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: 02/25/2008.

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)
892397-EF-3	TRACY CALIF OPER PARTNERSHIP JT PWRS AUTH REV REF-SR LIEN-ASSMT-SER A	4.300	09/02/2018	88.500 / 88.500	102.298 / 102.298	13.798	3	15
130658-KD-8	CALIFORNIA ST DEPT VET AFFAIRS HOME PUR REV AMT-SER A	5.000	12/01/2042	85.676 / 85.676	97.310 / 98.700	13.024	9	370
603786-BR-4	MINNEAPOLIS MINN REV WALKER METHODIST SR SVCS-SER A	5.875	11/15/2018	88.749 / 88.749	100.000 / 100.000	11.251	4	3010
837152-PH-4	SOUTH CAROLINA TRANSN INFRASTRUCTURE BK REV REF-SER B	4.500	10/01/2031	87.978 / 95.985	89.478 / 98.060	10.082	8	430
97710V-MM-7	WISCONSIN ST HEALTH & EDL FACS AUTH REV WHEATON FRANCISCAN SVCS-A	5.125	08/15/2033	85.527 / 85.527	95.000 / 95.000	9.473	2	10+1
533021-AV-3	LINCOLN CALIF PUB FING AUTH SPL TAX REV SER A	4.500	09/01/2034	86.825 / 86.830	89.990 / 96.000	9.175	12	845
45455C-GA-0	INDIAN WELLS CALIF REDEV AGY REV TAX ALLOC-CONS WHITEWATER PJ-A	4.250	09/01/2027	87.602 / 87.602	96.775 / 96.775	9.173	3	45
43233A-CT-1	HILLSBOROUGH CNTY FLA INDL DEV AUTH HOSP REV TAMPA GEN HOSP PROJ	5.250	10/01/2041	91.070 / 91.070	100.000 / 100.000	8.930	7	145
544646-FV-9	LOS ANGELES CALIF UNI SCH DIST ELECTION 2002-SER B	4.500	07/01/2031	89.925 / 95.512	97.312 / 98.812	8.887	7	300
655857-CB-4	NORFOLK VA ARPT AUTH REV SR-AIR CARGO	6.250	01/01/2030	91.394 / 91.394	93.394 / 99.750	8.356	5	35

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)
837152-PH-4	SOUTH CAROLINA TRANSN INFRASTRUCTURE BK REV REF-SER B	4.500	10/01/2031	87.978 / 95.985	8.007	89.478 / 98.060	8	430
13062N-C6-2	CALIFORNIA ST	5.000	02/01/2032	100.570 / 107.670	7.100	107.735 / 107.735	11	280
546398-WG-9	LOUISIANA PUB FACS AUTH REV HURRICANE RECOVERY PROG	4.500	06/01/2027	91.650 / 98.464	6.814	99.825 / 99.825	7	460
544646-FV-9	LOS ANGELES CALIF UNI SCH DIST ELECTION 2002-SER B	4.500	07/01/2031	89.925 / 95.512	5.587	97.312 / 98.812	7	300
64966F-4F-8	NEW YORK N Y PREREFUNDED-F	5.300	01/15/2026	104.642 / 109.544	4.902	109.889 / 109.889	5	190
888808-DE-9	TOBACCO SETTLEMENT FING CORP N J SR-SER 1A	4.750	06/01/2034	81.010 / 85.000	3.990		4	130
951100-BA-3	WEST ALA YOUTH SVCS INC REV REF-FIRST MTG	6.700	07/01/2026	81.535 / 85.500	3.965		6	390
745190-J9-0	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV PREREFUNDED-SER G	5.000	07/01/2033	106.193 / 109.979	3.786	109.898 / 110.068	10	75+2
944314-GD-9	WAYNE CHARTER CNTY MICH ARPT REV AMT-DETROIT MET WAYNE CNTY-A	5.000	12/01/2028	92.281 / 96.000	3.719	97.492 / 100.000	12	195
544663-8R-1	LOS ANGELES CNTY CALIF CTFS PARTN FOR FUTURE ISSUES SEE DISNEY PARKING REF PROJ	4.750	03/01/2023	95.055 / 98.625	3.570		4	525

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)
837152-PH-4	SOUTH CAROLINA TRANSN INFRASTRUCTURE BK REV REF-SER B	4.500	10/01/2031	87.978 / 95.985	89.478 / 98.060	8.582	8	430
745190-TU-2	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV SER K	5.000	07/01/2040	106.950 / 109.700	100.000 / 108.313	8.313	4	65
57586C-VG-7	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV WORCESTER CITY CAMPUS CORP-F	4.500	10/01/2031		92.438 / 99.250	6.812	17	780
655857-CB-4	NORFOLK VA ARPT AUTH REV SR-AIR CARGO	6.250	01/01/2030	91.394 / 91.394	93.394 / 99.750	6.356	5	35
533021-AV-3	LINCOLN CALIF PUB FING AUTH SPL TAX REV SER A	4.500	09/01/2034	86.825 / 86.830	89.990 / 96.000	6.010	12	845
059151-BB-5	BALTIMORE CNTY MD REV CATHOLIC HELATH INITIATIVES-A	4.500	09/01/2033		93.425 / 99.250	5.825	16	485
495289-JR-2	KING CNTY WASH SWR REV REF-SER A	5.000	01/01/2027	99.922 / 99.922	97.000 / 102.822	5.822	5	165
74526Q-BN-1	PUERTO RICO ELEC PWR AUTH PWR REV REF-SER OO	5.000	07/01/2013	103.500 / 103.500	104.000 / 109.799	5.799	3	35
59333P-JX-7	MIAMI-DADE CNTY FLA AVIATION REV AMT-MIAMI INTL ARPT-SER A	5.000	10/01/2038		91.258 / 96.948	5.690	6	440+2
64970K-7P-6	NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV SER A	5.000	06/15/2039	98.500 / 98.500	99.000 / 104.554	5.554	6	150

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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