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: 02/19/2008.

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)
235036-FW-5	DALLAS FORT WORTH TEX INTL ARPT REV JT-SER A-AMBAC	5.000	11/01/2032	89.642 / 96.730	97.600 / 100.000	10.358	25	530
167485-GG-0	CHICAGO ILL PREREFUNDED-NEIGHBORHOODS-A	5.000	01/01/2041	102.000 / 102.500	106.500 / 112.310	10.310	5	190
57583R-QE-8	MASSACHUSETTS ST DEV FIN AGY REV ED-DEXTER SCH PROJ	5.000	05/01/2033	93.120 / 93.120	103.335 / 103.335	10.215	4	325
64971P-FG-5	NEW YORK N Y CITY INDL DEV AGY REV YANKEE STADIUM PJ-PILOT	4.500	03/01/2039	89.535 / 89.535	97.993 / 98.500	8.965	9	610
735388-3N-8	PORT SEATTLE WASH REV SER A	5.000	04/01/2031	94.277 / 97.660	103.130 / 103.130	8.853	6	935
93978E-A5-1	WASHINGTON ST HEALTH CARE FACS AUTH REV PROVIDENCE HEALTH CARE SVCS-A	4.625	10/01/2034	91.250 / 91.250	100.083 / 100.083	8.833	3	290
59465E-PT-4	MICHIGAN ST HOSP FIN AUTH REV REF-HOSP-DETROIT MEDICAL GRP-A	5.250	08/15/2027	91.777 / 91.777	100.318 / 100.318	8.541	4	255
13062R-RX-8	CALIFORNIA ST REF	5.000	08/01/2023	99.784 / 99.784	105.625 / 107.500	7.716	12	1990
251237-G2-3	DETROIT MICH SEW DISP REV SECOND LIEN-SER A	4.500	07/01/2035	90.855 / 95.440	98.440 / 98.440	7.585	8	350
03672T-BA-4	ANTELOPE VY-EAST KERN CALIF WTR AGY CTFS PARTN SER A-1	4.250	06/01/2032	86.700 / 86.700	88.500 / 94.250	7.550	4	220

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)
235036-FW-5	DALLAS FORT WORTH TEX INTL ARPT REV JT-SER A-AMBAC	5.000	11/01/2032	89.642 / 96.730	7.088	97.600 / 100.000	25	530
732557-AJ-2	PONTIAC MICH HOSP FIN AUTH HOSP REV NOMC OBLIG GROUP	6.000	08/01/2018	69.700 / 76.481	6.781		5	130
60412P-BA-7	MINNESOTA ST MUN PWR AGY ELEC REV	4.375	10/01/2025	90.234 / 95.194	4.960	92.734 / 92.734	4	720
745235-C3-3	PUERTO RICO PUB BLDGS AUTH REV GTD PREREFUNDED-GOVT FACS-D	5.125	07/01/2024	107.200 / 111.832	4.632	109.490 / 109.490	12	895
251237-G2-3	DETROIT MICH SEW DISP REV SECOND LIEN-SER A	4.500	07/01/2035	90.855 / 95.440	4.585	98.440 / 98.440	8	350
658203-QQ-0	NORTH CAROLINA MUN PWR AGY NO 1 CATAWBA ELEC REV	6.000	01/01/2010	100.471 / 104.842	4.371		4	115
59334P-AW-7	MIAMI-DADE CNTY FLA TRAN SYS SALES SURTAX REV	4.500	07/01/2027	88.368 / 92.581	4.213	90.368 / 90.368	5	185
741705-AP-2	PRINCE GEORGES CNTY MD CTFS PARTN CAP APPREC-SER A	0.000	06/30/2011	78.816 / 83.005	4.189		4	230
735240-NS-8	PORT PORTLAND ORE ARPT REV AMT-PORTLAND INTL ARPT-SER 12C	5.000	07/01/2014	96.000 / 100.166	4.166	100.000 / 100.000	4	110
576018-AM-7	MASSACHUSETTS ST TPK AUTH MET HWY SYS REV SR-SER A	5.000	01/01/2037	95.135 / 99.250	4.115	100.830 / 100.830	9	170

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)
267041-GG-0	DUTCHESS CNTY N Y INDL DEV AGY CIVIC FAC REV BARD COLL CIVIC FC-SER A-2	4.500	08/01/2036		90.349 / 98.683	8.334	4	135
28268K-CC-5	EL CAJON CALIF REDEV AGY TAX ALLOCATION REF	4.500	10/01/2036		93.250 / 99.263	6.013	2	75
167485-GG-0	CHICAGO ILL PREREFUNDED-NEIGHBORHOODS-A	5.000	01/01/2041	102.000 / 102.500	106.500 / 112.310	5.810	5	190
03672T-BA-4	ANTELOPE VY-EAST KERN CALIF WTR AGY CTFS PARTN SER A-1	4.250	06/01/2032	86.700 / 86.700	88.500 / 94.250	5.750	4	220
888808-DF-6	TOBACCO SETTLEMENT FING CORP N J SR-SER 1A	5.000	06/01/2041	82.680 / 85.000	84.000 / 89.250	5.250	12	120+2
933623-BQ-2	WAMEGO KANS POLLUTN CTL REV REF-WESTAR ENERGY INC PROJ	5.000	02/01/2033	97.980 / 101.667	99.980 / 104.470	4.490	7	110
011415-KX-3	ALAMO TEX CMNTY COLLEGE DIST	4.500	08/15/2033	94.105 / 94.105	95.605 / 100.000	4.395	14	1640
900173-BA-2	TURLOCK CALIF HEALTH FAC REV CTFS PARTN EMANUEL MED CTR INC	5.375	10/15/2034		95.646 / 100.000	4.354	4	75
762236-CE-5	RHODE ISLAND ST ECONOMIC DEV CORP REV GRANT ANTIC-R I DEPT TRANSN-A	5.000	06/15/2018	108.010 / 108.010	108.703 / 113.044	4.341	5	850
71883M-CQ-5	PHOENIX ARIZ CIVIC IMPT CORP ARPT REV AMT-SR LIEN-SER B	5.250	07/01/2032		98.600 / 102.934	4.334	4	40

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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