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: 02/12/2008.

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)
05922K-CX-5	BALTIMORE MD PROJ REV REF-WTR PROJS-SER A	5.000	07/01/2028	101.516 / 101.516	104.409 / 111.000	9.484	6	220
64966F-GA-6	NEW YORK N Y PREREFUNDED-SER I	5.750	03/01/2019	105.425 / 111.983	113.283 / 113.283	7.858	5	195
896221-AA-6	TRIMBLE CNTY KY ENVIRONMENTAL FACS REV REF-LOUISVILLE GAS & ELEC CO-A	4.600	06/01/2033	93.050 / 93.050	100.746 / 100.746	7.696	3	105
38122N-PB-2	GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV ASSET-BKD-SR-SER A-1	5.125	06/01/2047	84.000 / 86.703	89.468 / 91.250	7.250	34	1125
167485-V2-4	CHICAGO ILL UNREFUNDED BAL-PROJ & REF-A	5.000	01/01/2031	95.000 / 101.349	100.154 / 102.250	7.250	8	65
64966G-RD-6	NEW YORK N Y PREREFUNDED-SER C	5.000	09/15/2028	105.347 / 110.262	110.049 / 112.344	6.997	7	100
221825-AQ-5	COTTONWOOD AZ WTR REV SYS-SR LIEN	4.125	07/01/2022	93.057 / 93.057	100.000 / 100.000	6.943	4	130
592041-CL-9	MET GOVT NASHVILLE & DAVIDSON CNTY TENN H & E FACS BRD REV HOSP-BAPTIST HOSP INC-SER A	4.875	11/01/2028	103.012 / 103.520	109.750 / 109.750	6.738	7	135
870470-EU-1	SWEETWATER CALIF UN HIGH SCH DIST CTFS PARTN	4.125	09/01/2018	99.178 / 99.178	105.915 / 105.915	6.737	2	45
091156-GE-3	BIRMINGHAM JEFFERSON ALA CIVIC CTR AUTH SPL TAX CAP APPREC-REF & CAP OUTLAY	0.000	09/01/2017	63.508 / 63.508	70.145 / 70.145	6.637	2	115

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)
64966F-GA-6	NEW YORK N Y PREREFUNDED-SER I	5.750	03/01/2019	105.425 / 111.983	6.558	113.283 / 113.283	5	195
167485-V2-4	CHICAGO ILL UNREFUNDED BAL-PROJ & REF-A	5.000	01/01/2031	95.000 / 101.349	6.349	100.154 / 102.250	8	65
745190-TU-2	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV SER K	5.000	07/01/2040	106.625 / 111.899	5.274	113.005 / 113.005	6	345
486062-T9-3	KATY TEX INDPT SCH DIST SER B	5.000	02/15/2032	100.000 / 105.095	5.095	105.610 / 105.610	5	30
64966G-RD-6	NEW YORK N Y PREREFUNDED-SER C	5.000	09/15/2028	105.347 / 110.262	4.915	110.049 / 112.344	7	100
79765R-KF-5	SAN FRANCISCO CALIF CITY & CNTY PUB UTILS COMMN WTR REV SER A	4.500	11/01/2031	95.500 / 100.141	4.641	100.266 / 100.266	4	160
416454-AB-2	HARTFORD CONN PKG SYS REV SER A	6.500	07/01/2025	104.700 / 109.283	4.583		3	110
745268-4S-8	PUERTO RICO ELEC PWR AUTH PWR REV REF-SER JJ	5.250	07/01/2013	104.152 / 108.720	4.568		4	1225
59259R-LS-1	METROPOLITAN TRANSN AUTH N Y REV REF-TRANSN-SER F	5.000	11/15/2031	99.110 / 103.188	4.078	103.188 / 103.842	5	310
702282-JN-5	PASADENA CALIF UNI SCH DIST REF	5.000	11/01/2012	106.894 / 110.455	3.561		2	35

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)
018340-HJ-1	ALLENTOWN PA TAXABLE-COMP INT-NTS-SER A	0.000	10/01/2030		25.438 / 56.414	30.976	11	435
574217-PT-6	MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV LIFEBRIDGE HEALTH-SER A	5.250	07/01/2020	112.159 / 112.159	102.634 / 112.634	10.000	5	175+2
935018-HT-1	WARREN CNTY MISS GULF OPPNTY ZONE-IMTL PAPER-A	4.800	08/01/2030		91.641 / 100.000	8.359	2	90
05922K-CX-5	BALTIMORE MD PROJ REV REF-WTR PROJS-SER A	5.000	07/01/2028	101.516 / 101.516	104.409 / 111.000	6.591	6	220
680796-BH-1	OLIVENHAIN MUN WTR DIST CALIF BD ACT 1915 REASSESSMENT DIST NO 96-1	5.000	09/02/2027		102.060 / 107.671	5.611	3	480
888808-DE-9	TOBACCO SETTLEMENT FING CORP N J SR-SER 1A	4.750	06/01/2034	84.373 / 84.373	84.490 / 89.432	4.942	4	2050
70917R-MJ-1	PENNSYLVANIA ST HIGHER EDL FACS AUTH REV DREXEL UNIV-SER A	5.000	05/01/2037	102.054 / 102.054	102.279 / 106.512	4.233	20	910+1
79575E-AR-9	SALT VERDE FINL CORP GAS REV ARIZ SR	5.000	12/01/2032		94.779 / 99.000	4.221	26	5750
59259R-S6-2	METROPOLITAN TRANSN AUTH N Y REV TRANSN-SER B	4.500	11/15/2032	97.655 / 97.655	99.000 / 103.125	4.125	123	6760
64971P-FH-3	NEW YORK N Y CITY INDL DEV AGY REV YANKEE STADIUM PJ-PILOT	5.000	03/01/2046		99.500 / 103.536	4.036	18	1070

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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