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: 01/03/2008.

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)
235035-AM-4	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV AMERICAN AIRLINES INC	6.375	05/01/2035	85.556 / 85.556	90.000 / 97.500	11.944	8	115
13033W-LB-7	CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK REV BAY AREA TOLL BRDGS-1ST LIEN-A	5.000	07/01/2036	101.000 / 101.000	111.829 / 112.896	11.896	7	1570
181004-CZ-3	CLARK CNTY NEV INDL DEV REV REF-SOUTHWEST GAS CORP PROJ-B	5.000	12/01/2033	93.000 / 93.000	97.000 / 102.064	9.064	7	70
235036-FW-5	DALLAS FORT WORTH TEX INTL ARPT REV JT-SER A-AMBAC	5.000	11/01/2032	92.000 / 96.840	99.900 / 100.620	8.620	25	475
644614-LP-2	NEW HAMPSHIRE HEALTH & ED FACS AUTH REV SOUTHERN N H UNIV	4.500	01/01/2024	76.682 / 76.682	84.700 / 84.700	8.018	4	95
167592-UZ-5	CHICAGO ILL O HARE INTL ARPT REV AMT-2ND LIEN PASSENGER FAC-C	5.250	01/01/2032	95.500 / 98.000	101.000 / 103.411	7.911	7	75
73358T-QM-6	PORT AUTH N Y & N J CONS-ONE HUNDRED FORTY FIRST	4.500	09/01/2035	89.425 / 89.425	93.847 / 97.292	7.867	12	1130
13078R-CL-2	CALIFORNIA STATEWIDE CMNTYS DEV AUTH STUDENT HSG REV EAH-EAST CAMPUS APTS LLC-SER A	5.625	08/01/2034	89.250 / 93.750	97.000 / 97.000	7.750	10	1960
246006-NA-4	DELAWARE CNTY PA AUTH HOSP REV CROZER-CHESTER MED CTR-ACA-CBI	5.300	12/01/2027	91.100 / 91.100	98.783 / 98.783	7.683	6	120
733581-6B-3	PORT AUTH N Y & N J CONS-131ST SER	4.625	12/15/2029	92.400 / 92.400	99.929 / 99.929	7.529	3	60

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)
296804-FN-2	ESSEX CNTY N J SER A	4.500	05/01/2035	98.642 / 104.000	5.358	104.753 / 105.737	7	355
235036-FW-5	DALLAS FORT WORTH TEX INTL ARPT REV JT-SER A-AMBAC	5.000	11/01/2032	92.000 / 96.840	4.840	99.900 / 100.620	25	475
13078R-CL-2	CALIFORNIA STATEWIDE CMNTYS DEV AUTH STUDENT HSG REV EAH-EAST CAMPUS APTS LLC-SER A	5.625	08/01/2034	89.250 / 93.750	4.500	97.000 / 97.000	10	1960
745190-J3-3	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV PREREFUNDED-SER D	5.000	07/01/2032	103.390 / 107.328	3.938	105.740 / 105.740	4	30
64579E-5T-9	NEW JERSEY HEALTH CARE FACS FING AUTH REV SOUTH JERSEY HOSP	6.000	07/01/2032	106.841 / 110.720	3.879	109.001 / 109.001	3	30
047870-DA-5	ATLANTA GA WTR & WASTEWTR REV SER A	5.000	11/01/2039	97.600 / 101.152	3.552	99.900 / 99.900	4	90
235036-EM-8	DALLAS FORT WORTH TEX INTL ARPT REV REF & IMPT-JT-SER A	5.000	11/01/2035	94.514 / 98.000	3.486	100.000 / 100.000	11	170
358417-AN-3	FRIDLEY MINN SR HSG BANFILL CROSSING HOMES PROJ	6.750	09/01/2034	101.280 / 104.750	3.470		9	415
64966C-QG-9	NEW YORK N Y PREREFUNDED-SER C	5.250	03/15/2032	104.500 / 107.699	3.199		3	40
346766-LL-0	FORT BEND CNTY TEX	4.750	03/01/2031	97.600 / 100.550	2.950		4	100

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)
235035-AM-4	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV AMERICAN AIRLINES INC	6.375	05/01/2035	85.556 / 85.556	90.000 / 97.500	7.500	8	115
762243-MU-4	RHODE ISLAND ST HEALTH & EDL BLDG CORP REV REF-HOSP FING-LANDMARK MED	5.000	10/01/2016		98.840 / 105.413	6.573	3	225
181004-CZ-3	CLARK CNTY NEV INDL DEV REV REF-SOUTHWEST GAS CORP PROJ-B	5.000	12/01/2033	93.000 / 93.000	97.000 / 102.064	5.064	7	70
60528A-AA-2	MISSISSIPPI BUSINESS FIN CORP MISS GULF OPPORTUNITY ZONE NORTHROP GRUMMAN SHIP SYS INC	4.550	12/01/2028	88.152 / 88.152	88.280 / 93.220	4.940	18	715+5
13062T-ZC-1	CALIFORNIA ST VAR PURP	4.500	12/01/2036		94.900 / 99.819	4.919	7	170
464080-KM-1	IRVINGTON TWP N J GEN IMPT	5.000	01/01/2020		103.983 / 108.310	4.327	10	1770+4
246388-KY-7	DELAWARE ST HEALTH FACS AUTH REV NANTICOKE MEM HOSP PROJ-SER B	5.625	05/01/2032		96.250 / 100.500	4.250	10	730
13062T-H8-0	CALIFORNIA ST REF	4.250	08/01/2033	94.068 / 94.133	92.352 / 96.543	4.191	8	570
13062T-YX-6	CALIFORNIA ST VAR PURP	4.250	12/01/2029	97.239 / 97.489	95.875 / 100.000	4.125	10	550
79020F-AM-8	ST JOHN BAPTIST PARISH LA REV MARATHON OIL CORP-SER A	5.125	06/01/2037	95.681 / 95.681	95.881 / 100.000	4.119	36	2620+1

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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