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: 02/01/2008.

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)
29216M-AC-4	EMPLOYEES RETIREMENT SYS GOVT COMWLTH PUERTO RICO RETAIL-SR PENSION FDG-SER A	6.150	07/01/2038	28.316 / 28.316	100.000 / 100.000	71.684	36	6630+4
658196-PP-9	NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV REF-SER B	6.000	01/01/2022	105.625 / 116.300	110.457 / 116.900	11.275	6	215
745190-DH-8	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV SER A-MBIA IBC	4.750	07/01/2038	94.234 / 99.310	102.310 / 103.890	9.656	16	255
929836-AN-4	WACO TEX HEALTH FACS DEV CORP FHA INSD MTG REV HILLCREST HEALTH SYS PJ-SER A	4.500	08/01/2035	90.200 / 93.680	97.680 / 97.680	7.480	3	215
59259R-UX-0	METROPOLITAN TRANSN AUTH N Y REV SER A	4.500	11/15/2034	92.777 / 95.748	99.993 / 99.993	7.216	3	155
80585P-BA-6	SCAGO EDL FACS CORP FOR COLLETON SCH DIST S C SCH PROJ	4.375	12/01/2031	91.779 / 91.779	98.890 / 98.890	7.111	4	90
951255-DK-1	WEST BASIN CALIF MUN WTR DIST REV CTFS PARTN REF-SER A	5.000	08/01/2027	98.794 / 98.794	105.835 / 105.835	7.041	5	200
745145-BC-5	PUERTO RICO COMWLTH CAP APPREC-REF-MBIA IBC	0.000	07/01/2014	74.105 / 79.123	80.171 / 81.075	6.970	9	1320
785652-CC-0	SABINE RIVER AUTH TEX POLLUTN CTL REV REF-TXU ENERGY CO LLC PJ-SER B	6.150	08/01/2022	91.937 / 91.937	98.587 / 98.587	6.650	2	20
59259R-UQ-5	METROPOLITAN TRANSN AUTH N Y REV MUNI-STEPS-SER A	3.400	11/15/2026	92.994 / 97.000	99.500 / 99.500	6.506	6	700

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)
658196-PP-9	NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV REF-SER B	6.000	01/01/2022	105.625 / 116.300	10.675	110.457 / 116.900	6	215
413893-AH-1	HARRIS CNTY-HOUSTON TEX SPORTS AUTH SPL REV SR LIEN-SER A	5.000	11/15/2028	91.491 / 97.021	5.530		3	15
745190-DH-8	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV SER A-MBIA IBC	4.750	07/01/2038	94.234 / 99.310	5.076	102.310 / 103.890	16	255
745145-BC-5	PUERTO RICO COMWLTH CAP APPREC-REF-MBIA IBC	0.000	07/01/2014	74.105 / 79.123	5.018	80.171 / 81.075	9	1320
869557-BS-6	SUWANEE GA REF	4.250	01/01/2029	91.294 / 96.151	4.857		3	160
401905-BF-0	GULF COAST WASTE DISP AUTH TEX REV WASTE DISP-VALERO ENERGY CORP	5.600	04/01/2032	93.600 / 98.000	4.400		2	35
59259R-UQ-5	METROPOLITAN TRANSN AUTH N Y REV MUNI-STEPS-SER A	3.400	11/15/2026	92.994 / 97.000	4.006	99.500 / 99.500	6	700
05922K-GY-9	BALTIMORE MD PROJ REV WTR PROJS-SER A	4.200	07/01/2028	89.655 / 93.500	3.845	96.000 / 96.000	7	180
397090-EC-1	GREENWOOD CNTY S C HOSP REV FACS-SELF MEMORIAL HOSP	5.500	10/01/2031	98.625 / 102.399	3.774		4	35
958324-AN-5	WESTERN HILLS WTR DIST CALIF SPL TAX DIABLO GRANDE CMNTY FACS NO 1	6.875	09/01/2031	91.750 / 95.375	3.625	94.875 / 95.875	9	700

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)
658196-PP-9	NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV REF-SER B	6.000	01/01/2022	105.625 / 116.300	110.457 / 116.900	6.443	6	215
64985W-8W-7	NEW YORK ST ENVIRONMENTAL FACS CORP ST CLEAN WTR & DRINKING REVOLVING FDS-2ND RESOLUTION-C	4.500	06/15/2030		97.500 / 103.000	5.500	2	10
13062T-H8-0	CALIFORNIA ST REF	4.250	08/01/2033		91.239 / 95.868	4.629	69	4045
773835-AV-5	ROCKPORT IND POLLUTION CTL REV IND MICH PWR CO PROJ-SER A	4.625	06/01/2025	94.172 / 94.172	95.782 / 100.002	4.220	33	2405
95984R-AW-0	WESTERN VA REGL JAIL AUTH VA REGL JAIL FAC REV	4.250	06/01/2034		97.000 / 101.211	4.211	3	55
44420P-AB-0	HUDSON YDS INFRASTRUCTURE CORP N Y REV SER A-FGIC	5.000	02/15/2047		99.500 / 103.673	4.173	17	3435
57429R-AS-2	MARYLAND ST TRANSN AUTH GRANT & REV ANTIC	5.000	03/01/2016		110.874 / 114.915	4.041	5	575
558459-PW-7	MADISON WIS CMNTY DEV AUTH REV TAXABLE-REDEV LEASE-MONONA-C	7.000	10/01/2016		100.000 / 104.000	4.000	2	140
545149-FY-7	LOS ANGELES CNTY CALIF SANTN DISTS FING AUTH REV CAP PROJS-DIST NO 20 SUB-SER A	4.500	10/01/2042		90.983 / 94.952	3.969	73	10600+3
765433-FM-4	RICHMOND VA PUB UTIL REV	4.500	01/15/2033	98.000 / 98.000	99.125 / 102.997	3.872	58	5430

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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