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: 03/25/2008.

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)
246387-LP-7	DELAWARE ST ECONOMIC DEV AUTH REV REF-POLLUTN CTL-DELMARVA PWR-C	4.900	05/01/2026	82.000 / 82.000	103.375 / 103.768	21.768	7	723
593493-AV-1	MIAMI FLA SPL REV CAP APPREC-REF	0.000	01/01/2015	63.983 / 63.983	65.972 / 76.861	12.878	9	395
59259R-U9-3	METROPOLITAN TRANSN AUTH N Y REV TRANSN-SER B-FSA-CR	4.500	11/15/2036	85.775 / 85.775	97.630 / 97.630	11.855	2	25
167592-YF-5	CHICAGO ILL O HARE INTL ARPT REV REF-GEN-AIRPORT-3RD LIEN-C-2	5.250	01/01/2030	90.077 / 96.980	95.017 / 100.000	9.923	6	40
091089-KH-4	BIRMINGHAM ALA WTRWKS & SWR BRD WTR & SWR REV SUB-SER A	4.500	01/01/2039	82.322 / 82.322	85.203 / 92.055	9.733	10	215
438701-AN-4	HONOLULU HAWAII CITY & CNTY WASTEWTR SYS REV 2ND BD RESOLUTION-JR SER	4.500	07/01/2028	86.597 / 86.597	96.135 / 96.135	9.538	2	20
745266-BD-7	PUERTO RICO CONVENTION CTR DIST AUTH HOTEL OCCUPANCY TAX SER A	4.500	07/01/2036	80.353 / 86.880	89.686 / 89.686	9.333	6	465
011908-DF-4	ALASKA INDL DEV & EXPT AUTH PWR REV UNREFUNDED BAL-SNETTISHAM-1ST	5.375	01/01/2034	89.711 / 89.711	99.000 / 99.000	9.289	4	85
649834-NK-0	NEW YORK ST DORM AUTH REVS ST UNIV EDL FACS-SER B	5.250	05/15/2019	101.161 / 101.161	110.254 / 110.254	9.093	2	55
575898-AL-5	MASSACHUSETTS ST PORT AUTH SPL FACS REV DELTA AIR LINES INC PJ-SER A	5.000	01/01/2027	85.079 / 90.051	92.089 / 93.828	8.749	21	785

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)
707483-CZ-4	PENN HILLS PA COMP INT-SER B	0.000	12/01/2016	63.033 / 70.600	7.567		4	300
544350-N8-0	LOS ANGELES CALIF REF-SER A	5.250	09/01/2013	102.950 / 109.974	7.024		2	50
167592-YF-5	CHICAGO ILL O HARE INTL ARPT REV REF-GEN-AIRPORT-3RD LIEN-C-2	5.250	01/01/2030	90.077 / 96.980	6.903	95.017 / 100.000	6	40
745266-BD-7	PUERTO RICO CONVENTION CTR DIST AUTH HOTEL OCCUPANCY TAX SER A	4.500	07/01/2036	80.353 / 86.880	6.527	89.686 / 89.686	6	465
01852L-AB-6	ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLS INC PROJ	7.000	12/01/2011	90.500 / 96.000	5.500	97.500 / 97.500	5	70
915115-2S-7	UNIVERSITY TEX PERM UNIV FD PREREFUNDED-SER B	4.750	07/01/2030	101.300 / 106.734	5.434	104.310 / 104.310	4	60
452226-M3-4	ILLINOIS ST SALES TAX REV	5.375	06/15/2015	101.100 / 106.261	5.161	104.010 / 106.561	5	95
575898-AL-5	MASSACHUSETTS ST PORT AUTH SPL FACS REV DELTA AIR LINES INC PJ-SER A	5.000	01/01/2027	85.079 / 90.051	4.972	92.089 / 93.828	21	785
13033A-8G-9	CALIFORNIA HEALTH FACS FING AUTH REV CEDARS-SINAI MED CTR-SER A	6.125	12/01/2030	101.500 / 106.269	4.769	107.016 / 107.016	11	330
797652-M4-3	SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV AMT-SECOND SER-ISSUE 15A	5.000	05/01/2025	93.400 / 98.000	4.600	100.000 / 100.000	4	120

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)
593493-AV-1	MIAMI FLA SPL REV CAP APPREC-REF	0.000	01/01/2015	63.983 / 63.983	65.972 / 76.861	10.889	9	395
15987E-DU-5	CHARLES STEWART MOTT CMNTY COLLEGE MICH CMNTY COLLEGE FACS	4.000	05/01/2018		100.674 / 109.524	8.850	9	1780
463813-GT-6	IRVING TEX INDPT SCH DIST REF	5.250	02/15/2015		103.304 / 110.876	7.572	7	700+2
091089-KH-4	BIRMINGHAM ALA WTRWKS & SWR BRD WTR & SWR REV SUB-SER A	4.500	01/01/2039	82.322 / 82.322	85.203 / 92.055	6.852	10	215
59469C-7N-7	MICHIGAN ST STRATEGIC FD LTD OBLIG REV REF-DETROIT ED CO PROJ-SER B	4.650	10/01/2028	92.341 / 92.341	93.116 / 99.346	6.230	6	75
707167-BE-1	PENINSULA PORTS AUTH VA RESIDENTIAL CARE FAC REV REF-VA BAPTIST HOMES-SER C	5.375	12/01/2026		87.434 / 93.000	5.566	2	30
167592-YF-5	CHICAGO ILL O HARE INTL ARPT REV REF-GEN-AIRPORT-3RD LIEN-C-2	5.250	01/01/2030	90.077 / 96.980	95.017 / 100.000	4.983	6	40
645913-BD-5	NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV SER B	0.000	02/15/2025		35.837 / 40.819	4.982	3	80
752111-GV-0	RANCHO CALIF WTR DIST FING AUTH REV REF-SER A	4.750	08/01/2023		102.041 / 106.866	4.825	21	3090
575832-LN-8	MASSACHUSETTS ST COLLEGE BLDG AUTH PROJ REV REF-XL CAP ASSURANCE-SER A	4.850	05/01/2039		91.221 / 95.750	4.529	3	55

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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