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: 02/26/2008.

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)
38122N-PB-2	GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV ASSET-BKD-SR-SER A-1	5.125	06/01/2047	49.201 / 49.201	85.357 / 85.357	36.156	5	470
442348-ZY-7	HOUSTON TEX ARPT SYS REV AMT-SUB LIEN-SER B	5.000	07/01/2025	87.304 / 96.100	96.980 / 99.750	12.446	8	95
46937A-AA-6	JACKSONVILLE FLA ECONOMIC DEV COMMN POLLUTION CTL SEW SOLID SER A	4.550	03/01/2047	81.939 / 81.939	84.807 / 92.310	10.371	3	15
097464-SY-8	BOISE ST UNIV IDAHO REVS REF-GEN-SER A	4.250	04/01/2032	88.225 / 88.225	92.193 / 98.453	10.228	5	205
745190-TV-0	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV SER K	5.000	07/01/2045	102.260 / 109.594	109.314 / 111.666	9.406	9	200
544587-LU-0	LOS ANGELES CALIF MUN IMPT CORP LEASE REV POLICE HEADQUARTERS FAC-SER A	4.250	01/01/2037	81.700 / 84.625	90.745 / 90.745	9.045	7	70
490296-FQ-8	KENT CNTY MICH ARPT FAC REV KENT CNTY INTL ARPT	5.000	01/01/2028	91.302 / 91.302	93.427 / 100.209	8.907	4	50
92830T-EH-8	VISTA CALIF CMNTY DEV COMMN TAX ALLOCATION REV REF-VISTA REDEV PROJ AREA	3.750	09/01/2018	89.377 / 89.377	97.772 / 97.772	8.395	2	20
181004-CZ-3	CLARK CNTY NEV INDL DEV REV REF-SOUTHWEST GAS CORP PROJ-B	5.000	12/01/2033	90.510 / 90.510	98.890 / 98.890	8.380	4	70
59334D-AC-8	MIAMI-DADE CNTY FLA WTR & SWR REV SER A	5.000	10/01/2029	91.900 / 98.000	97.102 / 100.144	8.244	10	260

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)
919196-AY-1	VALLEJO CALIF MULTIFAMILY HSG REV GNMA MTG BKD SECS PROG-A	5.050	11/20/2028	85.750 / 97.000	11.250		2	55
976595-CK-2	WISCONSIN CTR DIST WIS TAX REV REF-JR DEDICATED	5.250	12/15/2027	97.446 / 107.260	9.814		5	55
442348-ZY-7	HOUSTON TEX ARPT SYS REV AMT-SUB LIEN-SER B	5.000	07/01/2025	87.304 / 96.100	8.796	96.980 / 99.750	8	95
745190-TV-0	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV SER K	5.000	07/01/2045	102.260 / 109.594	7.334	109.314 / 111.666	9	200
153812-CS-9	CENTRAL LAKE CNTY ILL JT ACTN WTR AGY REF	6.000	02/01/2019	110.551 / 116.729	6.178	110.551 / 110.551	3	75
59334D-AC-8	MIAMI-DADE CNTY FLA WTR & SWR REV SER A	5.000	10/01/2029	91.900 / 98.000	6.100	97.102 / 100.144	10	260
769697-DX-8	RNR SCH FING AUTH CALIF SPL TAX CMNTY FACS DIST NO 97-1-SER A	5.000	09/01/2035	88.699 / 94.072	5.373		3	65
915115-Q5-1	UNIVERSITY TEX PERM UNIV FD SER B	4.500	07/01/2033	86.950 / 91.755	4.805	90.854 / 93.055	7	170
235308-GH-0	DALLAS TEX INDPT SCH DIST SCH BLDG	4.500	02/15/2030	88.303 / 93.010	4.707		2	40
254845-CF-5	DISTRICT COLUMBIA WTR & SWR AUTH PUB UTIL REV SUB LIEN	5.000	10/01/2033	93.138 / 97.528	4.390	100.500 / 100.500	4	95

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)
686087-FM-4	OREGON ST HSG & CMNTY SVCS DEPT MTG REV SINGLE-FAMILY MTG PROG-SER A	4.125	07/01/2022		4.250 / 99.720	95.470	22	700
537346-AA-6	LITTLE RIV CNTY ARK REV REF-GEORGIA-PACIFIC CORP PROJ	5.600	10/01/2026		85.559 / 97.532	11.973	5	100
54659L-AC-8	LOUISVILLE & JEFFERSON CNTY KY METRO GOVT HEALTH SYS REV NORTON HEALTHCARE INC	5.250	10/01/2036	92.380 / 92.380	92.361 / 100.000	7.639	16	1005+2
46937A-AA-6	JACKSONVILLE FLA ECONOMIC DEV COMMN POLLUTION CTL SEW SOLID SER A	4.550	03/01/2047	81.939 / 81.939	84.807 / 92.310	7.503	3	15
490296-FQ-8	KENT CNTY MICH ARPT FAC REV KENT CNTY INTL ARPT	5.000	01/01/2028	91.302 / 91.302	93.427 / 100.209	6.782	4	50
900173-BA-2	TURLOCK CALIF HEALTH FAC REV CTFS PARTN EMANUEL MED CTR INC	5.375	10/15/2034		92.236 / 99.000	6.764	3	115
97710V-MM-7	WISCONSIN ST HEALTH & EDL FACS AUTH REV WHEATON FRANCISCAN SVCS-A	5.125	08/15/2033		88.600 / 95.000	6.400	7	290
005620-AN-9	ADAMS CNTY COLO POLLUTION CTL REV REF-PUB SVC CO COLO PROJ-SER A	4.375	09/01/2017		98.056 / 104.388	6.332	3	45
097464-SY-8	BOISE ST UNIV IDAHO REVS REF-GEN-SER A	4.250	04/01/2032	88.225 / 88.225	92.193 / 98.453	6.260	5	205
235036-FW-5	DALLAS FORT WORTH TEX INTL ARPT REV JT-SER A-AMBAC	5.000	11/01/2032	92.901 / 94.811	93.701 / 99.953	6.252	7	175

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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