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: 03/05/2008.

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)
13063A-G6-5	CALIFORNIA ST VAR PURP	5.250	03/01/2038	97.882 / 97.882	97.782 / 115.527	17.645	64	12050+39
239019-WD-0	DAVIS CNTY UTAH SCH DIST SCH BLDG-SER A	4.000	06/01/2013	101.209 / 101.209	118.595 / 118.595	17.386	4	200
414004-T2-7	HARRIS CNTY TEX TOLL ROAD-SR LIEN-SER A	4.500	08/15/2036	80.711 / 80.711	97.644 / 97.644	16.933	3	20
235036-FZ-8	DALLAS FORT WORTH TEX INTL ARPT REV JT-SER A	5.000	11/01/2035	86.250 / 93.070	96.570 / 100.000	13.750	14	275
45528S-JM-9	INDIANAPOLIS IND LOC PUB IMPT BD BK ARPT AUTH PROJ-SER B	4.750	01/01/2033	80.100 / 89.100	93.100 / 93.100	13.000	4	70
472682-MD-2	JEFFERSON CNTY ALA SWR REV UNREFUNDED BALANCE-WTS-SER A	5.375	02/01/2027	78.010 / 85.894	85.910 / 89.959	11.949	55	4520+5
576018-CX-1	MASSACHUSETTS ST TPK AUTH MET HWY SYS REV SUB-SER A	5.000	01/01/2039	89.660 / 98.259	91.660 / 99.992	10.332	5	250
235036-FW-5	DALLAS FORT WORTH TEX INTL ARPT REV JT-SER A-AMBAC	5.000	11/01/2032	87.488 / 94.750	97.379 / 97.750	10.262	10	145
944314-GD-9	WAYNE CHARTER CNTY MICH ARPT REV AMT-DETROIT MET WAYNE CNTY-A	5.000	12/01/2028	90.940 / 91.940	94.440 / 101.000	10.060	4	25
59465H-DK-9	MICHIGAN ST HOSP FIN AUTH REV REF-HENRY FORD HEALTH SYS-A	5.250	11/15/2032	90.161 / 90.161	98.375 / 100.000	9.839	20	625

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)
45528S-JM-9	INDIANAPOLIS IND LOC PUB IMPT BD BK ARPT AUTH PROJ-SER B	4.750	01/01/2033	80.100 / 89.100	9.000	93.100 / 93.100	4	70
576018-CX-1	MASSACHUSETTS ST TPK AUTH MET HWY SYS REV SUB-SER A	5.000	01/01/2039	89.660 / 98.259	8.599	91.660 / 99.992	5	250
534272-XU-8	LINCOLN NEB ELEC SYS REV REF	4.750	09/01/2028	91.830 / 99.921	8.091	95.580 / 100.096	5	320
047870-DK-3	ATLANTA GA WTR & WASTEWTR REV SER A-UNREFUNDED BALANCE	5.000	11/01/2038	88.000 / 96.021	8.021		4	90
472682-MD-2	JEFFERSON CNTY ALA SWR REV UNREFUNDED BALANCE-WTS-SER A	5.375	02/01/2027	78.010 / 85.894	7.884	85.910 / 89.959	55	4520+5
472682-NW-9	JEFFERSON CNTY ALA SWR REV UNREFUNDED BAL-REF-WTS-SER A	5.625	02/01/2018	91.407 / 99.132	7.725	92.307 / 99.675	11	430
235036-FW-5	DALLAS FORT WORTH TEX INTL ARPT REV JT-SER A-AMBAC	5.000	11/01/2032	87.488 / 94.750	7.262	97.379 / 97.750	10	145
546456-AY-0	LOUISIANA ST CITIZENS PPTY INS CORP ASSMT REV SER B	5.000	06/01/2016	96.975 / 104.049	7.074		2	150
235036-FZ-8	DALLAS FORT WORTH TEX INTL ARPT REV JT-SER A	5.000	11/01/2035	86.250 / 93.070	6.820	96.570 / 100.000	14	275
73358T-M4-0	PORT AUTH N Y & N J CONS-ONE HUNDRED FORTY-NINTH	4.500	11/15/2034	89.553 / 96.099	6.546	92.625 / 96.825	5	450

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)
13063A-D8-4	CALIFORNIA ST VAR PURP	5.000	03/01/2013		105.847 / 124.833	18.986	43	9285+8
13063A-G6-5	CALIFORNIA ST VAR PURP	5.250	03/01/2038	97.882 / 97.882	97.782 / 115.527	17.745	64	12050+39
576018-CX-1	MASSACHUSETTS ST TPK AUTH MET HWY SYS REV SUB-SER A	5.000	01/01/2039	89.660 / 98.259	91.660 / 99.992	8.332	5	250
59333P-EF-1	MIAMI-DADE CNTY FLA AVIATION REV SER A	5.125	10/01/2035		92.404 / 100.205	7.801	5	105
64970K-SX-6	NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV UNREFUNDED BALANCE-B-MBIA IBC	6.000	06/15/2033		101.494 / 109.257	7.763	5	900
472682-NW-9	JEFFERSON CNTY ALA SWR REV UNREFUNDED BAL-REF-WTS-SER A	5.625	02/01/2018	91.407 / 99.132	92.307 / 99.675	7.368	11	430
880443-BS-4	TENNESSEE ENERGY ACQUISITION CORP GAS REV SER A	5.250	09/01/2026	91.275 / 91.275	91.651 / 99.000	7.349	177	22115+5
074863-FE-6	BEAVER CNTY PA HOSP AUTH REV VALLEY HEALTH SYS INC	5.000	05/15/2028	91.845 / 98.021	92.895 / 99.900	7.005	4	40
888805-AJ-7	TOBACCO SETTLEMENT AUTH IOWA TOB SETTLEMENT REV ASSET BKD SER C	5.375	06/01/2038		82.750 / 89.408	6.658	3	55
472682-MC-4	JEFFERSON CNTY ALA SWR REV UNREFUNDED BALANCE-WTS-SER A	5.625	02/01/2022	89.470 / 89.470	90.370 / 97.000	6.630	6	125

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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