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: 01/31/2008.

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)
724787-AR-7	PITTSBURGH & ALLEGHENY CNTY PA PUB AUD AUTH EXCISE TAX REV HOTEL ROOM	4.500	02/01/2029	90.500 / 101.000	96.058 / 101.000	10.500	7	132
64972F-HY-5	NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV SER A	4.250	06/15/2039	88.625 / 88.625	95.815 / 98.492	9.867	10	305
64985W-8W-7	NEW YORK ST ENVIRONMENTAL FACS CORP ST CLEAN WTR & DRINKING REVOLVING FDS-2ND RESOLUTION-C	4.500	06/15/2030	94.573 / 94.573	102.000 / 103.500	8.927	7	50
59333P-EE-4	MIAMI-DADE CNTY FLA AVIATION REV SER A	5.000	10/01/2033	92.833 / 98.020	101.020 / 101.020	8.187	6	105
650013-T3-9	NEW YORK ST TWY AUTH HWY & BRDG TR FD GEN-SECOND-SER B	5.500	04/01/2020	107.791 / 115.000	115.500 / 115.500	7.709	7	245
346668-CS-3	FORSYTH MONT POLLUTION CTL REV REF-PUGET SOUND ENERGY-A	5.000	03/01/2031	98.500 / 98.500	102.766 / 106.131	7.631	6	90
745190-K2-3	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV PREREFUNDED-SER G	5.000	07/01/2042	105.000 / 109.125	112.534 / 112.534	7.534	8	215
827666-AC-2	SILVER DOLLAR MET DIST COLO REF & IMPT	5.100	12/01/2030	90.580 / 90.580	98.010 / 98.010	7.430	6	70
542690-E2-4	LONG ISLAND PWR AUTH N Y ELEC SYS REV GEN-SER F	4.250	05/01/2033	90.186 / 90.186	94.875 / 97.500	7.314	14	325
745268-6K-3	PUERTO RICO ELEC PWR AUTH PWR REV SER L	5.500	07/01/2017	105.858 / 105.858	113.114 / 113.114	7.256	4	130

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)
724787-AR-7	PITTSBURGH & ALLEGHENY CNTY PA PUB AUD AUTH EXCISE TAX REV HOTEL ROOM	4.500	02/01/2029	90.500 / 101.000	10.500	96.058 / 101.000	7	132
650013-T3-9	NEW YORK ST TWY AUTH HWY & BRDG TR FD GEN-SECOND-SER B	5.500	04/01/2020	107.791 / 115.000	7.209	115.500 / 115.500	7	245
686543-FF-1	ORLANDO & ORANGE CNTY EXPWY AUTH FLA EXPWY REV SR LIEN	7.625	07/01/2018	122.814 / 128.318	5.504	128.968 / 128.968	5	1320
235036-FZ-8	DALLAS FORT WORTH TEX INTL ARPT REV JT-SER A	5.000	11/01/2035	93.200 / 98.670	5.470	97.625 / 100.170	6	80
59333P-EE-4	MIAMI-DADE CNTY FLA AVIATION REV SER A	5.000	10/01/2033	92.833 / 98.020	5.187	101.020 / 101.020	6	105
54474C-CX-3	LOS ANGELES CNTY CALIF PENSION OBLIG CAP APPREC-TAXABLE-SER D	0.000	06/30/2010	85.033 / 90.151	5.118		5	250
759136-LL-6	REGIONAL TRANSN DIST COLO SALES TAX REV FASTRACKS PROJ-SER A	4.375	11/01/2031	93.069 / 98.121	5.052	100.250 / 100.250	5	440
25457V-AA-4	DIRECTOR ST NEV DEPT BUSINESS & INDUSTRY LAS VEGAS MONORAIL PJ-1ST TIER	5.625	01/01/2032	84.625 / 89.387	4.762	85.375 / 85.375	7	410+2
46263R-CT-0	IPS MULTI-SCH BLDG CORP IND FIRST MTG	4.500	07/15/2031	94.495 / 99.165	4.670	99.390 / 99.390	5	380
566820-HT-6	MARICOPA CNTY ARIZ INDL DEV AUTH HOSP FAC REV MAYO CLINIC HOSP	5.250	11/15/2037	94.402 / 98.630	4.228	101.130 / 101.130	3	85

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)
696543-HZ-3	PALM BEACH CNTY FLA PUB IMPT REV BIOMEDICAL RESH PK PROJ-SER C	4.375	11/01/2027	98.940 / 99.145	93.495 / 101.260	7.765	7	655
246361-AV-1	DELAWARE RIV PORT AUTH PA & NJ DEL RIV BRDGS REV	6.500	01/15/2011		100.000 / 107.715	7.715	2	72
256471-HJ-5	DODGE KANS UNI SCH DIST NO 443 FORD CNTY REF-CAP OUTLAY	3.500	09/01/2014		102.351 / 109.899	7.548	9	585
763631-XQ-6	RICHLAND CNTY S C TAXABLE-SER B	5.000	03/01/2016		95.500 / 102.094	6.594	2	45
888808-DF-6	TOBACCO SETTLEMENT FING CORP N J SR-SER 1A	5.000	06/01/2041	85.629 / 86.059	83.517 / 89.596	6.079	37	2225
899124-GP-0	TULARE CALIF SWR REV	4.250	11/15/2032		88.111 / 93.756	5.645	2	55
724787-AR-7	PITTSBURGH & ALLEGHENY CNTY PA PUB AUD AUTH EXCISE TAX REV HOTEL ROOM	4.500	02/01/2029	90.500 / 101.000	96.058 / 101.000	4.942	7	132
574217-ZX-6	MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV FHA INSD MTG-WESTERN MD HLTH-A	5.000	07/01/2034		101.296 / 106.125	4.829	3	35+2
162410-CD-4	CHATTANOOGA TENN HEALTH EDL & HSG FAC BRD REV REF-CDFI PHASE I LLC PJ-SR-A	5.000	10/01/2025		93.745 / 98.500	4.755	6	1130
047870-DK-3	ATLANTA GA WTR & WASTEWTR REV SER A-UNREFUNDED BALANCE	5.000	11/01/2038	98.000 / 98.000	99.100 / 103.758	4.658	6	65

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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