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: 03/03/2008.

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)
13062T-H6-4	CALIFORNIA ST REF	4.500	08/01/2030	73.544 / 92.000	88.732 / 94.500	20.956	26	1475
725894-CJ-6	PLACENTIA-YORBA LINDA CALIF UNI SCH DIST 2002 ELECTION-SER B	5.500	08/01/2027	85.903 / 85.903	102.686 / 102.705	16.802	8	1820
79727L-AT-6	SAN DIEGO CALIF CONVENTION CTR EXPANSION FING AUTH LEASE REV SER A	4.750	04/01/2028	83.702 / 84.572	88.572 / 99.125	15.423	5	90
235036-FZ-8	DALLAS FORT WORTH TEX INTL ARPT REV JT-SER A	5.000	11/01/2035	84.743 / 84.743	88.660 / 100.000	15.257	9	100
130628-4Q-0	CALIFORNIA ST	4.750	12/01/2028	85.700 / 85.700	88.125 / 99.993	14.293	3	45
64461R-AH-1	NEW HAMPSHIRE HIGHER EDL & HEALTH FACS AUTH REV FRANKLIN PIERCE COLLEGE	5.300	10/01/2028	76.313 / 76.313	90.000 / 90.000	13.687	3	90
413893-CN-6	HARRIS CNTY-HOUSTON TEX SPORTS AUTH SPL REV REF-JR LIEN-SER B	5.250	11/15/2040	91.900 / 97.217	99.217 / 104.244	12.344	6	555
45200B-R7-5	ILLINOIS FIN AUTH REV WESLEYAN UNIV-SER B	4.500	09/01/2035	83.985 / 83.985	85.035 / 96.315	12.330	4	85
59333P-HV-3	MIAMI-DADE CNTY FLA AVIATION REV MIAMI INTL AIRPORT-HUB-SER B	5.000	10/01/2037	84.400 / 84.400	95.880 / 96.375	11.975	4	100
889269-BF-2	TOLEDO-LUCAS CNTY OHIO PORT AUTH SPL ASSMT REV CROCKER PARK PUB IMPT PROJ	5.375	12/01/2035	89.009 / 89.009	99.991 / 99.991	10.982	3	95

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)
13062T-H6-4	CALIFORNIA ST REF	4.500	08/01/2030	73.544 / 92.000	18.456	88.732 / 94.500	26	1475
919243-BK-0	VALLEJO CALIF SANTN & FLOOD CTL DIST CTFS PARTN	5.300	07/01/2008	98.839 / 106.463	7.624		4	45
613604-UR-6	MONTGOMERY CNTY PA HIGHER ED & HEALTH AUTH HOSP REV ABINGTON MEM HOSP-SER A	5.125	06/01/2032	84.900 / 91.628	6.728	88.973 / 94.111	12	1595
40065B-CG-6	GUAM GOVT UNREFUNDED BALANCE-SER A	5.400	11/15/2018	85.840 / 92.305	6.465		5	30
918826-FC-7	VAL VERDE CALIF UNI SCH DIST CTFS PARTN UNREFUNDED BAL-REF & CONSTR-B	5.000	01/01/2030	84.946 / 90.889	5.943		4	35
472682-LZ-4	JEFFERSON CNTY ALA SWR REV PREREFUNDED-CAP IMPT-WTS	5.000	02/01/2041	97.830 / 103.690	5.860	104.722 / 105.849	13	215
442352-AT-7	HOUSTON TEX AREA WTR CORP CONTRACT REV NORTHEAST WTR PURIFICATION PJ	5.125	03/01/2028	101.000 / 106.840	5.840	105.996 / 105.996	4	35+1
472682-MD-2	JEFFERSON CNTY ALA SWR REV UNREFUNDED BALANCE-WTS-SER A	5.375	02/01/2027	91.164 / 97.000	5.836	91.669 / 91.669	8	110
245913-FS-2	DELAWARE CNTY PA AUTH REV HLTH SYS-CATHOLIC HLTH EAST-A	4.875	11/15/2026	87.132 / 92.967	5.835	90.132 / 90.132	5	100
542690-QZ-8	LONG ISLAND PWR AUTH N Y ELEC SYS REV GEN-SER A	5.000	09/01/2027	93.829 / 99.500	5.671	99.000 / 99.000	6	125

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)
686499-BB-9	ORLANDO FLA TOURIST DEV TAX REV 2ND LIEN-6TH CENT CONTRACT-B	5.250	11/01/2027	98.250 / 98.250	16.000 / 100.753	84.753	50	4200
130628-4Q-0	CALIFORNIA ST	4.750	12/01/2028	85.700 / 85.700	88.125 / 99.993	11.868	3	45
44420P-AA-2	HUDSON YDS INFRASTRUCTURE CORP N Y REV SER A-MBIA	4.500	02/15/2047		86.000 / 97.500	11.500	17	1150+3
235036-FZ-8	DALLAS FORT WORTH TEX INTL ARPT REV JT-SER A	5.000	11/01/2035	84.743 / 84.743	88.660 / 100.000	11.340	9	100
45200B-R7-5	ILLINOIS FIN AUTH REV WESLEYAN UNIV-SER B	4.500	09/01/2035	83.985 / 83.985	85.035 / 96.315	11.280	4	85
79727L-AT-6	SAN DIEGO CALIF CONVENTION CTR EXPANSION FING AUTH LEASE REV SER A	4.750	04/01/2028	83.702 / 84.572	88.572 / 99.125	10.553	5	90
74529J-AP-0	PUERTO RICO SALES TAX FING CORP SALES TAX REV CAP APPREC-SER A	0.000	08/01/2054	4.913 / 4.913	4.177 / 14.697	10.520	31	11825+14
45479R-AF-4	INDIANA HEALTH & EDL FAC FING AUTH HOSP REV CLARIAN HEALTH OBLIG-SER A	5.000	02/15/2036		90.000 / 100.000	10.000	4	175
79575E-AS-7	SALT VERDE FINL CORP GAS REV ARIZ SR	5.000	12/01/2037	83.432 / 83.660	80.132 / 90.132	10.000	68	10375+3
603786-BR-4	MINNEAPOLIS MINN REV WALKER METHODIST SR SVCS-SER A	5.875	11/15/2018	97.250 / 97.250	90.750 / 100.000	9.250	3	60

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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