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: 02/20/2008.

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)
304286-AK-3	FAIRFIELD CNTY OHIO HOSP FACS REV FAIRFIELD MED CTR PJ	5.000	06/15/2033	91.314 / 91.314	98.500 / 101.738	10.424	7	90
57586C-MF-9	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV EMERSON HOSP-SER E	5.000	08/15/2035	90.724 / 90.983	90.983 / 100.000	9.276	7	120+4
91417K-GZ-8	UNIVERSITY COLO ENTERPRISE SYS REV SER B	4.375	06/01/2035	88.000 / 88.000	96.367 / 96.367	8.367	7	205
341422-RS-4	FLORIDA ST BRD ED CAP OUTLAY PUB ED-SER B	4.500	06/01/2028	91.551 / 92.537	99.850 / 99.850	8.299	8	130
155048-BB-6	CENTRAL PUGET SOUND WASH REGL TRAN AUTH SALES TAX & MOTOR	4.750	02/01/2028	94.407 / 97.000	96.760 / 102.486	8.079	10	235
121822-AM-2	BURLINGTON KANS ENVIRONMENTAL IMPT REV KANSAS CITY PWR & LT CO PROJ	4.650	09/01/2035	89.100 / 89.100	97.096 / 97.096	7.996	2	160
10623N-AR-6	BRAZOS RIV TEX HBR NAV DIST BRAZORIA CNTY ENVIRONMENTAL DOW CHEMICAL CO PROJ-SER B-2	4.950	05/15/2033	92.000 / 92.000	99.280 / 99.280	7.280	2	80
575898-AL-5	MASSACHUSETTS ST PORT AUTH SPL FACS REV DELTA AIR LINES INC PJ-SER A	5.000	01/01/2027	91.550 / 92.550	98.650 / 98.650	7.100	8	140
70917N-XG-4	PENNSYLVANIA ST HIGHER EDL FACS AUTH REV CLARION UNIV FNDTN INC-SER A	5.000	07/01/2033	92.929 / 92.929	100.000 / 100.000	7.071	4	175
472682-CQ-4	JEFFERSON CNTY ALA SWR REV WTS	7.500	09/01/2013	106.875 / 106.875	112.415 / 113.750	6.875	6	80

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)
64966G-RH-7	NEW YORK N Y PREREFUNDED-SER D	5.000	10/15/2027	105.685 / 110.903	5.218		6	195
875128-JE-1	TAMPA BAY WTR FLA UTIL SYS REV UNREFUNDED BAL-SER A	4.750	10/01/2027	92.550 / 97.500	4.950		3	25
704646-AV-0	PEACH CNTY GA DEV AUTH STUDENT HSG FACS REV FORT VY ST UNIV FNDTN PPTY LLC	4.500	06/01/2037	85.948 / 90.349	4.401	87.948 / 87.948	4	100
798111-CD-0	SAN JOAQUIN HILLS CALIF TRANSN CORRIDOR AGY TOLL RD REV REF-SER A	5.250	01/15/2030	93.500 / 97.791	4.291		3	110
13062P-PU-0	CALIFORNIA ST	5.000	02/01/2033	106.072 / 110.223	4.151		2	125
745190-AQ-1	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV SER A	5.500	07/01/2013	102.819 / 106.961	4.142		4	145
295200-TC-3	ERIE CNTY PA HOSP AUTH REV HAMOT HEALTH FNDTN	5.000	11/01/2037	97.872 / 102.000	4.128	99.000 / 102.000	49	2660+3
64970K-4S-3	NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV SER D	5.000	06/15/2038	98.521 / 102.336	3.815	101.021 / 101.021	3	10+1
544738-FX-0	LOS ANGELES CNTY CALIF PUB WKS FING AUTH REV REF-L.A.REGL PK & OPEN SPACE	5.250	10/01/2016	109.236 / 112.800	3.564	113.300 / 113.300	4	40
888809-AB-6	TOBACCO SETTLEMENT FING CORP RHODE IS ASSET BKD-SER A	6.125	06/01/2032	95.461 / 98.990	3.529		5	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)
57586C-MF-9	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV EMERSON HOSP-SER E	5.000	08/15/2035	90.724 / 90.983	90.983 / 100.000	9.017	7	120+4
14915Y-HF-0	CATHEDRAL CITY CALIF PUB FING AUTH REV TAX ALLOC-REDEV PROJS-SER A	5.125	08/01/2034		99.395 / 105.849	6.454	3	75
05921P-AH-2	BALTIMORE MD CONVENTION CTR HOTEL REV SR-SER A	5.250	09/01/2019		104.181 / 109.996	5.815	4	80
155048-BB-6	CENTRAL PUGET SOUND WASH REGL TRAN AUTH SALES TAX & MOTOR	4.750	02/01/2028	94.407 / 97.000	96.760 / 102.486	5.726	10	235
13062R-RX-8	CALIFORNIA ST REF	5.000	08/01/2023	104.580 / 104.580	101.959 / 107.530	5.571	27	1160+3
57586C-VG-7	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV WORCESTER CITY CAMPUS CORP-F	4.500	10/01/2031		93.936 / 99.250	5.314	11	355
59465E-PT-4	MICHIGAN ST HOSP FIN AUTH REV REF-HOSP-DETROIT MEDICAL GRP-A	5.250	08/15/2027		94.746 / 100.000	5.254	5	60
708796-EX-1	PENNSYLVANIA HSG FIN AGY SINGLE FAMILY MTG REV AMT-SER 97A	4.700	10/01/2037	92.250 / 92.250	90.248 / 95.250	5.002	5	130
59259R-5K-6	METROPOLITAN TRANSN AUTH N Y REV TRANSN-SER A	5.000	11/15/2037	98.750 / 98.750	98.875 / 103.750	4.875	360	39780+10
287290-EB-2	ELK GROVE CALIF UNI SCH DIST SPL TAX CAP APPREC-REF-CMNTY FACS NO 1	0.000	12/01/2011	84.935 / 84.935	85.940 / 90.728	4.788	3	70

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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