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: 03/04/2008.

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)
442540-BQ-2	HOWARD CNTY ARK SALES & USE TAX	4.500	06/01/2037	83.900 / 83.900	98.000 / 98.000	14.100	7	150
576018-CX-1	MASSACHUSETTS ST TPK AUTH MET HWY SYS REV SUB-SER A	5.000	01/01/2039	87.630 / 97.380	90.630 / 99.992	12.362	29	845
735000-DU-2	PORT OAKLAND CALIF REV AMT-SER L	5.000	11/01/2032	81.059 / 81.059	87.406 / 93.288	12.229	4	80
797652-M4-3	SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV AMT-SECOND SER-ISSUE 15A	5.000	05/01/2025	88.000 / 88.000	99.153 / 99.382	11.382	8	190
64605L-4U-9	NEW JERSEY ST EDL FACS AUTH REV REF-RAMAPO COLLEGE-SER I	4.250	07/01/2036	79.900 / 79.900	83.200 / 89.698	9.798	3	45
130628-4Q-0	CALIFORNIA ST	4.750	12/01/2028	90.680 / 90.680	97.568 / 100.418	9.738	3	135
59333P-EF-1	MIAMI-DADE CNTY FLA AVIATION REV SER A	5.125	10/01/2035	90.500 / 91.404	99.350 / 100.205	9.705	18	315
880443-BS-4	TENNESSEE ENERGY ACQUISITION CORP GAS REV SER A	5.250	09/01/2026	92.004 / 95.000	99.250 / 101.425	9.421	15	670
733581-6B-3	PORT AUTH N Y & N J CONS-131ST SER	4.625	12/15/2029	86.078 / 92.130	95.167 / 95.167	9.089	5	210
93978E-A5-1	WASHINGTON ST HEALTH CARE FACS AUTH REV PROVIDENCE HEALTH CARE SVCS-A	4.625	10/01/2034	88.454 / 88.454	97.516 / 97.516	9.062	5	635

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)
576018-CX-1	MASSACHUSETTS ST TPK AUTH MET HWY SYS REV SUB-SER A	5.000	01/01/2039	87.630 / 97.380	9.750	90.630 / 99.992	29	845
59259R-BE-3	METROPOLITAN TRANSN AUTH N Y REV REF-INSD-SER A	5.000	11/15/2030	91.300 / 99.625	8.325	100.000 / 100.000	4	20+2
472682-MD-2	JEFFERSON CNTY ALA SWR REV UNREFUNDED BALANCE-WTS-SER A	5.375	02/01/2027	77.090 / 83.400	6.310		8	125
97710V-F5-2	WISCONSIN ST HEALTH & EDL FACS AUTH REV PREREFUNDED-FROEDERT & CMNTY	5.375	10/01/2030	101.792 / 108.072	6.280	106.760 / 106.760	6	30
733581-6B-3	PORT AUTH N Y & N J CONS-131ST SER	4.625	12/15/2029	86.078 / 92.130	6.052	95.167 / 95.167	5	210
13067J-AW-1	CALIFORNIA ST ECONOMIC RECOVERY MBIA-SER A	5.000	07/01/2011	99.050 / 104.916	5.866	105.610 / 105.610	6	120
472628-NR-3	JEFFERSON CNTY ALA WTS-SER A	4.500	04/01/2011	96.800 / 102.618	5.818	103.323 / 103.323	8	650
44420P-AA-2	HUDSON YDS INFRASTRUCTURE CORP N Y REV SER A-MBIA	4.500	02/15/2047	82.671 / 88.234	5.563	86.944 / 91.375	64	9450+1
91412F-HB-6	UNIVERSITY CALIF REVS GEN-SER A	5.125	05/15/2014	100.603 / 106.000	5.397		2	35
59259N-MA-8	METROPOLITAN TRANSN AUTH N Y DEDICATED TAX FD SER A	5.000	11/15/2032	94.729 / 99.650	4.921		5	1050

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)
88880N-AU-3	TOBACCO SETTLEMENT FING CORP VA SR SER B-1	5.000	06/01/2047		81.810 / 96.000	14.190	15	715
91412F-UM-7	UNIVERSITY CALIF REVS GEN-SER G	4.625	05/15/2039		90.552 / 100.000	9.448	6	105
576018-CX-1	MASSACHUSETTS ST TPK AUTH MET HWY SYS REV SUB-SER A	5.000	01/01/2039	87.630 / 97.380	90.630 / 99.992	9.362	29	845
476251-AB-9	JENNINGS MO TAX INCREMENT & CMNTY IMPT REV REF-NORTHLAND REDEV AREA PROJ	5.000	11/01/2023		88.112 / 97.348	9.236	3	400
79727L-AT-6	SAN DIEGO CALIF CONVENTION CTR EXPANSION FING AUTH LEASE REV SER A	4.750	04/01/2028		90.950 / 98.723	7.773	6	175
576000-BG-7	MASSACHUSETTS ST SCH BLDG AUTH DEDICATED SALES TAX REV SER A	5.000	08/15/2024		100.921 / 108.693	7.772	64	8020+3
59333P-HV-3	MIAMI-DADE CNTY FLA AVIATION REV MIAMI INTL AIRPORT-HUB-SER B	5.000	10/01/2037		87.380 / 95.098	7.718	5	65
45201Y-WK-9	ILLINOIS HSG DEV AUTH REV AMT-HOMEOWNER-H-2-RMKT-1/30/08	5.200	02/01/2039		91.588 / 99.250	7.662	13	255
34073N-2J-8	FLORIDA HSG FIN CORP REV AMT-HOMEOWNER MTG-SER 3	5.150	07/01/2038	90.108 / 90.108	90.370 / 97.839	7.469	16	495+2
64971P-EA-9	NEW YORK N Y CITY INDL DEV AGY REV QUEENS BASEBALL STADIUM-PILOT	4.750	01/01/2042		92.375 / 99.726	7.351	3	25

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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