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: 01/17/2008.

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)
040654-JW-6	ARIZONA ST TRANSN BRD HWY REV SER B	5.250	07/01/2015	18.203 / 18.203	108.203 / 108.203	90.000	2	80
575827-QJ-2	MASSACHUSETTS ST CONS LN-SER B	5.000	04/01/2015	101.385 / 101.385	115.286 / 115.286	13.901	2	600
793556-BM-2	ST TAMMANY PARISH LA HOSP SVC DIST NO 1 HOSP REV REF-ST TAMMANY PARISH HOSP PJ	5.000	07/01/2022	88.890 / 98.000	100.000 / 100.000	11.110	5	115
71883M-CQ-5	PHOENIX ARIZ CIVIC IMPT CORP ARPT REV AMT-SR LIEN-SER B	5.250	07/01/2032	95.000 / 95.000	104.500 / 104.500	9.500	4	35
64970K-YV-3	NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV SER E	5.000	06/15/2034	99.127 / 99.127	106.250 / 106.250	7.123	2	15
842472-BZ-4	SOUTHERN CALIF LOGISTICS ARPT AUTH TAX ALLOCATION REF-SO CALIF AIRPORT AUTH PJ	4.500	12/01/2026	97.000 / 97.000	104.014 / 104.014	7.014	2	175
38122N-PB-2	GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV ASSET-BKD-SR-SER A-1	5.125	06/01/2047	84.574 / 86.750	87.500 / 91.299	6.725	11	440
13078Y-DY-8	CALIFORNIA STATEWIDE CMNTYS DEV AUTH STATEWIDE CMNTY SER A	5.000	09/02/2027	85.654 / 85.654	92.347 / 92.347	6.693	2	40
74526Q-LM-2	PUERTO RICO ELEC PWR AUTH PWR REV REF-SER UU	5.000	07/01/2019	105.536 / 105.536	108.426 / 112.213	6.677	10	1535
165321-3H-1	CHESAPEAKE VA REF	5.000	06/01/2008	100.440 / 100.440	106.950 / 106.950	6.510	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)
793556-BM-2	ST TAMMANY PARISH LA HOSP SVC DIST NO 1 HOSP REV REF-ST TAMMANY PARISH HOSP PJ	5.000	07/01/2022	88.890 / 98.000	9.110	100.000 / 100.000	5	115
452226-MS-9	ILLINOIS ST SALES TAX REV SER L-ILL RETIRE-GROWTH & TEN	7.500	06/15/2015	120.137 / 126.232	6.095		3	30
646139-CD-5	NEW JERSEY ST TPK AUTH TPK REV	6.750	01/01/2009	99.071 / 105.000	5.929	100.214 / 101.360	5	36
546398-DJ-4	LOUISIANA PUB FACS AUTH REV OCHSNER CLINIC FNDTN PJ-SER B	5.500	05/15/2032	109.599 / 114.710	5.111		3	45
13062P-PU-0	CALIFORNIA ST	5.000	02/01/2033	107.204 / 111.442	4.238		4	1045
745291-RH-9	PUERTO RICO PUB FIN CORP COMWLTH APPROP-SER A	5.750	08/01/2027	101.580 / 105.690	4.110		6	100
733581-SF-0	PORT AUTH N Y & N J CONS-ONE HUNDRED SIXTEENTH SER	4.250	10/01/2026	94.762 / 98.750	3.988		3	70
74514L-AM-9	PUERTO RICO COMWLTH PREREFUNDED-PUB IMPT	5.250	07/01/2027	104.046 / 107.957	3.911		5	100
35483L-HJ-7	FRANKLIN TWP IND SCH BLDG CORP MARION CNTY FIRST MTG	5.000	07/15/2022	102.589 / 105.921	3.332		5	115
593211-AZ-8	MIAMI BEACH FLA HEALTH FACS AUTH HOSP REV MT SINAI MED CTR FLA PROJ	5.375	11/15/2028	86.466 / 89.700	3.234	91.500 / 92.617	10	270

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)
793556-BN-0	ST TAMMANY PARISH LA HOSP SVC DIST NO 1 HOSP REV REF-ST TAMMANY PARISH HOSP PJ	5.000	07/01/2028	91.950 / 94.450	5.242 / 97.450	92.208	15	555
167592-WL-4	CHICAGO ILL O HARE INTL ARPT REV REF-GEN ARPT THIRD LIEN-SER A	5.375	01/01/2032	99.500 / 99.500	100.625 / 104.788	4.163	12	555
544587-LV-8	LOS ANGELES CALIF MUN IMPT CORP LEASE REV POLICE HEADQUARTERS FAC-SER A	4.500	01/01/2037		97.600 / 101.750	4.150	83	10350+1
123550-FF-7	BUTLER CNTY OHIO HOSP FACS REV CINCINNATI CHILDRENS-SER K	4.375	05/15/2032		91.131 / 95.231	4.100	64	10685+2
38122N-PB-2	GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV ASSET-BKD-SR-SER A-1	5.125	06/01/2047	84.574 / 86.750	87.500 / 91.299	3.799	11	440
74526Q-LM-2	PUERTO RICO ELEC PWR AUTH PWR REV REF-SER UU	5.000	07/01/2019	105.536 / 105.536	108.426 / 112.213	3.787	10	1535
071268-BB-1	BATON ROUGE LA PUB IMPT SALES TAX REV REF-SER A-2	4.500	08/01/2033	98.754 / 98.754	98.654 / 102.250	3.596	22	2850
888808-DF-6	TOBACCO SETTLEMENT FING CORP N J SR-SER 1A	5.000	06/01/2041	85.000 / 85.000	87.000 / 90.500	3.500	21	4710
44420P-AA-2	HUDSON YDS INFRASTRUCTURE CORP N Y REV SER A-MBIA	4.500	02/15/2047	97.875 / 98.500	98.500 / 102.000	3.500	33	2400+3
665297-AR-8	NORTHERN INYO CNTY CALIF LOC HOSP DIST REV	5.300	12/01/2028		93.449 / 96.926	3.477	4	40

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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