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: 05/13/2008.

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)
87638L-BX-7	TARRANT CNTY TEX HEALTH FACS DEV CORP REV HLTH FACS-WESTCHESTER RETIRE-A	7.750	08/01/2018	84.500 / 84.500	99.900 / 99.900	15.400	4	20
047870-DJ-6	ATLANTA GA WTR & WASTEWTR REV SER A-UNREFUNDED BALANCE	5.000	11/01/2029	89.330 / 89.330	99.626 / 99.626	10.296	6	30
13033W-LB-7	CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK REV BAY AREA TOLL BRDGS-1ST LIEN-A	5.000	07/01/2036	100.130 / 100.130	105.794 / 108.862	8.732	6	375+1
575898-AK-7	MASSACHUSETTS ST PORT AUTH SPL FACS REV DELTA AIR LINES INC PJ-SER A	5.000	01/01/2021	89.000 / 89.000	97.516 / 97.703	8.703	6	110
88880P-AC-8	TOBACCO SETTLEMENT FING CORP LA REV ASSET-BKD-SER B	5.875	05/15/2039	88.379 / 91.250	94.250 / 97.000	8.621	11	195
735240-NX-7	PORT PORTLAND ORE ARPT REV AMT-PORTLAND INTL ARPT-SER 12C	5.000	07/01/2028	92.376 / 92.376	100.501 / 100.501	8.125	3	25
163103-MV-3	CHELAN CNTY WASH PUB UTIL DIST NO 001 CONS REV AMT-CHELAN HYDRO-SER B	5.400	01/01/2036	92.004 / 98.540	100.000 / 100.040	8.036	8	70
545149-FW-1	LOS ANGELES CNTY CALIF SANTN DISTS FING AUTH REV CAP PROJS-DIST NO 20 SUB-SER A	4.500	10/01/2032	90.312 / 94.340	98.122 / 98.122	7.810	3	90
251129-XE-7	DETROIT MICH CITY SCH DIST SER B	4.750	05/01/2028	91.874 / 94.280	94.500 / 99.680	7.806	7	265
59333P-EE-4	MIAMI-DADE CNTY FLA AVIATION REV SER A	5.000	10/01/2033	90.839 / 94.570	98.570 / 98.570	7.731	7	85

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)
163103-MV-3	CHELAN CNTY WASH PUB UTIL DIST NO 001 CONS REV AMT-CHELAN HYDRO-SER B	5.400	01/01/2036	92.004 / 98.540	6.536	100.000 / 100.040	8	70
59333P-EK-0	MIAMI-DADE CNTY FLA AVIATION REV AMT-MIAMI INTL ARPT-SER A	4.750	10/01/2035	83.624 / 88.558	4.934	88.500 / 88.500	6	155
733581-K5-0	PORT AUTH N Y & N J CONS-124TH SER	5.000	08/01/2031	92.762 / 97.645	4.883	99.992 / 99.992	5	1480
59259R-RF-3	METROPOLITAN TRANSN AUTH N Y REV SER B	5.250	11/15/2032	106.717 / 111.539	4.822	111.599 / 111.916	15	5960+1
71781E-CZ-6	PHILADELPHIA PA AUTH FOR INDL DEV ARPT REV PHILADELPHIA ARPT SYS PJ-SER A	5.250	07/01/2028	94.500 / 99.190	4.690	96.908 / 96.908	11	440
64605L-HR-2	NEW JERSEY ST EDL FACS AUTH REV ROWAN UNIV-SER I	5.000	07/01/2012	101.300 / 105.908	4.608		4	65
13062P-R9-5	CALIFORNIA ST REF	5.000	03/01/2014	103.060 / 107.665	4.605	108.890 / 108.890	6	890
91412F-H4-2	UNIVERSITY CALIF REVS PREREFUNDED-UCLA MED CTR-SER A	5.000	05/15/2039	104.750 / 108.883	4.133	109.795 / 109.795	5	675+2
056559-AK-3	BADGER TOB ASSET SECURITIZATION CORP WIS TOB ASSET-BKD	6.125	06/01/2027	96.000 / 100.100	4.100	100.225 / 100.225	4	10+2
392274-PZ-3	GREATER ORLANDO AVIATION AUTH ORLANDO FLA ARPT FACS REV AMT-SER A	5.125	10/01/2028	90.948 / 95.000	4.052	94.729 / 98.000	7	140

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)
605279-DR-6	MISSISSIPPI BUSINESS FIN CORP MISS REV VAR-BELHAVEN COLLEGE PROJ		06/01/2016	100.000 / 100.000	75.884 / 100.000	24.116	3	2000+1
38122N-GG-1	GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV ENHANCED-ASSET BKD-SER A	5.000	06/01/2045	92.344 / 92.344	92.274 / 97.527	5.253	8	830+2
251129-XE-7	DETROIT MICH CITY SCH DIST SER B	4.750	05/01/2028	91.874 / 94.280	94.500 / 99.680	5.180	7	265
451908-5H-6	ILLINOIS DEV FIN AUTH REV PROVENA HEALTH-SER A	5.250	05/15/2018	97.500 / 97.500	97.500 / 102.500	5.000	3	45
745160-QB-0	PUERTO RICO COMWLTH AQUEDUCT & SWR AUTH REV SR LIEN-SER A	6.000	07/01/2044	104.250 / 104.587	104.706 / 109.500	4.794	18	460+2
64970K-PH-4	NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV SER B	5.125	06/15/2031	102.527 / 102.527	100.000 / 104.666	4.666	5	810
79575E-AS-7	SALT VERDE FINL CORP GAS REV ARIZ SR	5.000	12/01/2037	88.370 / 89.160	88.370 / 93.020	4.650	37	4090+10
696550-JP-8	PALM BEACH CNTY FLA SCH BRD CTFS PARTN SER C	5.000	08/01/2027	102.614 / 105.827	103.245 / 107.750	4.505	8	165
574217-C6-0	MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV MEDSTAR HEALTH	5.250	05/15/2046		94.782 / 99.185	4.403	4	230
54241A-AZ-6	LONG BEACH CALIF BD FIN AUTH NAT GAS PUR REV SER A	5.500	11/15/2037		94.843 / 99.194	4.351	30	2260

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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