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: 02/29/2008.

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)
919266-BF-2	VALLEJO CITY CALIF UNI SCH DIST SPL TAX CMNTY FACS DIST NO 2	5.000	09/01/2031	80.131 / 80.131	97.679 / 97.679	17.548	3	55
544646-DQ-2	LOS ANGELES CALIF UNI SCH DIST REF-SER A-1	4.500	07/01/2025	86.794 / 86.794	87.393 / 99.000	12.206	18	965+2
64966E-E8-6	NEW YORK N Y SER O	5.000	06/01/2020	93.180 / 93.180	104.865 / 104.865	11.685	4	70
64578C-AG-6	NEW JERSEY ECONOMIC DEV AUTH SPL FAC REV CONTINENTAL AIRLINES INC PJ	6.400	09/15/2023	85.399 / 85.799	97.000 / 97.000	11.601	5	290
64966G-R8-7	NEW YORK N Y SUBSER I-1	4.000	02/01/2021	88.400 / 88.400	94.772 / 99.849	11.449	16	720
59333P-ED-6	MIAMI-DADE CNTY FLA AVIATION REV SER A	5.000	10/01/2029	86.042 / 86.042	97.436 / 97.436	11.394	4	70
235036-FW-5	DALLAS FORT WORTH TEX INTL ARPT REV JT-SER A-AMBAC	5.000	11/01/2032	88.000 / 89.800	89.760 / 99.058	11.058	17	405
249181-WD-6	DENVER COLO CITY & CNTY ARPT REV AMT-SER A	5.000	11/15/2025	89.236 / 89.236	99.294 / 100.209	10.973	7	150
580773-EU-9	MC HENRY & KANE CNTYS ILL CMNTY CONS SCH DIST NO 158 CAP APPREC	0.000	01/01/2021	42.673 / 42.673	44.120 / 53.604	10.931	5	125+2
414004-T2-7	HARRIS CNTY TEX TOLL ROAD-SR LIEN-SER A	4.500	08/15/2036	81.825 / 81.825	84.625 / 92.451	10.626	3	110

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)
79727L-AT-6	SAN DIEGO CALIF CONVENTION CTR EXPANSION FING AUTH LEASE REV SER A	4.750	04/01/2028	83.700 / 94.000	10.300		5	305
130624-JE-0	CALIFORNIA ST AMBAC-TCRS	6.600	02/01/2009	103.850 / 113.500	9.650	103.950 / 113.600	4	420
493230-JS-6	KEY WEST FLA UTIL BRD ELEC REV CAP APPREC-REF	0.000	10/01/2014	67.695 / 76.065	8.370	77.065 / 77.580	5	40
472682-MD-2	JEFFERSON CNTY ALA SWR REV UNREFUNDED BALANCE-WTS-SER A	5.375	02/01/2027	91.063 / 98.010	6.947	99.959 / 100.000	14	185
108151-G6-2	BRIDGEPORT CONN REF-SER A	4.125	08/15/2020	90.062 / 97.000	6.938	100.000 / 100.000	4	250
13062N-C6-2	CALIFORNIA ST	5.000	02/01/2032	101.125 / 106.700	5.575	105.577 / 106.750	12	815
88256C-AG-4	TEXAS MUN GAS ACQUISITION & SUPPLY CORP I GAS SUPPLY REV SR LIEN-SER A	5.000	12/15/2015	94.178 / 99.400	5.222	97.478 / 99.400	13	685
645916-6L-6	NEW JERSEY ECONOMIC DEV AUTH REV UNREF BAL-SCH FACS-CONSTR-C	3.500	06/15/2013	95.000 / 100.163	5.163	101.587 / 101.938	5	145
646139-E2-7	NEW JERSEY ST TPK AUTH TPK REV UNREFUNDED BALANCE-2005-SER C	6.500	01/01/2016	107.547 / 112.535	4.988	112.585 / 112.585	6	1185+2
888808-AR-3	TOBACCO SETTLEMENT FING CORP N J ASSET BKD	5.750	06/01/2032	102.799 / 107.398	4.599		2	20

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)
491501-AV-4	KENTUCKY ST MUN PWR AGY PWR SYS REV PRAIRIE ST PROJ-SER A	5.250	09/01/2042	97.500 / 97.500	18.884 / 100.750	81.866	129	6090+2
686499-AL-8	ORLANDO FLA TOURIST DEV TAX REV SR-6TH CENT CONTRACT PMTS-A	5.250	11/01/2038	96.410 / 97.320	18.974 / 100.626	81.652	133	6875+10
686499-AK-0	ORLANDO FLA TOURIST DEV TAX REV SR-6TH CENT CONTRACT PMTS-A	5.125	11/01/2027	97.472 / 97.500	35.534 / 100.380	64.846	262	34610+10
686499-AF-1	ORLANDO FLA TOURIST DEV TAX REV SR-6TH CENT CONTRACT PMTS-A	5.250	11/01/2018		62.171 / 107.619	45.448	7	875+1
686499-AE-4	ORLANDO FLA TOURIST DEV TAX REV SR-6TH CENT CONTRACT PMTS-A	4.125	11/01/2017	98.186 / 98.186	65.938 / 100.000	34.062	32	4320
686499-AC-8	ORLANDO FLA TOURIST DEV TAX REV SR-6TH CENT CONTRACT PMTS-A	4.000	11/01/2015	99.446 / 99.446	73.634 / 100.550	26.916	21	2765
686499-AA-2	ORLANDO FLA TOURIST DEV TAX REV SR-6TH CENT CONTRACT PMTS-A	5.000	11/01/2013		81.205 / 106.394	25.189	7	2525
851018-JE-2	SPRINGFIELD MO PUB UTIL REV	4.750	08/01/2034		83.535 / 96.250	12.715	9	260+1
79575E-AR-9	SALT VERDE FINL CORP GAS REV ARIZ SR	5.000	12/01/2032		81.655 / 94.010	12.355	7	950+1
544646-DQ-2	LOS ANGELES CALIF UNI SCH DIST REF-SER A-1	4.500	07/01/2025	86.794 / 86.794	87.393 / 99.000	11.607	18	965+2

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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