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: 03/13/2008.

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)
745235-WY-3	PUERTO RICO PUB BLDGS AUTH REV GTD RVT PRAM-5.00% 07/01/2036-118	0.000	07/01/2036	60.407 / 60.407	74.808 / 74.808	14.401	2	60
786110-HS-8	SACRAMENTO CNTY CALIF CTFS PARTN REF-PUB FACS PROJ	4.750	10/01/2027	86.231 / 86.231	99.500 / 99.500	13.269	2	15
544525-BB-3	LOS ANGELES CALIF DEPT WTR & PWR WTRWKS REV REF	4.250	10/15/2030	84.392 / 84.392	96.475 / 96.475	12.083	4	125
249181-WD-6	DENVER COLO CITY & CNTY ARPT REV AMT-SER A	5.000	11/15/2025	90.210 / 97.000	92.710 / 100.000	9.790	4	30
511678-QC-1	LAKELAND FLA ELEC & WTR REV REF-SER A	5.000	10/01/2036	90.380 / 90.380	100.149 / 100.149	9.769	4	60
64971P-FG-5	NEW YORK N Y CITY INDL DEV AGY REV YANKEE STADIUM PJ-PILOT	4.500	03/01/2039	89.033 / 89.033	98.250 / 98.250	9.217	7	195
79575E-AR-9	SALT VERDE FINL CORP GAS REV ARIZ SR	5.000	12/01/2032	86.045 / 86.045	87.193 / 95.225	9.180	20	1445
944314-GD-9	WAYNE CHARTER CNTY MICH ARPT REV AMT-DETROIT MET WAYNE CNTY-A	5.000	12/01/2028	87.590 / 93.579	96.500 / 96.579	8.989	9	125
97710N-V5-2	WISCONSIN ST HEALTH & EDL FACS AUTH REV PROHEALTH CARE INC OBLIG GRP	5.125	08/15/2028	92.000 / 98.250	96.920 / 100.750	8.750	5	150
017106-BD-6	ALLEGANY CNTY N Y INDL DEV AGY CIVIC FAC REV HOUGTON COLLEGE CIVIC FAC	5.250	01/15/2024	89.450 / 89.450	97.500 / 97.500	8.050	4	40

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)
745145-R2-0	PUERTO RICO COMWLTH PUB IMPT-SER A	5.500	07/01/2019	99.980 / 107.396	7.416		6	90
249181-WD-6	DENVER COLO CITY & CNTY ARPT REV AMT-SER A	5.000	11/15/2025	90.210 / 97.000	6.790	92.710 / 100.000	4	30
97710N-V5-2	WISCONSIN ST HEALTH & EDL FACS AUTH REV PROHEALTH CARE INC OBLIG GRP	5.125	08/15/2028	92.000 / 98.250	6.250	96.920 / 100.750	5	150
944314-GD-9	WAYNE CHARTER CNTY MICH ARPT REV AMT-DETROIT MET WAYNE CNTY-A	5.000	12/01/2028	87.590 / 93.579	5.989	96.500 / 96.579	9	125
797355-YY-4	SAN DIEGO CALIF UNI SCH DIST REF-ELECTION 1998-SER F-1	5.250	07/01/2028	101.012 / 106.998	5.986		6	1105
696507-QN-5	PALM BEACH CNTY FLA HEALTH FACS AUTH REV REF-HOSP-BRCH CORP OBLIG GROUP	5.500	12/01/2021	96.100 / 101.710	5.610	101.960 / 101.960	3	50
170123-AX-1	CHISHOLM CREEK UTIL AUTH KANS WTR & WASTEWATER FACS REV BEL AIRE & PARK CITY KANSAS PJ	5.000	09/01/2032	100.125 / 105.300	5.175	102.800 / 102.800	5	25
542690-E2-4	LONG ISLAND PWR AUTH N Y ELEC SYS REV GEN-SER F	4.250	05/01/2033	81.506 / 86.562	5.056		4	155
13062N-C6-2	CALIFORNIA ST	5.000	02/01/2032	103.039 / 107.988	4.949	106.874 / 109.163	10	235
960028-LA-4	WESTERVILLE OHIO CITY SCH DIST	5.500	12/01/2012	102.629 / 107.452	4.823		4	35

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)
79575E-AR-9	SALT VERDE FINL CORP GAS REV ARIZ SR	5.000	12/01/2032	86.045 / 86.045	87.193 / 95.225	8.032	20	1445
56036Y-DE-2	MAIN STR NAT GAS INC GA GAS PROJ REV SER A-1	5.500	09/15/2023		94.427 / 102.150	7.723	24	835
249181-WD-6	DENVER COLO CITY & CNTY ARPT REV AMT-SER A	5.000	11/15/2025	90.210 / 97.000	92.710 / 100.000	7.290	4	30
646136-PZ-8	NEW JERSEY ST TRANSN TR FD AUTH TRANSN SYS-SER A	5.000	12/15/2026		97.860 / 104.750	6.890	8	180+3
65820H-KB-8	NORTH CAROLINA MED CARE COMMN HOSP REV REX HEALTHCARE	5.000	06/01/2023	97.000 / 97.000	93.560 / 100.000	6.440	4	40
311450-ES-5	FARMINGTON N MEX POLLUTN CTL REV REF-SAN JUAN PJ-A-RMKT 4/1/06	4.875	04/01/2033	79.787 / 79.787	80.425 / 86.400	5.975	42	4710+4
44420P-AA-2	HUDSON YDS INFRASTRUCTURE CORP N Y REV SER A-MBIA	4.500	02/15/2047	88.990 / 88.990	90.110 / 95.896	5.786	13	230
871683-AF-5	SYRACUSE N Y INDL DEV AGY SCH FAC REV SYRACUSE CITY SCH DIST-SER A	5.000	05/01/2014		104.260 / 109.896	5.636	7	2210
64972H-DR-0	NEW YORK N Y CITY TRANSITIONAL FIN AUTH BLDG AID REV SER S-2	4.250	01/15/2034	84.200 / 87.866	84.942 / 90.125	5.183	143	11135+2
385492-FP-3	GRAND FORKS N D SALES TAX REV REF-ALERUS PROJ-SER A	4.500	12/15/2029	96.897 / 97.030	97.030 / 101.815	4.785	6	450

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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