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: 01/29/2008.

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)
649901-6R-1	NEW YORK ST DORM AUTH REVS ARS-CITY UNIV-3RD GEN-SER 3-B		07/01/2028	10.000 / 100.000	100.000 / 100.000	90.000	33	6375+6
658203-RB-2	NORTH CAROLINA MUN PWR AGY NO 1 CATAWBA ELEC REV PREREFUNDED	6.500	01/01/2010	103.021 / 104.249	116.157 / 116.157	13.136	8	55
13062T-7X-6	CALIFORNIA ST REF-MBIA IBC	4.500	08/01/2030	89.625 / 89.625	100.000 / 100.648	11.023	7	600
796242-LK-9	SAN ANTONIO TEX ARPT SYS REV IMPT-SUB LIEN-PASSANGER FAC	4.625	07/01/2030	87.453 / 95.280	98.280 / 98.280	10.827	11	160
65037R-CL-2	NEWARK N J HSG AUTH PORT AUTH PORT NEWARK MARINE TERM RENT REF-ADDL-NEWARK REDEV PROJ	4.375	01/01/2037	91.538 / 97.500	101.600 / 101.600	10.062	5	185
64983Q-Y8-6	NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT NYU HOSPS CTR-SER A	5.000	07/01/2026	88.250 / 88.250	98.000 / 98.000	9.750	4	40
888808-AR-3	TOBACCO SETTLEMENT FING CORP N J ASSET BKD	5.750	06/01/2032	101.000 / 109.775	109.875 / 109.875	8.875	5	5+4
249181-WD-6	DENVER COLO CITY & CNTY ARPT REV AMT-SER A	5.000	11/15/2025	91.650 / 91.650	100.304 / 100.304	8.654	5	45
574216-3J-4	MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV MEDLANTIC/HELIX ISSUE-SER B	5.250	08/15/2038	99.000 / 99.000	107.170 / 107.170	8.170	3	20
64579F-PJ-6	NEW JERSEY HEALTH CARE FACS FING AUTH REV UNREFUNDED BAL-ST BARNABAS-B	4.750	07/01/2028	92.000 / 98.030	100.000 / 100.000	8.000	6	170

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)
649901-6R-1	NEW YORK ST DORM AUTH REVS ARS-CITY UNIV-3RD GEN-SER 3-B		07/01/2028	10.000 / 100.000	90.000	100.000 / 100.000	33	6375+6
888808-AR-3	TOBACCO SETTLEMENT FING CORP N J ASSET BKD	5.750	06/01/2032	101.000 / 109.775	8.775	109.875 / 109.875	5	5+4
796242-LK-9	SAN ANTONIO TEX ARPT SYS REV IMPT-SUB LIEN-PASSANGER FAC	4.625	07/01/2030	87.453 / 95.280	7.827	98.280 / 98.280	11	160
696656-EZ-6	PALM SPRINGS CALIF CTFS PARTN ZERO-SUB-SER B ETM 04/15/2021	0.000	04/15/2021	50.740 / 57.461	6.721	57.983 / 57.983	3	10+2
64579F-PJ-6	NEW JERSEY HEALTH CARE FACS FING AUTH REV UNREFUNDED BAL-ST BARNABAS-B	4.750	07/01/2028	92.000 / 98.030	6.030	100.000 / 100.000	6	170
65037R-CL-2	NEWARK N J HSG AUTH PORT AUTH PORT NEWARK MARINE TERM RENT REF-ADDL-NEWARK REDEV PROJ	4.375	01/01/2037	91.538 / 97.500	5.962	101.600 / 101.600	5	185
89602N-GZ-1	TRIBOROUGH BRDG & TUNL AUTH N Y REVS PREREFUNDED-GEN PURP-SER A	5.000	01/01/2032	103.145 / 108.090	4.945	108.491 / 108.880	7	515
575898-AL-5	MASSACHUSETTS ST PORT AUTH SPL FACS REV DELTA AIR LINES INC PJ-SER A	5.000	01/01/2027	93.330 / 98.235	4.905	98.000 / 99.000	10	495
650013-D9-3	NEW YORK ST TWY AUTH HWY & BRDG TR FD REF-SER C	5.500	04/01/2014	103.537 / 108.360	4.823		4	50
64578C-AE-1	NEW JERSEY ECONOMIC DEV AUTH SPL FAC REV CONTINENTAL AIRLINES INC PJ	6.250	09/15/2019	91.000 / 95.485	4.485	95.929 / 95.929	8	1130

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)
196458-P5-6	COLORADO EDL & CULTURAL FACS AUTH REV CHARTER SCH-RIDGEVIEW-SER A	5.500	08/15/2035		104.811 / 111.134	6.323	4	95
13063A-CL-6	CALIFORNIA ST VAR PURP	5.000	06/01/2026		101.559 / 107.874	6.315	2	30+1
13062T-ZB-3	CALIFORNIA ST VAR PURP	4.250	12/01/2035	88.514 / 88.514	89.318 / 95.375	6.057	17	645+1
59259R-4P-6	METROPOLITAN TRANSN AUTH N Y REV TRANSN-SER B	4.500	11/15/2037		98.500 / 104.000	5.500	17	270
59259R-Z7-2	METROPOLITAN TRANSN AUTH N Y REV TRANSN-SER A	4.750	11/15/2037	98.500 / 98.690	99.000 / 104.100	5.100	274	24325+4
46937A-AB-4	JACKSONVILLE FLA ECONOMIC DEV COMMN POLLUTION CTL SEW SOLID AMT-ANHEUSER BUSCH CO-SER B	4.750	03/01/2047	86.252 / 86.252	89.221 / 94.070	4.849	4	1070
73358T-M4-0	PORT AUTH N Y & N J CONS-ONE HUNDRED FORTY-NINTH	4.500	11/15/2034		98.625 / 103.375	4.750	39	2085
13062T-H8-0	CALIFORNIA ST REF	4.250	08/01/2033	91.960 / 91.960	91.660 / 96.348	4.688	39	2085
13063A-CR-3	CALIFORNIA ST VAR PURP	5.000	06/01/2037	99.333 / 101.434	99.383 / 103.750	4.367	74	6275+4
574217-P3-3	MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV LIFEBRIDGE HEALTH	4.750	07/01/2038		100.448 / 104.750	4.302	6	110

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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