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: 01/02/2008.

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)
13078R-CL-2	CALIFORNIA STATEWIDE CMNTYS DEV AUTH STUDENT HSG REV EAH-EAST CAMPUS APTS LLC-SER A	5.625	08/01/2034	81.183 / 91.342	95.042 / 95.042	13.859	5	43
79765A-M2-9	SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV UNREFUNDED BAL-REF-SECOND-28B	5.000	05/01/2032	95.083 / 95.083	103.678 / 103.678	8.595	4	20
235035-AK-8	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV AMERICAN AIRLINES INC	6.000	11/01/2014	92.000 / 92.000	100.000 / 100.000	8.000	3	35
13062T-ZC-1	CALIFORNIA ST VAR PURP	4.500	12/01/2036	91.900 / 91.900	97.750 / 99.821	7.921	5	35
79727L-AT-6	SAN DIEGO CALIF CONVENTION CTR EXPANSION FING AUTH LEASE REV SER A	4.750	04/01/2028	92.680 / 92.680	100.474 / 100.474	7.794	6	90
435236-GL-2	HOLLAND MICH SCH DIST CAP APPREC-REF	0.000	05/01/2011	78.859 / 78.859	85.859 / 85.859	7.000	4	4
733581-SF-0	PORT AUTH N Y & N J CONS-ONE HUNDRED SIXTEENTH SER	4.250	10/01/2026	92.842 / 92.842	95.467 / 99.355	6.513	4	75
13062T-Z6-4	CALIFORNIA ST PREREFUNDED	5.125	06/01/2031	101.000 / 101.000	107.487 / 107.487	6.487	2	20
944313-AQ-8	WAYNE CHARTER CNTY MICH ARPT HOTEL-DETROIT MET ARPT-A	5.000	12/01/2030	100.007 / 100.007	106.477 / 106.477	6.470	4	145
655857-BT-6	NORFOLK VA ARPT AUTH REV SER B	5.125	07/01/2031	96.500 / 96.500	100.000 / 102.643	6.143	6	50

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)
797683-CP-2	SAN FRANCISCO CALIF CMNTY COLLEGE DIST ELECTION 2005-SER A	4.500	06/15/2028	79.775 / 98.830	19.055	80.625 / 80.625	3	140
13078R-CL-2	CALIFORNIA STATEWIDE CMNTYS DEV AUTH STUDENT HSG REV EAH-EAST CAMPUS APTS LLC-SER A	5.625	08/01/2034	81.183 / 91.342	10.159	95.042 / 95.042	5	43
179027-QF-7	CLACKAMAS CNTY ORE HOSP FAC AUTH REV LEGACY HEALTH SYS-MBIA IBC	4.750	02/15/2011	102.350 / 108.626	6.276	102.877 / 102.877	6	390
542690-NP-3	LONG ISLAND PWR AUTH N Y ELEC SYS REV CAP APPREC-SER A	0.000	06/01/2016	65.598 / 71.661	6.063		5	315
251135-EQ-8	DETROIT MICH DOWNTOWN DEV AUTH TAX INCREMENT REV REF-DEV AREA NO 1 PROJS-A	4.750	07/01/2025	98.000 / 102.537	4.537	100.000 / 100.000	11	250
64966B-TY-9	NEW YORK N Y REF-SER A-CIFG-TCRS	6.000	08/01/2012	107.520 / 111.951	4.431	113.206 / 113.206	6	585
658546-VV-5	NORTH CENT TEX HEALTH FAC DEV CORP REV RETIREMENT FAC-NW SR HSG-SER A	7.500	11/15/2029	105.000 / 109.375	4.375	109.432 / 109.432	3	10+2
172252-A6-5	CINCINNATI OHIO CITY SCH DIST REF-CLASSROOM CONSTR & IMPT	5.250	12/01/2025	106.118 / 110.269	4.151		4	285
939741-HD-9	WASHINGTON ST ZERO CPN	0.000	08/01/2011	83.896 / 87.959	4.063		5	110
592646-KU-6	METROPOLITAN WASH D C ARPTS AUTH ARPT SYS REV AMT-SER B	5.000	10/01/2034	96.270 / 100.190	3.920	100.270 / 101.487	9	85+2

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)
397090-DY-4	GREENWOOD CNTY S C HOSP REV SELF MEM HOSP-SER A	5.000	10/01/2023		3.689 / 103.689	100.000	2	50
130629-5V-6	CALIFORNIA ST	5.250	12/01/2027	101.342 / 101.342	98.025 / 106.163	8.138	5	94
287272-DF-2	ELK GROVE CALIF SPL TAX CMNTY FACS DIST NO 2005-1	5.250	09/01/2037		89.657 / 94.957	5.300	3	70
73358T-XK-2	PORT AUTH N Y & N J CONS-ONE HUNDRED FORTY-SIXTH	4.250	12/01/2032		88.900 / 94.130	5.230	3	150
927676-MR-4	VIRGIN ISLANDS PUB FIN AUTH REV GROSS RCPTS TAXES LN NTS	4.000	10/01/2020	97.020 / 97.020	95.025 / 100.000	4.975	3	105
167736-UF-2	CHICAGO ILL WTR REV SECOND LIEN-SER A	5.000	11/01/2036		101.877 / 106.597	4.720	4	100
64971P-FG-5	NEW YORK N Y CITY INDL DEV AGY REV YANKEE STADIUM PJ-PILOT	4.500	03/01/2039		97.325 / 101.999	4.674	16	610
574217-HD-0	MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV FREDERICK MEM HOSP	5.125	07/01/2035	97.250 / 97.250	95.327 / 100.000	4.673	3	70
57586C-XH-3	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV MILFORD REGL MED CTR-SER E	5.000	07/15/2032		93.250 / 97.923	4.673	5	355
64970K-7M-3	NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV SER A	4.500	06/15/2029		98.075 / 102.481	4.406	3	60

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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