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: 01/16/2008.

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)
645916-S7-3	NEW JERSEY ECONOMIC DEV AUTH REV CIGARETTE TAX	5.750	06/15/2034	5.717 / 99.000	5.710 / 102.255	96.538	28	2110+4
60535R-AG-3	MISSISSIPPI HOME CORP HSG REV MISS VY ST STUDENT HSG PJ-8A	5.200	12/01/2023	58.500 / 66.325	70.500 / 70.500	12.000	8	150
447156-AM-2	HUNTSVILLE ALA PUB EDL BLDG AUTH STUDENT HSG REV A & M UNIV FNDTN LLC PJ-SER A	6.150	06/01/2030	94.121 / 94.121	102.498 / 102.498	8.377	4	55
546398-DJ-4	LOUISIANA PUB FACS AUTH REV OCHSNER CLINIC FNDTN PJ-SER B	5.500	05/15/2032	107.110 / 107.110	111.036 / 114.409	7.299	7	160
20613E-BB-1	CONCORD CALIF JT PWRS FING AUTH LEASE REV CONCORD PAVILION	8.240	08/01/2020	108.000 / 108.000	107.249 / 115.233	7.233	5	65
733581-6F-4	PORT AUTH N Y & N J CONS-131ST SER	4.750	06/15/2033	92.848 / 97.000	100.000 / 100.000	7.152	4	45
13062T-H3-1	CALIFORNIA ST REF	4.500	08/01/2027	94.514 / 99.000	100.000 / 101.487	6.973	20	5640
167592-YF-5	CHICAGO ILL O HARE INTL ARPT REV REF-GEN-AIRPORT-3RD LIEN-C-2	5.250	01/01/2030	95.690 / 95.690	100.000 / 102.527	6.837	9	75
13062T-3M-4	CALIFORNIA ST UNREFUNDED BALANCE	5.250	02/01/2029	101.625 / 101.625	104.414 / 108.045	6.420	3	30
73358T-XK-2	PORT AUTH N Y & N J CONS-ONE HUNDRED FORTY-SIXTH	4.250	12/01/2032	90.740 / 90.740	95.686 / 97.120	6.380	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)
645916-S7-3	NEW JERSEY ECONOMIC DEV AUTH REV CIGARETTE TAX	5.750	06/15/2034	5.717 / 99.000	93.283	5.710 / 102.255	28	2110+4
60535R-AG-3	MISSISSIPPI HOME CORP HSG REV MISS VY ST STUDENT HSG PJ-8A	5.200	12/01/2023	58.500 / 66.325	7.825	70.500 / 70.500	8	150
13062T-H3-1	CALIFORNIA ST REF	4.500	08/01/2027	94.514 / 99.000	4.486	100.000 / 101.487	20	5640
64986A-KU-4	NEW YORK ST ENVIRONMENTAL FACS CORP ST CLEAN WTR & DRINKING REVOLVING FDS-MUN WTR FIN-C	4.750	06/15/2035	97.653 / 101.963	4.310	100.853 / 100.853	5	160
733581-6F-4	PORT AUTH N Y & N J CONS-131ST SER	4.750	06/15/2033	92.848 / 97.000	4.152	100.000 / 100.000	4	45
396080-EU-3	GREENVILLE HOSP SYS S C HOSP FACS REV	5.000	05/01/2031	100.515 / 104.522	4.007		2	25
431022-EU-2	HIGHLANDS CNTY FLA HEALTH FACS AUTH REV HOSP-ADVENTIST HEALTH SYS-D	5.375	11/15/2035	108.335 / 111.697	3.362	111.870 / 111.870	5	785
888808-AT-9	TOBACCO SETTLEMENT FING CORP N J ASSET BKD	6.125	06/01/2042	108.223 / 111.568	3.345		18	1115
452150-3S-2	ILLINOIS ST REF-FIRST SER	5.250	10/01/2011	105.200 / 108.488	3.288	107.802 / 107.802	6	3015
927676-JL-1	VIRGIN ISLANDS PUB FIN AUTH REV GROSS RCPTS TAXES LN NT-SER A	6.125	10/01/2029	105.875 / 108.870	2.995	109.213 / 109.213	6	200

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)
63165N-S5-8	NASSAU CNTY N Y GEN IMPT-SER A	4.750	01/15/2017		3.300 / 111.189	107.889	8	2155+1
63165N-R6-7	NASSAU CNTY N Y GEN IMPT-SER A	3.500	01/15/2010		2.620 / 101.920	99.300	22	5155
63165N-R8-3	NASSAU CNTY N Y GEN IMPT-SER A	3.250	01/15/2012		2.800 / 102.062	99.262	20	6210
63165N-S2-5	NASSAU CNTY N Y GEN IMPT-SER A	3.250	01/15/2014		3.000 / 101.908	98.908	27	6810
63165N-R9-1	NASSAU CNTY N Y GEN IMPT-SER A	3.250	01/15/2013		2.900 / 101.658	98.758	19	3410+1
63165N-S3-3	NASSAU CNTY N Y GEN IMPT-SER A	3.250	01/15/2015		3.100 / 101.563	98.463	29	7220
645916-S7-3	NEW JERSEY ECONOMIC DEV AUTH REV CIGARETTE TAX	5.750	06/15/2034	5.717 / 99.000	5.710 / 102.255	96.545	28	2110+4
20613E-BB-1	CONCORD CALIF JT PWRS FING AUTH LEASE REV CONCORD PAVILION	8.240	08/01/2020	108.000 / 108.000	107.249 / 115.233	7.984	5	65
167592-3W-2	CHICAGO ILL O HARE INTL ARPT REV GEN ARPT-THIRD LIEN-SER C	4.000	01/01/2015		97.168 / 104.106	6.938	6	1170
79575E-AS-7	SALT VERDE FINL CORP GAS REV ARIZ SR	5.000	12/01/2037	94.519 / 94.821	94.803 / 99.397	4.594	60	6330+2

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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