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: 01/08/2008.

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)
969078-LN-2	WILL CNTY ILL CMNTY UNIT SCH DIST NO 365 U VY VIEW CAP APPREC	0.000	11/01/2009	93.141 / 93.738	94.385 / 102.217	9.076	6	330
733581-8D-7	PORT AUTH N Y & N J CONS-132ND SER	5.000	09/01/2038	97.223 / 103.451	105.250 / 106.250	9.027	11	2230
13078R-CL-2	CALIFORNIA STATEWIDE CMNTYS DEV AUTH STUDENT HSG REV EAH-EAST CAMPUS APTS LLC-SER A	5.625	08/01/2034	89.323 / 91.800	97.000 / 98.046	8.723	20	690
45853J-BC-4	INTERCOMMUNITY HOSP FING AUTH CALIF CTFS PARTN	5.250	11/01/2019	92.258 / 95.158	100.000 / 100.000	7.742	6	60
54241A-AY-9	LONG BEACH CALIF BD FIN AUTH NAT GAS PUR REV SER A	5.000	11/15/2035	93.028 / 94.265	96.750 / 100.744	7.716	34	2370+1
42725Y-AB-7	HERITAGE LANDING CMNTY DEV DIST FLA SPL ASSMT	5.600	05/01/2036	90.831 / 90.831	94.180 / 98.102	7.271	31	1845
64605L-5X-2	NEW JERSEY ST EDL FACS AUTH REV REF-MONTCLAIR ST UNIV-SER J	4.250	07/01/2034	92.554 / 92.554	99.375 / 99.375	6.821	2	20
235035-AK-8	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV AMERICAN AIRLINES INC	6.000	11/01/2014	92.220 / 94.625	98.750 / 99.000	6.780	5	180
73358T-QM-6	PORT AUTH N Y & N J CONS-ONE HUNDRED FORTY FIRST	4.500	09/01/2035	91.779 / 91.779	96.125 / 98.439	6.660	11	290
898526-DA-3	TSASC INC N Y REV SER 1	5.125	06/01/2042	92.001 / 92.001	98.500 / 98.500	6.499	7	245

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)
919676-AE-6	VALLEY HEALTH SYS CALIF HOSP REV REF & IMPT PROJ-SER A	6.500	05/15/2015	48.000 / 59.800	11.800		5	70
733581-8D-7	PORT AUTH N Y & N J CONS-132ND SER	5.000	09/01/2038	97.223 / 103.451	6.228	105.250 / 106.250	11	2230
800279-AH-4	SANDY CITY UTAH INDL DEV REV REF-H SHIRL WRIGHT-RMKT-5/3/93	6.125	08/01/2016	97.061 / 102.000	4.939	102.800 / 102.800	3	45
57652T-AV-9	MATAGORDA CNTY TEX NAV DIST NO 1 REV REF-HOUSTON LTG-RMKT-11/24/98	5.125	11/01/2028	100.650 / 104.714	4.064	102.900 / 102.900	3	195
64982P-YX-4	NEW YORK ST DORM AUTH LEASE REV ST UNIV DORM FACS-SER B	5.250	07/01/2032	104.879 / 108.280	3.401		2	70
167501-WZ-4	CHICAGO ILL BRD ED CAP APPREC-SCH REFORM-SER A	0.000	12/01/2024	41.067 / 44.100	3.033	44.334 / 45.400	7	130
64985W-DJ-0	NEW YORK ST ENVIRONMENTAL FACS CORP ST CLEAN WTR & DRINKING REVOLVING FDS-NYC MUN WTR PJ-J	4.625	06/15/2032	97.520 / 100.553	3.033	99.520 / 102.870	4	145
64983X-L6-9	NEW YORK ST DORM AUTH REVS LENOX HILL HOSP OBLIG GROUP	5.500	07/01/2030	94.510 / 97.500	2.990	98.813 / 100.750	16	970
88283L-EE-2	TEXAS TRANSN COMMN ST HWY FD REV FIRST TIER	5.000	04/01/2016	108.060 / 111.009	2.949	108.760 / 108.760	5	225
796253-SR-4	SAN ANTONIO TEX ELEC & GAS REV REF-SYS	5.375	02/01/2015	109.490 / 112.428	2.938		4	275

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)
969078-LN-2	WILL CNTY ILL CMNTY UNIT SCH DIST NO 365 U VY VIEW CAP APPREC	0.000	11/01/2009	93.141 / 93.738	94.385 / 102.217	7.832	6	330
57419N-UP-7	MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV GNMA-SER B	4.950	07/01/2032		96.700 / 101.750	5.050	4	60
86642P-DJ-3	SUMNER CNTY TENN HEALTH EDL & HSG FACS BRD REV REF & IMPT-HOSP-REGL HEALTH-A	5.500	11/01/2037		97.418 / 101.500	4.082	7	125+4
90565L-FC-0	UNION CITY CALIF CMNTY REDEV AGY TAX ALLOC REF-CMNTY REDEV PROJ	5.000	10/01/2028		102.750 / 106.795	4.045	16	1855
118217-AQ-1	BUCKEYE OHIO TOB SETTLEMENT FING AUTH ASSET-BKD-SR-TURBO-SER A-2	5.875	06/01/2030	96.375 / 96.375	96.790 / 100.833	4.043	12	2255
640547-AU-9	NEOSHO CNTY KANS HOSP REV SER B	5.000	09/01/2022	96.965 / 96.965	95.981 / 100.000	4.019	3	1025
54241A-AY-9	LONG BEACH CALIF BD FIN AUTH NAT GAS PUR REV SER A	5.000	11/15/2035	93.028 / 94.265	96.750 / 100.744	3.994	34	2370+1
42725Y-AB-7	HERITAGE LANDING CMNTY DEV DIST FLA SPL ASSMT	5.600	05/01/2036	90.831 / 90.831	94.180 / 98.102	3.922	31	1845
54640A-6S-4	LOUISIANA PUB FACS AUTH REV TULANE UNIV-SER A	5.000	07/01/2032	103.632 / 103.632	105.012 / 108.879	3.867	4	35
64970K-4S-3	NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV SER D	5.000	06/15/2038	101.979 / 101.979	104.084 / 107.850	3.766	8	2870+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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