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: 02/11/2008.

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)
25457V-AA-4	DIRECTOR ST NEV DEPT BUSINESS & INDUSTRY LAS VEGAS MONORAIL PJ-1ST TIER	5.625	01/01/2032	84.369 / 84.769	95.715 / 97.408	13.039	15	285
235036-FZ-8	DALLAS FORT WORTH TEX INTL ARPT REV JT-SER A	5.000	11/01/2035	87.517 / 98.660	100.000 / 100.160	12.643	11	170
20056N-EE-6	COMMERCE CALIF JT PWRS FING AUTH REV REDEV PROJ NO 1-SER A	4.375	08/01/2025	89.560 / 89.560	98.951 / 98.951	9.391	4	1000
927688-EH-0	VIRGIN ISLANDS WTR & PWR AUTH ELEC SYS REV	4.500	07/01/2028	89.427 / 89.427	98.251 / 98.251	8.824	2	20
472902-HT-5	JEFFERSON CNTY KY HEALTH FACS REV PREREFUNDED-ALLIANT HEALTH SYS	5.125	10/01/2027	98.495 / 98.495	107.266 / 107.266	8.771	5	145
577635-AH-8	MAURY CNTY TENN INDL DEV BRD POLLUTN CTL REV MULTI-MODAL-REF-SATURN CORP PJ	6.500	09/01/2024	93.487 / 93.487	102.000 / 102.000	8.513	2	50
052455-CJ-9	AUSTIN TEX REV REF-SUB LIEN-SER A	4.250	05/15/2028	90.000 / 90.000	94.158 / 98.445	8.445	6	85
419800-EH-6	HAWAII ST DEPT BUDGET & FIN SPL PURP REV HAWAIIAN ELEC CO INC PJS-SER A	5.100	09/01/2032	91.000 / 91.000	99.100 / 99.100	8.100	6	45
798147-K5-2	SAN JOSE CALIF REDEV AGY TAX ALLOCATION MERGED AREA REDEV PROJ-SER B	4.500	08/01/2035	85.513 / 89.850	93.324 / 93.324	7.811	4	255
64579F-GC-1	NEW JERSEY HEALTH CARE FACS FING AUTH REV RWJ HEALTH CARE CORP-SER B	4.500	07/01/2029	90.000 / 90.000	97.342 / 97.342	7.342	5	100

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)
974476-AB-9	WINNEBAGO CNTY ILL REV VAR-YMCA ROCK RIVER VY PROJ		07/01/2036	10.000 / 100.000	90.000		2	20
235036-FZ-8	DALLAS FORT WORTH TEX INTL ARPT REV JT-SER A	5.000	11/01/2035	87.517 / 98.660	11.143	100.000 / 100.160	11	170
79727L-AT-6	SAN DIEGO CALIF CONVENTION CTR EXPANSION FING AUTH LEASE REV SER A	4.750	04/01/2028	92.336 / 99.933	7.597		5	70
277583-AL-4	EASTON MD RETIREMENT CMNTY REV TAXABLE-WILLIAM HILL MANOR-B	7.000	01/01/2024	91.600 / 97.024	5.424	94.600 / 94.600	6	40
442348-T7-3	HOUSTON TEX ARPT SYS REV SUB LIEN-SER A	5.125	07/01/2032	94.500 / 99.160	4.660	101.000 / 101.660	8	105
798147-K5-2	SAN JOSE CALIF REDEV AGY TAX ALLOCATION MERGED AREA REDEV PROJ-SER B	4.500	08/01/2035	85.513 / 89.850	4.337	93.324 / 93.324	4	255
13062N-C3-9	CALIFORNIA ST	5.000	02/01/2029	104.375 / 108.453	4.078	109.180 / 109.338	7	450
69753R-AX-2	PALOMAR POMERADO HEALTH CALIF ELECTION OF 2004-SER A	4.500	08/01/2029	92.850 / 96.625	3.775		4	85
80218M-CS-8	SANTA FE SPRINGS CALIF CMNTY DEV COMMN TAX ALLOCATION CONS REDEV PROJ-SER A	4.300	09/01/2015	98.634 / 102.334	3.700	102.200 / 102.200	6	175
13062P-QZ-8	CALIFORNIA ST	5.000	04/01/2012	105.495 / 108.659	3.164		4	160

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)
207900-BV-2	CONNECTICUT ST DEV AUTH WTR FAC REV REF-AQUARION WTR CO PROJ-SER A	4.500	08/01/2035		89.154 / 98.104	8.950	4	115
13062T-YX-6	CALIFORNIA ST VAR PURP	4.250	12/01/2029	92.750 / 95.873	92.750 / 98.067	5.317	16	625
745235-H8-7	PUERTO RICO PUB BLDGS AUTH REV GTD GOVT FACS-F-XLCA-MBIA IBC	5.250	07/01/2023		104.300 / 109.093	4.793	29	2530+1
052455-CJ-9	AUSTIN TEX REV REF-SUB LIEN-SER A	4.250	05/15/2028	90.000 / 90.000	94.158 / 98.445	4.287	6	85
167592-A5-3	CHICAGO ILL O HARE INTL ARPT REV REF-GEN ARPT-THIRD LIEN-SER E	4.750	01/01/2029	96.000 / 97.650	96.000 / 100.000	4.000	4	110
888806-AC-0	TOBACCO SETTLEMENT REV MGMT AUTH S C TOB SETTLEMENT REV SER B	6.375	05/15/2028		102.000 / 105.961	3.961	6	240
163357-HB-5	CHELSEA MICH SCH DIST REF	5.000	05/01/2025		103.875 / 107.789	3.914	2	55
888806-AD-8	TOBACCO SETTLEMENT REV MGMT AUTH S C TOB SETTLEMENT REV SER B	6.375	05/15/2030		98.875 / 102.696	3.821	2	25
745235-H9-5	PUERTO RICO PUB BLDGS AUTH REV GTD REF-GOVT FACS-F-XLCA-MBIA IBC	5.250	07/01/2019		106.100 / 109.702	3.602	5	190
64971P-DT-9	NEW YORK N Y CITY INDL DEV AGY REV QUEENS BASEBALL STADIUM-PILOT	5.000	01/01/2025		104.066 / 107.650	3.584	6	185

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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