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: 01/10/2008.

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)
955489-AF-6	WEST POINT VA INDL DEV AUTH SOLID WASTE DISP REV REF-CHESAPEAKE CORP PJ-SER B	6.250	03/01/2019	74.926 / 74.926	89.500 / 91.500	16.574	11	355
544628-EZ-9	LOS ANGELES CALIF REGL ARPTS IMPT CORP LEASE REV REF-UNITED AIR LINES-L A INTL	6.875	11/15/2012	56.110 / 62.576	65.000 / 65.000	8.890	7	100
593237-DJ-6	MIAMI BEACH FLA REDEV AGY TAX INCREMENT REV REF-TAXABLE-CITY CTR-SER A	4.800	12/01/2013	94.440 / 94.440	98.905 / 101.529	7.089	6	50
485427-KM-9	KANSAS ST DEV FIN AUTH REV SISTERS OF CHARITY LEAVENWORTH	5.000	12/01/2025	94.243 / 99.700	99.969 / 101.323	7.080	8	60
102022-BH-2	BOURBONNAIS ILL INDL PROJ REV OLIVET NAZARENE UNIV PROJ	4.800	11/01/2032	92.160 / 94.810	95.000 / 98.560	6.400	4	120
130479-DM-7	CALIFORNIA MOBILEHOME PK FING AUTH REV PALOMAR ESTATES EAST & WEST-A	5.100	09/15/2023	87.438 / 87.438	93.650 / 93.650	6.212	5	130
64983X-AN-4	NEW YORK ST DORM AUTH REVS CATHOLIC HLTH SVCS-SER A	6.000	07/01/2030	99.070 / 99.070	105.000 / 105.000	5.930	5	400
13062T-YX-6	CALIFORNIA ST VAR PURP	4.250	12/01/2029	95.200 / 99.431	95.393 / 101.072	5.872	14	4690+3
649837-5E-7	NEW YORK ST DORM AUTH REVS REF-SECD HOSP-NORTH GEN HOSP-G	5.300	02/15/2019	109.000 / 109.000	114.760 / 114.760	5.760	6	160
658196-QW-3	NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV PREREFUNDED-SER A	6.000	01/01/2026	114.243 / 114.243	120.000 / 120.000	5.757	4	20

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)
544628-EZ-9	LOS ANGELES CALIF REGL ARPTS IMPT CORP LEASE REV REF-UNITED AIR LINES-L A INTL	6.875	11/15/2012	56.110 / 62.576	6.466	65.000 / 65.000	7	100
106214-DN-6	BRAZOS RIVER AUTH TEX REV REF-COLL-HOUSTON LT & PWR CO	4.000	08/01/2015	94.254 / 100.000	5.746		6	170
485427-KM-9	KANSAS ST DEV FIN AUTH REV SISTERS OF CHARITY LEAVENWORTH	5.000	12/01/2025	94.243 / 99.700	5.457	99.969 / 101.323	8	60
658256-TJ-1	NORTH CAROLINA ST PUB IMPT-SER A	4.000	03/01/2024	95.000 / 99.657	4.657		4	125
646135-K3-6	NEW JERSEY ST TRANSN TR FD AUTH TRANSN SYS-SER A	5.500	12/15/2015	109.969 / 114.614	4.645		2	510
888808-AT-9	TOBACCO SETTLEMENT FING CORP N J ASSET BKD	6.125	06/01/2042	106.414 / 111.057	4.643		9	140
13062T-YX-6	CALIFORNIA ST VAR PURP	4.250	12/01/2029	95.200 / 99.431	4.231	95.393 / 101.072	14	4690+3
93978E-KG-6	WASHINGTON ST HEALTH CARE FACS AUTH REV SOUTHWEST WASH MED CTR	5.000	09/01/2028	98.000 / 101.940	3.940		5	55
688824-AC-5	OTERO CNTY N MEX JAIL PROJ REV	8.250	12/01/2023	100.500 / 104.250	3.750		4	235
646135-3S-0	NEW JERSEY ST TRANSN TR FD AUTH TRANSN SYS-SER B	5.500	12/15/2015	111.165 / 114.544	3.379		2	155

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)
13062T-YX-6	CALIFORNIA ST VAR PURP	4.250	12/01/2029	95.200 / 99.431	95.393 / 101.072	5.679	14	4690+3
57419N-UP-7	MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV GNMA-SER B	4.950	07/01/2032		96.000 / 100.976	4.976	3	30
762212-4H-8	RHODE ISLAND HSG & MTG FIN CORP AMT-HOMEOWNERSHIP OPPTY-53-B	5.000	10/01/2046		94.552 / 98.750	4.198	7	45+4
64971S-DJ-5	NEW YORK N Y CITY INDL DEV AGY SPL FAC REV TERMINAL ONE GROUP ASSN PROJ	5.000	01/01/2013	102.072 / 102.072	102.172 / 106.307	4.135	3	1430
54241A-AY-9	LONG BEACH CALIF BD FIN AUTH NAT GAS PUR REV SER A	5.000	11/15/2035		95.125 / 99.000	3.875	23	3010
888808-DF-6	TOBACCO SETTLEMENT FING CORP N J SR-SER 1A	5.000	06/01/2041		83.898 / 87.750	3.852	20	835
01728A-F5-0	ALLEGHENY CNTY PA HOSP DEV AUTH REV HOSP-JEFFERSON REGL MED CTR-A	4.750	05/01/2025		92.500 / 96.314	3.814	6	95
130479-FF-0	CALIFORNIA MOBILEHOME PK FING AUTH REV REF-UNION CITY TROPICS-SER A	5.000	12/15/2041	87.164 / 87.164	87.739 / 91.518	3.779	66	4445+1
544386-BL-8	LOS ANGELES CALIF CMNTY FACS DIST SPL TAX NO 4-PLAYA VISTA-PHASE I	4.750	09/01/2031	97.760 / 97.760	97.760 / 101.500	3.740	7	120
93978T-FJ-3	WASHINGTON ST HSG FIN COMMN AMT-SINGLE-FAMILY PROG-SER 4A	5.000	06/01/2048		94.542 / 98.214	3.672	30	1820+4

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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