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: 03/20/2008.

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)
047060-CY-2	ATHENS-CLARKE CNTY GA UNI GOVT DEV AUTH EDL FACS REV CAP APPREC-UGAREF CENT PRECINT	0.000	06/15/2022	51.368 / 51.368	80.545 / 80.545	29.177	3	75
91412F-DR-5	UNIVERSITY CALIF REVS MULTIPLE PURP PROJS-SER O	4.250	09/01/2012	74.969 / 74.969	100.669 / 100.669	25.700	4	20
355696-AY-1	FREDERICK CNTY MD ECONOMIC DEV REV GLADE VY NURSING & REHAB PJ	6.500	10/01/2027	90.280 / 90.280	90.580 / 101.500	11.220	6	180
966775-DD-7	WHITTIER CALIF REDEV AGY TAX ALLOC-EARTHQUAKE REDEV-A	5.000	11/01/2035	88.339 / 88.339	99.013 / 99.013	10.674	2	25
574216-3H-8	MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV MEDLANTIC/HELIX ISSUE-SER B	4.750	08/15/2028	90.221 / 90.221	100.000 / 100.000	9.779	4	35
59067E-AB-1	MESA ST COLLEGE COLO COLLEGE ENTERPRISE REV	5.125	05/15/2037	94.619 / 95.750	97.371 / 104.050	9.431	8	2475
38122N-GD-8	GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV ENHANCED-ASSET BKD-SER A	5.000	06/01/2035	87.865 / 87.865	97.125 / 97.125	9.260	2	55
59333P-ND-6	MIAMI-DADE CNTY FLA AVIATION REV AMT-MIAMI INTL ARPT-HUB-SER A	5.000	10/01/2040	86.180 / 86.180	94.901 / 94.901	8.721	5	190
76912T-BS-1	RIVERSIDE CNTY CALIF PUB FING AUTH TAX ALLOC REV REDEV PROJS	5.000	10/01/2035	90.629 / 90.629	95.388 / 99.022	8.393	4	60
235036-FW-5	DALLAS FORT WORTH TEX INTL ARPT REV JT-SER A-AMBAC	5.000	11/01/2032	88.735 / 92.050	88.599 / 96.689	7.954	16	400

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)
799015-FV-9	SAN MATEO CALIF REDEV AGY TAX ALLOCATION REF-MERGED AREA-SER A	4.100	08/01/2021	85.500 / 92.630	7.130		2	65
735000-DU-2	PORT OAKLAND CALIF REV AMT-SER L	5.000	11/01/2032	82.500 / 88.294	5.794	88.147 / 88.147	3	35
751073-BY-2	RALEIGH DURHAM N C ARPT AUTH ARPT REV SER A	5.000	11/01/2031	93.284 / 99.000	5.716	99.957 / 99.957	5	1510
769123-CM-0	RIVERSIDE CNTY CALIF REDEV AGY TAX ALLOC JURUPA VALLEY PROJ AREA	5.250	10/01/2035	105.225 / 110.808	5.583		3	155
13063A-E8-3	CALIFORNIA ST VAR PURP	5.000	03/01/2017	103.022 / 108.289	5.267	108.789 / 109.616	5	330
57586C-BQ-7	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV BOSTON UNIV-SER S	4.500	10/01/2037	83.358 / 88.621	5.263	86.700 / 88.250	9	100
38122N-CA-8	GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV ENHANCED-ASSET BKD-AMBAC-B	5.000	06/01/2043	102.846 / 107.681	4.835		5	185
13062P-UN-0	CALIFORNIA ST XLCA-ICR	5.000	02/01/2033	104.125 / 108.553	4.428		2	60
186352-JU-5	CLEVELAND OHIO ARPT SYS REV UNREFUNDED BAL-SER A	5.000	01/01/2031	93.433 / 97.770	4.337	100.370 / 100.370	7	130
366406-DM-5	GARRETT CNTY MD REF-HOSP	5.100	07/01/2009	97.080 / 101.368	4.288	102.500 / 102.500	6	55

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)
899474-NR-7	TULOSO-MIDWAY TEX INDPT SCH DIST SCH BLDG	5.000	08/15/2038		4.946 / 100.493	95.547	6	225
355696-AY-1	FREDERICK CNTY MD ECONOMIC DEV REV GLADE VY NURSING & REHAB PJ	6.500	10/01/2027	90.280 / 90.280	90.580 / 101.500	10.920	6	180
235036-FW-5	DALLAS FORT WORTH TEX INTL ARPT REV JT-SER A-AMBAC	5.000	11/01/2032	88.735 / 92.050	88.599 / 96.689	8.090	16	400
797652-6Z-2	SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV REF-SEC SER-ISSUE 20	4.500	05/01/2026		91.850 / 99.172	7.322	2	15
59067E-AB-1	MESA ST COLLEGE COLO COLLEGE ENTERPRISE REV	5.125	05/15/2037	94.619 / 95.750	97.371 / 104.050	6.679	8	2475
59333P-EG-9	MIAMI-DADE CNTY FLA AVIATION REV SER A	5.050	10/01/2036	93.340 / 93.340	90.742 / 96.340	5.598	3	15
797263-BC-3	SAN DIEGO CALIF CTFS UNDIVIDED INT WTR UTIL FD NET SYS REV	4.750	08/01/2028		94.178 / 99.580	5.402	3	140
89602N-HB-3	TRIBOROUGH BRDG & TUNL AUTH N Y REVS PREREFUND-GEN PURP-A-MBIA IBC	5.000	01/01/2032	105.063 / 106.618	103.530 / 108.527	4.997	7	260
717817-JL-5	PHILADELPHIA PA ARPT REV SER A	4.750	06/15/2035	83.500 / 83.500	85.202 / 89.960	4.758	7	135
64971P-FG-5	NEW YORK N Y CITY INDL DEV AGY REV YANKEE STADIUM PJ-PILOT	4.500	03/01/2039		88.175 / 92.167	3.992	3	75

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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