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: 01/07/2008.

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)
939745-HD-0	WASHINGTON ST ZERO CPN	0.000	08/01/2014	60.250 / 77.672	67.000 / 78.274	18.024	7	758
078027-CW-7	BELL CNTY TEX HEALTH FACS DEV CORP REV ADVANCED LIVING TECH INC	8.125	12/15/2016	61.000 / 72.000	64.500 / 75.000	14.000	8	60
13068G-A5-5	CALIFORNIA ST PUB WKS BRD LEASE REV CAP APPREC-DEPT CORRECTIONS-A	0.000	11/01/2009	83.843 / 83.843	96.010 / 96.010	12.167	4	12
88880P-AC-8	TOBACCO SETTLEMENT FING CORP LA REV ASSET-BKD-SER B	5.875	05/15/2039	88.425 / 95.269	97.544 / 100.000	11.575	8	170
546276-AT-3	LOUISIANA LOC GOVT ENVIRONMENTAL FACS & CMNTY DEV HSG-BELLEMONT APTS PJS-SER A	6.000	09/01/2035	91.500 / 97.600	100.000 / 100.000	8.500	8	500
130493-AS-8	CALIFORNIA MUN FIN AUTH CTFS PARTN CMNTY HOSPS CENTRAL CALIF	5.250	02/01/2037	92.290 / 92.290	100.000 / 100.000	7.710	6	450
940157-DJ-6	WASHINGTON SUBN SAN DIST MD REF-GEN CONSTR	4.125	06/01/2021	96.235 / 96.235	103.804 / 103.804	7.569	3	45
167592-WL-4	CHICAGO ILL O HARE INTL ARPT REV REF-GEN ARPT THIRD LIEN-SER A	5.375	01/01/2032	95.980 / 98.550	102.050 / 103.000	7.020	6	90
074406-AU-3	BEAUMONT CALIF FING AUTH LOC AGY REV SER A	6.750	09/01/2032	110.380 / 115.500	117.395 / 117.395	7.015	5	230
641345-CN-1	NEVADA MO HOSP REV REF-NEVADA REGL MED CTR	4.250	10/01/2023	88.200 / 88.200	91.700 / 95.000	6.800	6	120

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)
939745-HD-0	WASHINGTON ST ZERO CPN	0.000	08/01/2014	60.250 / 77.672	17.422	67.000 / 78.274	7	758
078027-CW-7	BELL CNTY TEX HEALTH FACS DEV CORP REV ADVANCED LIVING TECH INC	8.125	12/15/2016	61.000 / 72.000	11.000	64.500 / 75.000	8	60
88880P-AC-8	TOBACCO SETTLEMENT FING CORP LA REV ASSET-BKD-SER B	5.875	05/15/2039	88.425 / 95.269	6.844	97.544 / 100.000	8	170
546276-AT-3	LOUISIANA LOC GOVT ENVIRONMENTAL FACS & CMNTY DEV HSG-BELLEMONT APTS PJS-SER A	6.000	09/01/2035	91.500 / 97.600	6.100	100.000 / 100.000	8	500
074406-AU-3	BEAUMONT CALIF FING AUTH LOC AGY REV SER A	6.750	09/01/2032	110.380 / 115.500	5.120	117.395 / 117.395	5	230
401905-BF-0	GULF COAST WASTE DISP AUTH TEX REV WASTE DISP-VALERO ENERGY CORP	5.600	04/01/2032	89.350 / 94.375	5.025		4	35
152757-BH-2	CENTRAL CALIF JT PWRS HEALTH FING AUTH CTFS PARTN CMNTY HOSPS OF CENTRAL CALIF	6.000	02/01/2030	103.055 / 107.061	4.006		4	30+1
576018-CX-1	MASSACHUSETTS ST TPK AUTH MET HWY SYS REV SUB-SER A	5.000	01/01/2039	97.010 / 101.002	3.992	100.202 / 101.879	12	840
745190-E9-5	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV SER M-AGC-ICC	4.125	07/01/2019	96.700 / 100.410	3.710	98.000 / 102.160	6	30
491026-ST-8	KENTON CNTY KY ARPT BRD ARPT REV AMT-CINCINNATI/NORTHN KY-SER B	4.875	03/01/2033	93.900 / 97.582	3.682	100.332 / 100.332	4	95

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)
939745-HD-0	WASHINGTON ST ZERO CPN	0.000	08/01/2014	60.250 / 77.672	67.000 / 78.274	11.274	7	758
078027-CW-7	BELL CNTY TEX HEALTH FACS DEV CORP REV ADVANCED LIVING TECH INC	8.125	12/15/2016	61.000 / 72.000	64.500 / 75.000	10.500	8	60
057154-AN-6	BAKER CNTY FLA HOSP AUTH HEALTH CARE FACS REV	5.300	12/01/2023		92.890 / 98.800	5.910	4	260
45479R-AF-4	INDIANA HEALTH & EDL FAC FING AUTH HOSP REV CLARIAN HEALTH OBLIG-SER A	5.000	02/15/2036		95.625 / 100.000	4.375	19	785+2
888808-DF-6	TOBACCO SETTLEMENT FING CORP N J SR-SER 1A	5.000	06/01/2041	83.049 / 83.049	83.585 / 87.773	4.188	29	2000
745190-E9-5	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV SER M-AGC-ICC	4.125	07/01/2019	96.700 / 100.410	98.000 / 102.160	4.160	6	30
54241A-AY-9	LONG BEACH CALIF BD FIN AUTH NAT GAS PUR REV SER A	5.000	11/15/2035		96.073 / 100.000	3.927	31	3105
57582P-BC-3	MASSACHUSETTS ST CONS LN-SER E	5.000	11/01/2025		110.554 / 114.475	3.921	6	100
78571K-BP-4	SAC CITY IOWA HOSP REV FAC-LORING HOSP PROJ	6.250	12/01/2032	98.191 / 98.291	98.091 / 102.000	3.909	10	3475+2
812702-AX-6	SEATTLE WASH SOLID WASTE REV REF	4.500	02/01/2033		97.018 / 100.737	3.719	27	615

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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