2004/Q2 Worst "Two-Trade" Bid/Offer Spreads

For 2004/Q2 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)
06/09/2004	13067J-EK-3	CALIFORNIA ST ECONOMIC RECOVERY DRIVERS-SER 464		01/01/2010	112.000	192.000	80.000	2	10
06/01/2004	718904-AD-7	PHOENIX ARIZ INDL DEV AUTH SINGLE FAMILY MTG REV CAP APPRECIATION		12/01/2014	60.944	92.904	31.960	2	45
04/23/2004	583716-BM-6	MECHANICSBURG OHIO EXMP VLG SCH DIST CAP APPREC		12/01/2011	46.609	75.439	28.830	2	295
04/27/2004	745145-Y7-1	PUERTO RICO COMWLTH REF-PUB IMPT-SER C	5.000	07/01/2021	108.661	134.222	25.561	2	200
04/12/2004	13077L-AR-5	CALIFORNIA STATEWIDE CMNTYS DEV AUTH LEASE REV SPL FACS-UNITED AIRLINES-SER	5.700	10/01/2033	35.875	57.680	21.805	2	250
04/13/2004	649716-AT-4	NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV FUTURE TAX SECD-SER A	5.000	08/15/2016	109.733	127.589	17.856	2	10
06/14/2004	786110-HS-8	SACRAMENTO CNTY CALIF CTFS PARTN REF-PUB FACS PROJ	4.750	10/01/2027	89.227	102.772	13.545	2	10
06/21/2004	679077-RA-7	OKLAHOMA ST REF-BLDG-SER A	3.700	07/15/2018	86.189	99.689	13.500	2	20
05/04/2004	473025-BB-9	JEFFERSON CNTY KY FIRST MTG RESIDENTIAL CARE FACS REV TREYTON OAK TWRS PROJ		06/30/2022	98.430	111.600	13.170	2	0
04/19/2004	939585-FV-2	WASHINGTON PA UNREFUNDED BALANCE-TAXABLE	7.200	11/01/2024	100.690	113.064	12.374	2	145
06/24/2004	469363-DK-8	JACKSONVILLE FLA ELEC AUTH REV	6.800	07/01/2012	100.020	112.123	12.103	2	15
05/27/2004	88880P-AC-8	TOBACCO SETTLEMENT FING CORP LA REV ASSET-BKD-SER B	5.875	05/15/2039	67.447	79.541	12.094	2	15
05/25/2004	496188-AK-9	KINGSBURG CALIF HOSP DIST HOSP NTS	7.000	09/01/2005	82.000	94.000	12.000	2	20
05/03/2004	040506-FP-7	ARIZONA HEALTH FACS AUTH HOSP SYS REV REF-SAMARITAN HLTH SYS	5.625	12/01/2015	99.270	110.875	11.605	2	45
05/13/2004	810300-NL-3	SCOTTSBORO ALA SCH-WTS-SER A	4.500	07/01/2028	87.000	98.500	11.500	2	30
06/24/2004	527599-AA-2	LEWIS & CLARK CNTY MONT ENVIRONMENTAL REV REF-ASARCO INC PROJ	5.600	01/01/2027	58.500	70.000	11.500	2	20
06/14/2004	130626-AD-6	CALIFORNIA ST	4.100	08/01/2015	89.400	100.886	11.486	2	25
05/14/2004	546279-AB-6	LOUISIANA LOC GOVT ENVIRONMENTAL FACS & CMNTY DEV AUTH REV CAP PROJS & EQUI	5.250	12/01/2018	98.000	109.460	11.460	2	25
05/18/2004	696543-CV-7	PALM BEACH CNTY FLA PUB IMPT REV CONVENTION CENTER PROJ	5.125	11/01/2030	95.734	107.179	11.445	2	20
04/26/2004	130626-AL-8	CALIFORNIA ST	3.500	08/01/2016	87.677	99.000	11.323	2	45
04/06/2004	779814-BF-8	ROXBOROUGH VLG MET DIST COLO MM-SER A	9.000	12/31/2016	90.125	101.130	11.005	2	8
04/14/2004	720175-BM-9	PIEDMONT MUN PWR AGY S C ELEC REV REF	5.000	01/01/2025	87.982	98.500	10.518	2	25
04/15/2004	79306E-FS-8	ST PAUL MINN PORT AUTH INDL DEV REV SER N-1996 LOTTERY	10.000	12/01/2014	67.500	78.000	10.500	2	25
04/02/2004	64971C-SR-6	NEW YORK N Y CITY INDL DEV AGY CIVIC FAC REV REF & IMPT-LIGHTHOUSE INTL PRO	4.500	07/01/2033	92.400	102.750	10.350	2	40
06/07/2004	88880P-AC-8	TOBACCO SETTLEMENT FING CORP LA REV ASSET-BKD-SER B	5.875	05/15/2039	71.292	81.539	10.247	2	25
04/22/2004	196345-BL-5	COLORADO CENTRE MET DIST COLO ADJ-INT ONLY-SER A	9.000	01/01/2027	65.000	75.200	10.200	2	4
05/28/2004	977056-HJ-2	WISCONSIN ST AMT-SER D-MBIA-IBC	6.000	05/01/2027	100.000	110.125	10.125	2	10
06/18/2004	857534-F6-3	STATE UNIV IOWA UNIV REVS CAP APPREC-ACADEMIC-SER S U I		07/01/2005	88.230	98.230	10.000	2	2
06/25/2004	196345-BL-5	COLORADO CENTRE MET DIST COLO ADJ-INT ONLY-SER A	9.000	01/01/2027	60.000	70.000	10.000	2	0
05/13/2004	056559-AJ-6	BADGER TOB ASSET SECURITIZATION CORP WIS TOB SETTLEMENT REV ASSET-BKD	6.000	06/01/2017	81.000	90.907	9.907	2	50
05/20/2004	882716-HH-9	TEXAS ST CAP APPREC-REF		12/01/2005	86.619	96.519	9.900	2	2
05/24/2004	22943A-AP-6	CSUCI FING AUTH REV CALIF EAST CAMPUS CMNTY-SER A	5.125	09/01/2031	90.125	100.000	9.875	2	10
05/25/2004	888804-AQ-4	TOBACCO SECURITIZATION AUTH SOUTHN CALIF TOB SETTLEMENT REV ASSET BKD BDS-S	5.500	06/01/2036	68.500	78.331	9.831	2	65
06/15/2004	587844-CD-1	MERCER CNTY N J IMPT AUTH REV STATE JUSTICE COMPLEX	6.300	01/01/2009	98.500	108.285	9.785	2	15
04/28/2004	745181-PG-6	PUERTO RICO COMWLTH HWY & TRANSN AUTH HWY REV REF-SER W-MBIA-IBC	5.500	07/01/2013	106.000	115.750	9.750	2	55
04/01/2004	037114-EJ-0	ANTIOCH CALIF UNI SCH DIST CTFS PARTN CAP APPREC-REF-CAP PJS-SER A		09/01/2015	53.593	63.317	9.724	2	70
05/05/2004	246361-AT-6	DELAWARE RIV PORT AUTH PA & NJ DEL RIV BRDGS REV	5.625	01/15/2009	97.000	106.691	9.691	2	25
05/05/2004	59333P-EK-0	MIAMI-DADE CNTY FLA AVIATION REV AMT-MIAMI INTL ARPT-SER A	4.750	10/01/2035	89.626	99.180	9.554	2	25
04/15/2004	79306E-HB-3	ST PAUL MINN PORT AUTH INDL DEV REV SER J-1996 LOTTERY	9.500	12/01/2011	67.500	77.000	9.500	2	55
06/21/2004	57582N-KG-9	MASSACHUSETTS ST CONS LN-SER E-MBIA IBC	5.500	01/01/2012	101.158	110.658	9.500	2	20
06/01/2004	862070-FA-2	STONY BROOK REGL SEW AUTH N J REV REF-SER B	5.450	12/01/2012	107.125	116.614	9.489	2	20
06/29/2004	646139-VY-8	NEW JERSEY ST TPK AUTH TPK REV TAXABLE-SER B	4.252	01/01/2016	91.500	100.970	9.470	2	10
04/16/2004	701303-BE-8	PARKERSBURG W VA MULTI-FAMILY HSG REV MTG-HEALTH PARTNERS LLC-A	9.000	08/01/2031	97.000	106.318	9.318	2	20
06/22/2004	745235-VS-7	PUERTO RICO PUB BLDGS AUTH REV GTD REF-GOVT FACS-SER J	5.000	07/01/2028	95.080	104.352	9.272	2	25
06/30/2004	649715-BQ-1	NEW YORK N Y CITY TRAN AUTH TRAN FACS REV REF-LIVINGSTON PLAZA PROJ	5.400	01/01/2018	102.000	111.182	9.182	2	25
06/14/2004	177409-AM-1	CITRONELLE ALA UTILS BRD NAT GAS REV	8.000	06/01/2009	103.500	112.531	9.031	2	15
05/18/2004	254842-AH-0	DISTRICT COLUMBIA TOB SETTLEMENT FING CORP ASSET BKD BDS	6.250	05/15/2026	87.158	96.144	8.986	2	10
05/03/2004	612129-EH-5	MONTANA ST HEALTH FACS AUTH REV PROVIDENCE SERVICES	5.375	12/01/2025	101.250	110.202	8.952	2	20
04/21/2004	490152-KT-1	KENSTON OHIO LOC SCH DIST SCH IMPT	4.500	12/01/2029	88.139	97.030	8.891	2	20
05/28/2004	16876Q-BE-8	CHILDRENS TR FD P R TOB SETTLEMENT REV ASSET-BKD BDS	5.375	05/15/2033	81.875	90.750	8.875	2	70
05/04/2004	130628-4H-0	CALIFORNIA ST	4.500	12/01/2021	91.196	100.000	8.804	2	65
04/23/2004	745271-DK-9	PUERTO RICO INDL MED & ENVIRML POLLUTN CTL FACS FING AUTH REV VAR-SPL FACS-	6.450	12/01/2025	68.255	77.000	8.745	2	135
05/12/2004	414007-AH-7	HARRIS CNTY TEX CULTURAL ED FACS FIN CORP CONTRACT REV REF-SPACE CTR HOUSTO	9.250	08/15/2023	86.400	95.000	8.600	2	20
04/05/2004	160853-GC-5	CHARLOTTE-MECKLENBURG HOSP AUTH N C HEALTH CARE SYS REV CAROLINAS HEALTHCAR	5.125	01/15/2022	99.500	108.000	8.500	2	15
05/12/2004	13033A-VZ-1	CALIFORNIA HEALTH FACS FING AUTH REV REF-INSD-SUTTER HEALTH-SER A	5.250	08/15/2027	97.600	106.100	8.500	2	25
04/13/2004	235035-AQ-5	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV REF-AMERICAN AIRLINES-SER	6.150	05/01/2029	84.500	92.935	8.435	2	80
05/14/2004	181004-AX-0	CLARK CNTY NEV INDL DEV REV REF-NEVADA PWR CO PJ-SER B	5.900	10/01/2030	81.742	90.151	8.409	2	75
05/11/2004	45853J-BC-4	INTERCOMMUNITY HOSP FING AUTH CALIF CTFS PARTN	5.250	11/01/2019	92.750	101.000	8.250	2	35
05/13/2004	684503-VK-8	ORANGE CNTY FLA HEALTH FACS AUTH REV HOSP-ADVENTIST HEALTH SYS	5.750	11/15/2025	99.645	107.855	8.210	2	45
06/15/2004	132813-EV-4	CAMDEN CNTY N J MUN UTILS AUTH SWR REV REF	5.125	07/15/2017	98.000	106.121	8.121	2	70
05/24/2004	13033W-AM-5	CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK REV AMERN CTR FOR WINE FOOD ART	5.750	12/01/2024	95.000	103.072	8.072	2	50
05/14/2004	545896-PZ-9	LOUDOUN CNTY VA SER A	5.000	08/01/2017	96.850	104.886	8.036	2	15
04/06/2004	360052-AG-9	FULTON CNTY GA DEV AUTH SPL FACS REV DELTA AIR LINES INC PROJ	6.950	11/01/2012	69.905	77.906	8.001	2	55
04/07/2004	148372-AK-1	CASTAIC UN SCH DIST CALIF SPL TAX CMNTY FACS DIST NO 92-1	8.500	10/01/2013	95.000	103.000	8.000	2	10
05/20/2004	223658-MU-6	COWETA CNTY GA DEV AUTH REV 1ST MTG-SR CARE PJ-A-RMKT 3/03	8.500	07/01/2029	92.000	100.000	8.000	2	10
05/04/2004	548100-2L-9	LOWER COLO RIV AUTH TEX REV CAP APPREC		03/01/2009	70.850	78.830	7.980	2	2
05/25/2004	798111-CE-8	SAN JOAQUIN HILLS CALIF TRANSN CORRIDOR AGY TOLL RD REV REF-SER A	5.500	01/15/2028	88.825	96.784	7.959	2	75
06/28/2004	745291-SD-7	PUERTO RICO PUB FIN CORP COMWLTH APPROP-SER B	5.800	08/01/2027	91.429	99.375	7.946	2	1000
05/14/2004	927676-KV-7	VIRGIN ISLANDS PUB FIN AUTH REV GROSS RCPTS TAXES LN NT	5.000	10/01/2031	87.084	94.994	7.910	2	20
05/24/2004	888808-BM-3	TOBACCO SETTLEMENT FING CORP N J	7.000	06/01/2041	87.684	95.565	7.881	2	35
06/02/2004	733581-K5-0	PORT AUTH N Y & N J CONS-124TH SER	5.000	08/01/2031	93.700	101.580	7.880	2	40
04/26/2004	646088-BP-8	NEW JERSEY ST HWY AUTH GARDEN ST PKWY GEN REV	6.600	01/01/2011	107.000	114.875	7.875	2	20
05/10/2004	091617-ED-8	BISMARCK N D PUB SCH DIST NO 1 JR COLLEGE DORM REV	6.100	05/01/2008	103.639	111.510	7.871	2	80
05/17/2004	717823-A9-9	PHILADELPHIA PA GAS WKS REV SECOND SER	5.000	07/01/2029	92.155	100.000	7.845	2	35
06/07/2004	709171-3U-4	PENNSYLVANIA ST HIGHER EDL FACS AUTH COLLEGE & UNIV REVS TRUSTEES UNIV PA	4.625	07/15/2030	84.000	91.827	7.827	2	20
05/12/2004	271012-AS-5	EAST BAY CALIF MUN UTIL DIST WASTEWATER SYS REV SUB	4.750	06/01/2028	88.714	96.523	7.809	2	15
04/14/2004	649716-EK-9	NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV FUTURE TAX SECD-B-FGIC TCRS	4.500	11/15/2027	90.372	98.162	7.790	2	25
04/02/2004	733581-QS-4	PORT AUTH N Y & N J CONS-114TH SER	4.750	08/01/2033	93.918	101.671	7.753	2	60
04/14/2004	23061E-AJ-6	CUMBERLAND CNTY PA INDL DEV AUTH REV REF-1ST MTG-WOODS CEDAR RUN-A	6.500	11/01/2018	21.000	28.750	7.750	2	20
05/21/2004	708840-GJ-6	PENNSYLVANIA INTERGOVERNMENTAL COOP AUTH SPL TAX REF-PHILADELPHIA FDG PROG	4.750	06/15/2023	92.250	99.997	7.747	2	75
04/01/2004	544525-DU-9	LOS ANGELES CALIF DEPT WTR & PWR WTRWKS REV SER A	5.000	07/01/2043	98.500	106.230	7.730	2	15
05/21/2004	898526-CV-8	TSASC INC N Y REV TOB SETTLEMENT ASSET-BKD-SER 1	5.500	07/15/2024	88.275	96.000	7.725	2	15
04/28/2004	452149-VG-9	ILLINOIS ST ZERO CPN-COLLEGE SAVINGS BDS		08/01/2010	74.000	81.710	7.710	2	10
05/11/2004	709221-CF-0	PENNSYLVANIA ST TPK COMMN OIL FRANCHISE TAX REV SR-SER A	4.750	12/01/2027	90.227	97.915	7.688	2	10
04/27/2004	657902-TT-9	NORTH CAROLINA MED CARE COMMN HEALTH CARE FACS REV DUKE UNIV HEALTH SYS-SER	5.000	06/01/2018	95.776	103.434	7.658	2	45
04/19/2004	130911-BJ-8	CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV REF-SHERMAN OAKS PJ-A	5.000	08/01/2018	98.700	106.313	7.613	2	45
05/14/2004	838530-GU-1	SOUTH JERSEY PORT CORP N J REV AMT-REF-MARINE TERMINAL-SER L	4.800	01/01/2015	93.950	101.550	7.600	2	45
05/17/2004	576047-JW-5	MASSACHUSETTS ST WTR POLLUTN ABATEMENT TR WTR POLLUTN ABATEMENT REV REF-SUB	4.750	02/01/2026	89.144	96.704	7.560	2	55
04/13/2004	271014-JQ-6	EAST BAY CALIF MUN UTIL DIST WTR SYS REV REF-SUB	5.000	06/01/2026	96.250	103.805	7.555	2	20
04/15/2004	506484-NN-0	LAFAYETTE LA PUB IMPT SALES TAX SER A	5.000	03/01/2020	95.500	103.054	7.554	2	10
04/15/2004	54640A-Q3-7	LOUISIANA PUB FACS AUTH REV REF-XAVIER UNIV OF LA PROJ	5.250	09/01/2027	95.500	103.052	7.552	2	10
05/25/2004	590515-BL-5	MESA ARIZ INDL DEV AUTH REV DISCOVERY HLTH SYS-SER A	5.750	01/01/2025	100.663	108.181	7.518	2	30
06/22/2004	546589-JN-3	LOUISVILLE & JEFFERSON CNTY KY MET SWR DIST SWR & DRAIN SYS REV SER A	5.000	05/15/2036	92.490	100.000	7.510	2	135
06/21/2004	88880M-AJ-0	TOBACCO SETTLEMENT AUTH WASH TOB SETTLEMENT REV ASSET BACKED	6.625	06/01/2032	81.742	89.250	7.508	2	50
06/01/2004	709171-3U-4	PENNSYLVANIA ST HIGHER EDL FACS AUTH COLLEGE & UNIV REVS TRUSTEES UNIV PA	4.625	07/15/2030	84.000	91.500	7.500	2	25
04/15/2004	745144-N6-8	PUERTO RICO COMWLTH MBIA-IBC	5.400	07/01/2007	102.661	110.149	7.488	2	30
05/06/2004	19081P-DS-2	COBB CNTY GA HOSP AUTH REV REF & IMPT-REV ANTIC CTFS	4.750	04/01/2032	91.783	99.231	7.448	2	20
04/26/2004	13033F-RP-7	CALIFORNIA HEALTH FACS FING AUTH REV ARS-INSD-HLTH FAC-CATHOLIC-F		07/01/2025	92.561	100.000	7.439	2	1000
04/26/2004	130174-6A-8	CALIFORNIA EDL FACS AUTH REV CALIF INSTITUTE OF TECHNOLOGY	4.500	10/01/2027	89.750	97.175	7.425	2	65
06/09/2004	43232V-JS-1	HILLSBOROUGH CNTY FLA SCH BRD CTFS PARTN FLA MASTER LEASE PROG	4.625	07/01/2028	87.358	94.750	7.392	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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