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: 03/12/2008.

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)
955489-AF-6	WEST POINT VA INDL DEV AUTH SOLID WASTE DISP REV REF-CHESAPEAKE CORP PJ-SER B	6.250	03/01/2019	79.750 / 79.750	99.995 / 99.995	20.245	4	85
26822L-GS-7	E-470 PUB HWY AUTH COLO REV CAP APPREC-SER B	0.000	09/01/2035	19.267 / 19.367	19.728 / 36.481	17.214	8	1230
65820H-HV-8	NORTH CAROLINA MED CARE COMMN HOSP REV FIRSTHEALTH OF THE CAROLINAS	4.750	10/01/2026	85.000 / 85.000	85.000 / 100.289	15.289	7	275
877000-BT-5	TAYLOR CNTY FLA SALES TAX REV REF	4.000	10/01/2017	88.084 / 88.084	98.835 / 99.954	11.870	9	165
797263-BC-3	SAN DIEGO CALIF CTFS UNDIVIDED INT WTR UTIL FD NET SYS REV	4.750	08/01/2028	88.842 / 95.932	99.750 / 100.349	11.507	6	140
459499-AK-5	INTERNATIONAL FALLS MINN POLLUTN CTL REV REF-BOISE CASCADE CORP PROJ	5.650	12/01/2022	88.448 / 88.448	99.000 / 99.000	10.552	3	25
44420P-AA-2	HUDSON YDS INFRASTRUCTURE CORP N Y REV SER A-MBIA	4.500	02/15/2047	84.861 / 90.000	93.823 / 95.239	10.378	15	1140
809554-GU-6	SCOTT CNTY MINN LAW ENFORCEMENT CTR-SER A	3.750	02/01/2016	87.772 / 87.772	97.720 / 97.720	9.948	6	30
64971P-FG-5	NEW YORK N Y CITY INDL DEV AGY REV YANKEE STADIUM PJ-PILOT	4.500	03/01/2039	89.500 / 89.500	98.910 / 98.910	9.410	2	120
745190-J5-8	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV UNREFUNDED BAL-SER D	5.000	07/01/2032	93.000 / 97.375	101.000 / 101.998	8.998	9	155

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)
60636P-WL-0	MISSOURI ST ENVIRONMENTAL IMPT & ENERGY RES AUTH WTR POLLUTN ST REVOLVING FUNDS PG-A	5.250	07/01/2018	11.407 / 110.407	99.000		2	150
797263-BC-3	SAN DIEGO CALIF CTFS UNDIVIDED INT WTR UTIL FD NET SYS REV	4.750	08/01/2028	88.842 / 95.932	7.090	99.750 / 100.349	6	140
346668-CM-6	FORSYTH MONT POLLUTION CTL REV AMT-REF-AVISTA-B-RMKT 1/2/02	5.125	03/01/2034	94.000 / 100.400	6.400	101.143 / 101.143	5	160
735388-3N-8	PORT SEATTLE WASH REV SER A	5.000	04/01/2031	91.142 / 97.500	6.358	100.000 / 100.000	6	205
745190-QW-1	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV SER J	5.125	07/01/2043	104.746 / 110.377	5.631	111.062 / 111.062	6	2020
472682-MD-2	JEFFERSON CNTY ALA SWR REV UNREFUNDED BALANCE-WTS-SER A	5.375	02/01/2027	79.250 / 84.710	5.460	82.000 / 84.033	13	420
649903-GX-3	NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT PREREFUNDED-INSD-ST JOHNS UNIV	4.750	07/01/2028	96.000 / 101.401	5.401	100.639 / 101.601	10	105
13077T-MR-5	CALIFORNIA STATEWIDE CMNTYS DEV AUTH CTFS PARTN PREREFUNDED-CATHOLIC WEST	6.500	07/01/2020	105.140 / 110.356	5.216	110.396 / 110.396	4	160
155048-BB-6	CENTRAL PUGET SOUND WASH REGL TRAN AUTH SALES TAX & MOTOR	4.750	02/01/2028	90.256 / 95.414	5.158		4	230
44420P-AA-2	HUDSON YDS INFRASTRUCTURE CORP N Y REV SER A-MBIA	4.500	02/15/2047	84.861 / 90.000	5.139	93.823 / 95.239	15	1140

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)
245177-AU-4	DEL MAR TEX COLLEGE DIST REV COMB FEE	4.000	08/15/2014		1.000 / 104.095	103.095	5	400
26822L-GS-7	E-470 PUB HWY AUTH COLO REV CAP APPREC-SER B	0.000	09/01/2035	19.267 / 19.367	19.728 / 36.481	16.753	8	1230
65820H-HV-8	NORTH CAROLINA MED CARE COMMN HOSP REV FIRSTHEALTH OF THE CAROLINAS	4.750	10/01/2026	85.000 / 85.000	85.000 / 100.289	15.289	7	275
298165-DN-8	EUFAULA OKLA PUB WKS AUTH UTIL SYS REV REF	4.625	12/01/2026		93.500 / 104.103	10.603	2	235
123550-FF-7	BUTLER CNTY OHIO HOSP FACS REV CINCINNATI CHILDRENS-SER K	4.375	05/15/2032		86.250 / 94.500	8.250	3	45
246395-PP-6	DELAWARE ST HSG AUTH REV AMT-SR SINGLE FAMILY MTG-C-1	5.300	01/01/2049		90.500 / 97.820	7.320	7	60+3
590545-NE-5	MESA ARIZ UTIL SYS REV	4.500	07/01/2028		93.061 / 100.260	7.199	7	275
073900-TB-8	BEAUFORT CNTY S C SCH DIST SER C	4.500	03/01/2029	96.316 / 96.316	92.328 / 98.636	6.308	14	1250
311450-ET-3	FARMINGTON N MEX POLLUTN CTL REV REF-SAN JUAN PJ-B-RMKT 4/1/06	4.875	04/01/2033	78.900 / 78.900	79.303 / 85.527	6.224	54	3390+1
544495-MK-7	LOS ANGELES CALIF DEPT WTR & PWR REV PWR SYS-SUBSER A-1	5.000	07/01/2039		95.726 / 101.678	5.952	8	1185+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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