Here is the list of yesterday's worst Municipal Bond spreads.

Note: Because of pressure from MunicipalBonds.com and increasing coverage about pricing problems in the Muni Markets, on June 23, 2003 the Muni industry finally started releasing full next-day trade reports. This includes a Municipal Bond that traded only once...or "1 trade" markets.

Because MunicipalBonds.com currently studies only same-day spread problems, the additional reporting of "1 trade" markets is not applicable to Worst Spread reports...there needs to be at least two trades to create and judge a spread.

All Information for Trade Date: 05/08/2008.

Worst Ten Spreads Between Lowest BID and Highest OFFER

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)
59333P-EJ-3	MIAMI-DADE CNTY FLA AVIATION REV AMT-MIAMI INTL ARPT-SER A	5.000	10/01/2033	82.105 / 88.231	89.000 / 91.750	9.645	11	325
251237-G2-3	DETROIT MICH SEW DISP REV SECOND LIEN-SER A	4.500	07/01/2035	87.100 / 87.100	96.146 / 96.146	9.046	4	90
047870-DK-3	ATLANTA GA WTR & WASTEWTR REV SER A-UNREFUNDED BALANCE	5.000	11/01/2038	89.510 / 91.487	98.375 / 98.375	8.865	9	55
249181-U3-0	DENVER COLO CITY & CNTY ARPT REV AMT-SER A	5.000	11/15/2031	90.439 / 92.317	98.825 / 98.825	8.386	9	390
914720-EH-6	UNIVERSITY N C SYS POOL REV SER A	4.750	04/01/2028	92.500 / 92.500	100.608 / 100.608	8.108	4	30
64972F-BY-1	NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV SER D	4.500	06/15/2036	92.854 / 92.854	100.000 / 100.500	7.646	7	480
592663-XM-5	METROPOLITAN WTR DIST SOUTHN CALIF WTRWKS REV REF-SER A-MBIA IBC	4.750	07/01/2022	93.710 / 93.710	101.000 / 101.000	7.290	5	50
59259R-4K-7	METROPOLITAN TRANSN AUTH N Y REV TRANSN-SER B	4.500	11/15/2027	94.000 / 94.000	101.250 / 101.250	7.250	7	470
745181-XD-4	PUERTO RICO COMWLTH HWY & TRANSN AUTH HWY REV REF-SER AA	5.500	07/01/2016	103.181 / 103.181	110.430 / 110.430	7.249	4	465
735000-DU-2	PORT OAKLAND CALIF REV AMT-SER L	5.000	11/01/2032	88.013 / 92.000	94.770 / 95.110	7.097	9	375

Worst Ten Spreads Between Lowest and Highest BID

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)
59333P-EJ-3	MIAMI-DADE CNTY FLA AVIATION REV AMT-MIAMI INTL ARPT-SER A	5.000	10/01/2033	82.105 / 88.231	6.126	89.000 / 91.750	11	325
735000-DU-2	PORT OAKLAND CALIF REV AMT-SER L	5.000	11/01/2032	88.013 / 92.000	3.987	94.770 / 95.110	9	375
664751-BE-3	NORTHERN ARIZ UNIV CTFS PARTN NORTHERN ARIZ UNIV RESH PROJS	4.750	09/01/2026	96.000 / 99.950	3.950	102.700 / 102.700	4	115
888808-BK-7	TOBACCO SETTLEMENT FING CORP N J	6.750	06/01/2039	112.363 / 116.287	3.924		2	310
249181-WD-6	DENVER COLO CITY & CNTY ARPT REV AMT-SER A	5.000	11/15/2025	94.159 / 98.000	3.841	98.950 / 100.000	14	170
79765A-DW-3	SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV AMT-SECOND SER-ISSUE 23A	5.000	05/01/2030	88.680 / 92.468	3.788		4	15+1
341535-SP-8	FLORIDA ST BRD ED PUB ED CAP OUTLAY-SER C	4.500	06/01/2029	92.554 / 96.338	3.784	95.554 / 98.548	10	230
38122N-AQ-5	GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV ASSET-BKD-SER A-1	6.750	06/01/2039	111.375 / 115.007	3.632		2	25+1
64579C-FY-1	NEW JERSEY HEALTH CARE FACS FING AUTH REV COLUMBUS HOSP-SER A	7.500	07/01/2021	90.375 / 94.000	3.625		6	315
60636C-GK-9	MISSOURI ST DEV FIN BRD INFRASTRUCTURE FACS REV RIVERSIDE-QUINDARO-L-385 PROJ	5.600	03/01/2016	101.000 / 104.539	3.539		2	15

Worst Ten Spreads Between Lowest and Highest OFFER

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)
491026-ST-8	KENTON CNTY KY ARPT BRD ARPT REV AMT-CINCINNATI/NORTHN KY-SER B	4.875	03/01/2033		90.336 / 99.000	8.664	6	110
645916-TV-9	NEW JERSEY ECONOMIC DEV AUTH REV TAXABLE-MUN REHAB-SER B	5.800	04/01/2025		95.500 / 102.280	6.780	2	15
86909R-AG-6	SUSQUEHANNA AREA REGL ARPT AUTH PA ARPT SYS REV AMT-SER A	4.875	01/01/2024	90.805 / 90.805	90.805 / 97.277	6.472	6	60
235036-FW-5	DALLAS FORT WORTH TEX INTL ARPT REV JT-SER A-AMBAC	5.000	11/01/2032	92.501 / 93.501	91.299 / 97.130	5.831	23	835
60635R-2Z-9	MISSOURI ST HEALTH & EDL FACS AUTH HEALTH FACS REV SSM HEALTH CARE-SER A	5.000	06/01/2036	96.876 / 98.367	96.340 / 101.500	5.160	767	30100+27
927781-DL-5	VIRGINIA COLLEGE BLDG AUTH VA EDL FACS REV PUB HIGHER ED FING PROG-SER A	3.500	09/01/2025		85.143 / 90.297	5.154	4	130
944314-HK-2	WAYNE CHARTER CNTY MICH ARPT REV AMT-DETROIT MET WAYNE CNTY-A	5.000	12/01/2022	99.300 / 99.300	96.001 / 101.000	4.999	6	510
189554-CM-8	CLYDE-GREEN SPRINGS EXMP VLG SCH DIST OHIO SCH FACS CONSTR & IMPT	4.500	12/01/2031		96.068 / 100.867	4.799	39	2270+1
118217-AT-5	BUCKEYE OHIO TOB SETTLEMENT FING AUTH ASSET-BKD-SR-TURBO-SER A-2	6.500	06/01/2047		95.253 / 100.000	4.747	44	5315+1
254839-3Y-7	DISTRICT COLUMBIA REV MEDLANTIC/HELIX-C-RMKT 5/15/08	5.000	08/15/2038	97.059 / 98.307	96.959 / 101.610	4.651	139	5865+5

For the complete Red Flag list, please go here.

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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