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: 01/25/2008.

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)
91412E-BH-2	UNIVERSITY CENT FLA CTFS PARTN TAXABLE-UCF CONVOCATION CORP-B	5.375	10/01/2035	83.802 / 83.802	97.000 / 97.000	13.198	5	140+3
037060-KC-3	ANTIOCH AREA PUB FACS FING AGY CALIF SPL TAX REF-CMNTY FACS DIST NO 1989-1	4.250	08/01/2025	92.421 / 92.421	99.999 / 99.999	7.578	4	75
249181-WD-6	DENVER COLO CITY & CNTY ARPT REV AMT-SER A	5.000	11/15/2025	94.500 / 99.070	101.570 / 101.570	7.070	3	15
130684-JE-4	CALIFORNIA ST PUB WKS BRD LEASE REV REF-DEPT CORRECTIONS-SER D	2.500	12/01/2010	97.996 / 97.996	99.916 / 105.049	7.053	7	215
745190-DH-8	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV SER A-MBIA IBC	4.750	07/01/2038	96.498 / 99.310	103.310 / 103.310	6.812	3	170
13033F-QT-0	CALIFORNIA HEALTH FACS FING AUTH REV COTTAGE HEALTH SYS-SER B	5.000	11/01/2033	100.010 / 100.010	103.684 / 106.813	6.803	5	110
419800-BX-4	HAWAII ST DEPT BUDGET & FIN SPL PURP REV HAWAIIAN ELEC CO INC-SER A	5.650	10/01/2027	101.180 / 104.045	107.583 / 107.583	6.403	7	280
745268-K7-6	PUERTO RICO ELEC PWR AUTH PWR REV REF-SER EE-MBIA IBC	4.750	07/01/2024	95.855 / 99.211	102.201 / 102.201	6.346	7	135
657902-XN-7	NORTH CAROLINA MED CARE COMMN HEALTH CARE FACS REV WAKEMED PJ	5.000	10/01/2027	99.788 / 99.788	106.122 / 106.122	6.334	5	125
786134-GC-4	SACRAMENTO CNTY CALIF SANTN DIST FING AUTH REV REF	5.000	12/01/2027	99.828 / 100.400	102.302 / 106.050	6.222	6	160

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)
74514L-PR-2	PUERTO RICO COMWLTH PREREFUNDED-PUB IMPT-SER A	5.000	07/01/2033	106.110 / 111.871	5.761	111.549 / 111.871	7	1360
249181-WD-6	DENVER COLO CITY & CNTY ARPT REV AMT-SER A	5.000	11/15/2025	94.500 / 99.070	4.570	101.570 / 101.570	3	15
59333P-EE-4	MIAMI-DADE CNTY FLA AVIATION REV SER A	5.000	10/01/2033	95.795 / 100.154	4.359	99.800 / 101.650	19	310
259852-DZ-1	DOUGLASVILLE-DOUGLAS CNTY GA WTR & SWR AUTH WTR & SWR REV	4.125	06/01/2018	100.019 / 104.346	4.327		4	320
745277-PD-9	PUERTO RICO MUN FIN AGY SER A	5.000	08/01/2027	99.538 / 103.400	3.862	104.952 / 104.952	5	605
017292-UK-7	ALLEGHENY CNTY PA INDL DEV AUTH REV REF-POLLUTN CTL-B-RMKT-9/4/02	4.050	09/01/2011	98.220 / 101.943	3.723	104.027 / 104.027	13	840
472906-AV-8	JEFFERSON CNTY KY GOVERNMENTAL PROJ LEASE REV UNIV LOUISVILLE CARDINAL STAD	5.400	03/01/2018	97.321 / 100.757	3.436		4	115
26822L-BH-6	E-470 PUB HWY AUTH COLO REV CAP APPREC-SR-SER B	0.000	09/01/2022	47.599 / 51.000	3.401	50.350 / 53.810	7	450
34073N-CG-3	FLORIDA HSG FIN CORP REV HSG-AUGUSTINE CLUB APTS-D-1	5.750	10/01/2030	107.276 / 110.650	3.374	110.705 / 110.705	4	20+3
167501-UP-8	CHICAGO ILL BRD ED CAP APPREC-SCH REFORM-B-1	0.000	12/01/2020	53.057 / 56.430	3.373		2	40

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)
20772E-LW-1	CONNECTICUT ST CAP APPREC-COLLEGE SAVINGS-B	0.000	12/15/2013		73.770 / 81.558	7.788	2	7
756864-BT-0	RED RIVER AUTH TEX POLLUTN CTL REV REF-AEP TEX NORTH CO PUB SVC	4.450	06/01/2020	97.318 / 97.318	95.419 / 102.364	6.945	14	1850+4
13063A-CR-3	CALIFORNIA ST VAR PURP	5.000	06/01/2037	100.586 / 100.810	100.733 / 106.451	5.718	67	6830+6
130684-JE-4	CALIFORNIA ST PUB WKS BRD LEASE REV REF-DEPT CORRECTIONS-SER D	2.500	12/01/2010	97.996 / 97.996	99.916 / 105.049	5.133	7	215
373541-ZQ-7	GEORGIA MUN ELEC AUTH PWR REV UNREFUNDED BAL-CAP APPREC-Q	0.000	01/01/2012	78.155 / 78.155	78.156 / 83.000	4.844	4	40
389520-BD-8	GRAYS HBR CNTY WASH PUB FACS DIST LTD SALES TAX	5.050	12/01/2031		89.180 / 93.882	4.702	2	40
837031-KZ-5	SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH ECONOMIC DEV REV BON SECOURS HEALTH SYS INC-A	5.500	11/15/2023		100.000 / 104.628	4.628	5	145
19648A-DE-2	COLORADO HEALTH FACS AUTH REV CATHOLIC HEALTH INITIATIVES-A	4.500	09/01/2038		96.625 / 101.250	4.625	6	205
00644P-AV-8	ADAMS 12 FIVE STAR SCHS COLO CTFS PARTN	4.500	12/01/2027		98.066 / 102.577	4.511	19	4065
59259R-4P-6	METROPOLITAN TRANSN AUTH N Y REV TRANSN-SER B	4.500	11/15/2037		98.250 / 102.750	4.500	18	880

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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