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: 02/15/2008.

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)
969119-AA-4	WILLACY CNTY TEX PUB FAC CORP PROJ REV SER A-1	8.250	12/01/2023	95.108 / 95.108	96.158 / 104.500	9.392	5	55
60374V-BX-0	MINNEAPOLIS MINN HEALTH CARE SYS REV ALLINA HEALTH SYS-A	5.750	11/15/2032	105.739 / 105.739	114.202 / 114.500	8.761	6	120
73358T-K2-6	PORT AUTH N Y & N J CONS-138TH-FSA-CR	4.750	12/01/2034	91.330 / 91.330	94.750 / 99.378	8.048	4	100
438701-AN-4	HONOLULU HAWAII CITY & CNTY WASTEWTR SYS REV 2ND BD RESOLUTION-JR SER	4.500	07/01/2028	93.755 / 93.755	95.255 / 101.675	7.920	3	20
59333P-EE-4	MIAMI-DADE CNTY FLA AVIATION REV SER A	5.000	10/01/2033	92.100 / 92.100	100.000 / 100.000	7.900	3	65
407272-G3-1	HAMILTON CNTY OHIO HOSP FACS REV CHILDRENS HOSP MED CTR-SER G	4.750	05/15/2028	92.531 / 92.531	100.000 / 100.000	7.469	3	105
38122N-NZ-1	GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV ASSET-BKD-SR-SER A-1	5.000	06/01/2033	85.175 / 85.175	90.750 / 91.750	6.575	4	160
13066Y-DR-7	CALIFORNIA ST DEPT WTR RES PWR SUPPLY REV SER A	5.500	05/01/2013	105.343 / 105.343	106.580 / 111.884	6.541	8	485
235036-FZ-8	DALLAS FORT WORTH TEX INTL ARPT REV JT-SER A	5.000	11/01/2035	94.000 / 94.000	99.500 / 100.160	6.160	5	30
44420P-AA-2	HUDSON YDS INFRASTRUCTURE CORP N Y REV SER A-MBIA	4.500	02/15/2047	93.875 / 93.875	95.800 / 100.000	6.125	18	680

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)
084522-HP-9	BERKS CNTY PA INDL DEV AUTH REV VAR-KUTZTOWN UNIV FDTN PROJ		01/01/2029	25.000 / 100.000	75.000		2	370
455141-KK-6	INDIANA TRANSN FIN AUTH HWY REV SER A	5.000	06/01/2028	105.000 / 110.536	5.536		3	420
649656-FR-1	NEW YORK N Y PRIN N Y C SAVERS-10%-11/15/11	0.000	11/15/2011	85.800 / 90.073	4.273		3	85
798147-UG-7	SAN JOSE CALIF REDEV AGY TAX ALLOCATION MERGED AREA REDEV PROJ	5.000	08/01/2032	103.000 / 106.799	3.799		2	325
07202A-AQ-1	BAY AREA INFRASTRUCTURE FING AUTH CALIF ST PMT ACCELERATION NTS	5.000	08/01/2017	103.200 / 106.717	3.517		7	855
056559-AE-7	BADGER TOB ASSET SECURITIZATION CORP WIS TOB ASSET-BKD	5.000	06/01/2009	97.500 / 100.950	3.450		3	50
76912T-DF-7	RIVERSIDE CNTY CALIF PUB FING AUTH TAX ALLOC REV REDEV PROJS-SER A	4.000	10/01/2019	91.513 / 94.637	3.124		2	40
733581-SF-0	PORT AUTH N Y & N J CONS-ONE HUNDRED SIXTEENTH SER	4.250	10/01/2026	93.257 / 95.823	2.566	96.400 / 96.400	3	85
915115-Q5-1	UNIVERSITY TEX PERM UNIV FD SER B	4.500	07/01/2033	95.240 / 97.785	2.545	100.000 / 100.000	7	415
686053-BP-3	OREGON SCH BRDS ASSN TAXABLE-PENSION-SER B	5.500	06/30/2021	95.535 / 98.000	2.465	98.500 / 98.500	4	25

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)
969119-AA-4	WILLACY CNTY TEX PUB FAC CORP PROJ REV SER A-1	8.250	12/01/2023	95.108 / 95.108	96.158 / 104.500	8.342	5	55
66988T-AU-7	NOVATO CALIF REDEV AGY TAX ALLOCATION HSG-HAMILTON FIELD REDEV PJ	4.250	09/01/2023		95.078 / 101.842	6.764	2	35
438701-AN-4	HONOLULU HAWAII CITY & CNTY WASTEWTR SYS REV 2ND BD RESOLUTION-JR SER	4.500	07/01/2028	93.755 / 93.755	95.255 / 101.675	6.420	3	20
915355-CA-7	UPLAND CALIF CMNTY REDEV AGY TAX ALLOCATION REF-A MERGED PROJ	4.250	09/01/2026		93.068 / 99.300	6.232	3	150
74526Q-PJ-5	PUERTO RICO ELEC PWR AUTH PWR REV REF-SER V V	5.250	07/01/2025		102.122 / 107.754	5.632	11	295
646065-DS-8	NEW JERSEY ST EDL FACS AUTH REV KEAN UNIV-SER D	5.000	07/01/2039	99.900 / 99.900	100.000 / 105.409	5.409	8	155+2
13066Y-DR-7	CALIFORNIA ST DEPT WTR RES PWR SUPPLY REV SER A	5.500	05/01/2013	105.343 / 105.343	106.580 / 111.884	5.304	8	485
017292-UJ-0	ALLEGHENY CNTY PA INDL DEV AUTH REV REF-POLLUTN CTL-A-RMKT-9/4/02	4.350	12/01/2013		100.000 / 104.648	4.648	4	70
73358T-K2-6	PORT AUTH N Y & N J CONS-138TH-FSA-CR	4.750	12/01/2034	91.330 / 91.330	94.750 / 99.378	4.628	4	100
542690-E2-4	LONG ISLAND PWR AUTH N Y ELEC SYS REV GEN-SER F	4.250	05/01/2033	94.679 / 94.679	94.193 / 98.750	4.557	27	2105

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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