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: 01/18/2008.

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)
13033W-D2-6	CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK REV REF-COPIA-SER B	4.625	12/01/2027	63.250 / 63.250	73.490 / 73.490	10.240	9	435
544632-BR-2	LOS ANGELES CALIF ST BLDG AUTH LEASE REV REF-ST CALIF DEPT GEN SVCS A	5.625	05/01/2011	98.500 / 98.500	106.602 / 106.602	8.102	3	75
546279-GM-6	LOUISIANA LOC GOVT ENVIRONMENTAL FACS & CMNTY CAP PJS & EQUIP ACQUISITION PG	6.550	09/01/2025	97.166 / 97.166	104.875 / 104.875	7.709	3	75
875301-DF-7	TAMPA-HILLSBOROUGH CNTY FLA EXPWY AUTH REV	4.250	07/01/2026	92.375 / 93.092	99.744 / 99.744	7.369	6	125
59259R-BE-3	METROPOLITAN TRANSN AUTH N Y REV REF-INSD-SER A	5.000	11/15/2030	100.144 / 100.144	105.222 / 107.368	7.224	6	260
524805-G6-9	LEHIGH CNTY PA GEN PURP AUTH REVS KIDSPEACE OBLIG GRP-ACA-CBI	6.000	11/01/2023	90.000 / 90.000	92.500 / 97.125	7.125	5	470
733581-6B-3	PORT AUTH N Y & N J CONS-131ST SER	4.625	12/15/2029	94.200 / 94.200	99.654 / 101.308	7.108	7	200
735388-8J-2	PORT SEATTLE WASH REV SER B	5.200	07/01/2029	96.000 / 100.110	102.130 / 103.091	7.091	8	95
29634D-AN-4	ESCONDIDO CALIF JT PWRS FING AUTH LEASE REV ESCONDIDO CIVIC CTR PROJ-SER B	6.125	09/01/2011	99.000 / 99.000	106.000 / 106.000	7.000	6	120
888808-DF-6	TOBACCO SETTLEMENT FING CORP N J SR-SER 1A	5.000	06/01/2041	83.500 / 85.836	87.500 / 90.500	7.000	24	1930+2

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)
270462-CV-4	EAST ALTON ILL REF-WTRWKS & SEW-SER A	4.800	12/01/2028	98.697 / 106.446	7.749	98.697 / 99.602	4	2600
797652-3N-2	SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV AMT-SECOND SER-ISSUE 18A	5.000	05/01/2029	92.500 / 99.809	7.309	96.500 / 96.500	3	35
646135-K3-6	NEW JERSEY ST TRANSN TR FD AUTH TRANSN SYS-SER A	5.500	12/15/2015	108.442 / 113.700	5.258	114.200 / 114.200	4	40
92817L-EY-5	VIRGINIA ST RES AUTH CLEAN WTR REV REF-SUB-ST REVOLVING FD	5.500	10/01/2017	112.500 / 117.216	4.716	114.204 / 117.716	6	60
533042-BS-5	LINCOLN CALIF SPL TAX CMNTY FACS DIST NO 2003-1-A	6.000	09/01/2027	110.553 / 115.250	4.697		4	90
13063A-QS-6	CALIFORNIA ST UNREFUNDED BALANCE-REF	5.000	02/01/2023	96.050 / 100.685	4.635		2	20
882720-4H-5	TEXAS ST WTR FINL ASSISTANCE-SER A	4.750	08/01/2043	90.000 / 94.346	4.346	93.250 / 93.250	3	45
735388-8J-2	PORT SEATTLE WASH REV SER B	5.200	07/01/2029	96.000 / 100.110	4.110	102.130 / 103.091	8	95
837152-ER-4	SOUTH CAROLINA TRANSN INFRASTRUCTURE BK REV SER A	5.125	10/01/2031	103.920 / 107.275	3.355	107.207 / 107.207	3	30
569027-EF-8	MARION CNTY IND CONVENTION & RECTL FACS AUTH EXCISE TAX REV SUB-LEASE RENTAL-SER A	5.000	06/01/2027	97.500 / 100.850	3.350	101.256 / 101.256	5	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)
576018-CX-1	MASSACHUSETTS ST TPK AUTH MET HWY SYS REV SUB-SER A	5.000	01/01/2039	98.000 / 100.270	97.705 / 102.895	5.190	7	235
38122N-JA-1	GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV ENHANCED-SER A-AMBAC TCRS-BNY	5.000	06/01/2045	99.156 / 99.157	99.206 / 103.911	4.705	9	505+3
524805-G6-9	LEHIGH CNTY PA GEN PURP AUTH REVS KIDSPEACE OBLIG GRP-ACA-CBI	6.000	11/01/2023	90.000 / 90.000	92.500 / 97.125	4.625	5	470
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		92.010 / 96.339	4.329	3	115
717903-C4-8	PHILADELPHIA PA HOSPS & HIGHER ED FACS AUTH HOSP REV REF-TEMPLE UNIV HEALTH SYS-A	5.500	07/01/2030		98.639 / 102.700	4.061	2	20
13062T-H3-1	CALIFORNIA ST REF	4.500	08/01/2027	97.206 / 97.206	96.088 / 100.000	3.912	6	325
645916-S7-3	NEW JERSEY ECONOMIC DEV AUTH REV CIGARETTE TAX	5.750	06/15/2034		98.814 / 102.500	3.686	5	600
649834-YP-7	NEW YORK ST DORM AUTH REVS INSD-MT SINAI SCH MED-SER A	5.000	07/01/2021		100.000 / 103.672	3.672	3	45
79575E-AS-7	SALT VERDE FINL CORP GAS REV ARIZ SR	5.000	12/01/2037		94.803 / 98.468	3.665	18	610+1
26822L-DY-7	E-470 PUB HWY AUTH COLO REV CAP APPREC-SR-SER B	0.000	09/01/2032		27.151 / 30.734	3.583	4	110+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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