NEW YORK -- Wall Street investment bankers frustrated with cheap spreads may want to heed the century-old advice to go west.

But they should stop in Oklahoma. a recent survey of gross spreads shows the state had the highest average spread in the nation: $15.25 per $1,000 par value of bonds on 47 deals in the 12-month period ended May 29, according to Securities Data Co./Bond Buyer.

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