y & N J CONS-100TH SER	5.750	06/15/2030	99.425	106.855	7.430	2	80
03/19/2004	733581-6F-4	PORT AUTH N Y & N J CONS-131ST SER	4.750	06/15/2033	98.404	105.820	7.416	2	70
01/02/2004	888809-AC-4	TOBACCO SETTLEMENT FING CORP RHODE IS ASSET BKD-SER A	6.250	06/01/2042	85.751	93.163	7.412	2	70
02/25/2004	613035-VK-7	MONTGOMERY ALA WTS	5.100	11/01/2026	100.000	107.319	7.319	2	100
01/23/2004	664843-PB-9	NORTHERN CALIF PWR AGY PUB PWR REV PREREFUNDED-AMBAC-TCRS	7.000	07/01/2016	114.700	122.000	7.300	2	30
03/30/2004	130628-P3-8	CALIFORNIA ST REF-MBIA IBC	5.000	02/01/2019	100.613	107.885	7.272	2	125
01/15/2004	491552-LU-7	KENTUCKY ST TPK AUTH ECONOMIC DEV RD REV UNREFUNDED BAL-REVITALIZATION	5.625	07/01/2010	99.144	106.334	7.190	2	10
03/23/2004	20774L-WQ-4	CONNECTICUT ST HEALTH & EDL FACS AUTH REV YALE UNIV-SER W	5.125	07/01/2027	103.086	110.271	7.185	2	30
03/25/2004	764595-AS-3	RICHMOND CNTY GA DEV AUTH REV SER A	7.500	12/01/2024	48.095	55.260	7.165	2	10
01/05/2004	649668-XN-5	NEW YORK N Y UNREFUNDED BALANCE-SER G	6.000	10/15/2026	105.300	112.458	7.158	2	15
03/09/2004	59259N-LY-7	METROPOLITAN TRANSN AUTH N Y DEDICATED TAX FD SER A	5.000	11/15/2028	100.882	108.020	7.138	2	25
03/24/2004	111556-AT-3	BROADWAY OFFICE PPTYS WASH LEASE REV WASHINGTON PROJ	5.000	12/01/2031	100.127	107.261	7.134	2	30
03/18/2004	733581-E5-7	PORT AUTH N Y & N J 122ND SER-MBIA IBC	5.000	07/15/2031	97.367	104.500	7.133	2	70
03/08/2004	574216-XB-8	MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV HELIX HEALTH ISSUE	5.000	07/01/2027	103.103	110.233	7.130	2	30
03/04/2004	745190-GJ-1	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV SER D	5.250	07/01/2038	100.540	107.650	7.110	2	95
02/24/2004	341422-2Q-5	FLORIDA ST BRD ED CAP OUTLAY SER A-FSA-CR	4.750	06/01/2028	96.403	103.500	7.097	2	25
03/30/2004	64966C-QG-9	NEW YORK N Y PREREFUNDED-SER C	5.250	03/15/2032	106.824	113.902	7.078	2	10
03/12/2004	67910H-FB-1	OKLAHOMA ST MUN PWR AUTH PWR SUPPLY SYS REV SER B	5.875	01/01/2024	109.930	116.986	7.056	2	25
02/09/2004	92774H-AL-7	VIRGINIA BEACH VA DEV AUTH RESIDENTIAL & HEALTH CARE FAC REV 1ST MTG-OUR LA	6.050	07/01/2020	95.500	102.526	7.026	2	15
01/20/2004	01852L-AA-8	ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLINES INC PROJ	7.500	12/01/2029	68.000	75.000	7.000	2	30
02/10/2004	590545-HS-1	MESA ARIZ UTIL SYS REV	5.125	07/01/2017	107.500	114.497	6.997	2	55
03/22/2004	745145-2Q-4	PUERTO RICO COMWLTH UNREFUNDED BALANCE-PUB IMPT	5.000	07/01/2028	101.000	107.994	6.994	2	105
03/23/2004	934860-BQ-9	WARREN CNTY KY HOSP FAC REV BOWLING GREEN-WARREN CNTY HOSP	4.875	04/01/2027	98.985	105.976	6.991	2	25
03/25/2004	66585V-AH-8	NORTHERN TOB SECURITIZATION CORP ALASKA TOB SETTLEMENT REV ASSET BKD BDS	6.500	06/01/2031	93.024	100.000	6.976	2	35
02/10/2004	059195-JP-3	BALTIMORE MD CTFS PARTN EMERGENCY TELECOMM-PH II-SER A	5.000	10/01/2017	102.500	109.459	6.959	2	40
03/24/2004	592596-MK-3	METROPOLITAN TRANSN AUTH N Y COMMUTER FACS REV SER B	5.125	07/01/2024	103.800	110.750	6.950	2	125
03/18/2004	657902-RP-9	NORTH CAROLINA MED CARE COMMN HEALTH CARE FACS REV REF-NOVANT HEALTH PROJ-S	5.000	10/01/2024	101.000	107.949	6.949	2	55
02/23/2004	64853P-AC-2	NEW ROCHELLE N Y MUN HSG AUTH REV MTG-SEC 8 ASSTD-SER A	5.550	12/01/2014	111.339	118.274	6.935	2	25
03/24/2004	232237-3N-5	CUYAHOGA CNTY OHIO CAP APPREC-REF-SER A		10/01/2010	77.870	84.802	6.932	2	50
03/19/2004	969887-KK-3	WILLIAMSON CNTY TEX REF-LTD TAX-SER A	5.000	02/15/2020	108.272	115.177	6.905	2	0
03/29/2004	46613P-GA-8	JEA FLA WTR & SWR SYS REV REF-SER A	4.250	10/01/2029	91.176	98.070	6.894	2	455
01/15/2004	130174-5Z-4	CALIFORNIA EDL FACS AUTH REV CALIF INSTITUTE OF TECHNOLOGY	4.250	10/01/2028	93.290	100.168	6.878	2	50
01/05/2004	649668-WW-6	NEW YORK N Y UNREFUNDED BALANCE-SER B	6.000	08/15/2026	105.142	112.000	6.858	2	20
01/15/2004	130628-X8-8	CALIFORNIA ST REF	4.250	10/01/2026	91.000	97.850	6.850	2	110
01/12/2004	118617-AA-7	BUCKS CNTY PA INDL DEV AUTH WTR FACS REV PENNSYLVANIA SUBN WTR CO PJ	5.550	09/01/2032	101.000	107.781	6.781	2	15
03/31/2004	13078A-BZ-9	CALIFORNIA STATEWIDE CMNTYS DEV AUTH WTR & WASTEWATER REV POOLED FING PROG-	5.750	10/01/2025	102.860	109.640	6.780	2	15
03/29/2004	837152-BQ-9	SOUTH CAROLINA TRANSN INFRASTRUCTURE BK REV SER A	5.375	10/01/2024	102.750	109.515	6.765	2	20
03/10/2004	717842-GU-6	PHILADELPHIA PA PKG AUTH PKG REV ARPT	5.250	09/01/2029	102.441	109.195	6.754	2	120
02/13/2004	613342-BU-7	MONTGOMERY CNTY MD ECONOMIC DEV REV TRINITY HEALTH CR GROUP	5.125	12/01/2022	100.997	107.750	6.753	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.

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