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: 04/02/2008.

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)
875287-DR-2	TAMPA FLA UTIL TAX CAP APPREC	0.000	10/01/2021	39.072 / 39.072	52.641 / 52.641	13.569	4	35
010047-BL-1	AKRON OHIO CTFS PARTN PKG FACS PROJ-SER A	4.000	12/01/2020	89.228 / 89.228	100.000 / 100.000	10.772	4	60
842472-CB-6	SOUTHERN CALIF LOGISTICS ARPT AUTH TAX ALLOCATION REF-SO CALIF AIRPORT AUTH PJ	5.000	12/01/2036	84.183 / 84.183	93.821 / 94.821	10.638	4	160
17131N-CD-5	CHULA VISTA CALIF PUB FING AUTH REV REF-SER A	4.500	09/01/2032	83.273 / 83.273	92.992 / 92.992	9.719	2	20
745190-TU-2	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV SER K	5.000	07/01/2040	103.727 / 103.727	112.194 / 112.194	8.467	2	20
71781E-CZ-6	PHILADELPHIA PA AUTH FOR INDL DEV ARPT REV PHILADELPHIA ARPT SYS PJ-SER A	5.250	07/01/2028	91.790 / 91.790	100.000 / 100.000	8.210	3	20
442348-ZY-7	HOUSTON TEX ARPT SYS REV AMT-SUB LIEN-SER B	5.000	07/01/2025	86.855 / 87.034	93.939 / 94.940	8.085	8	275
575898-AL-5	MASSACHUSETTS ST PORT AUTH SPL FACS REV DELTA AIR LINES INC PJ-SER A	5.000	01/01/2027	88.175 / 93.256	92.288 / 95.881	7.706	6	90
72177L-AW-9	PIMA CNTY ARIZ INDL DEV AUTH LEASE REV CLARK CNTY DETENTION FAC PROJ	4.750	09/01/2030	93.100 / 93.100	100.674 / 100.674	7.574	2	15
519093-AD-0	LAURENS CNTY S C SCH DIST NO 55 INSTALLMENT PUR REV	5.250	12/01/2030	90.498 / 95.040	97.850 / 98.050	7.552	11	720

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)
71781E-AX-3	PHILADELPHIA PA AUTH FOR INDL DEV ARPT REV PHILADELPHIA ARPT SYS PJ-SER A	5.125	07/01/2028	92.000 / 97.750	5.750	95.000 / 95.000	3	35
658196-GA-2	NORTH CAROLINA EASTN MUN PWR AGY PWR SYS REV REF-SER A	4.500	01/01/2024	97.376 / 102.995	5.619	103.362 / 103.362	4	110
385536-GB-7	GRAND HAVEN MICH AREA PUB SCHS REF	4.000	05/01/2014	98.253 / 103.595	5.342	103.706 / 103.706	6	3100+1
575898-AL-5	MASSACHUSETTS ST PORT AUTH SPL FACS REV DELTA AIR LINES INC PJ-SER A	5.000	01/01/2027	88.175 / 93.256	5.081	92.288 / 95.881	6	90
658256-QM-7	NORTH CAROLINA ST PUB IMPT-SER A	4.250	03/01/2025	93.500 / 98.213	4.713	99.038 / 99.038	13	2150
819071-MX-6	SHAKER HEIGHTS OHIO CITY SCH DIST REF-SCH FACS IMPT	4.250	12/15/2024	88.967 / 93.590	4.623		2	20
519093-AD-0	LAURENS CNTY S C SCH DIST NO 55 INSTALLMENT PUR REV	5.250	12/01/2030	90.498 / 95.040	4.542	97.850 / 98.050	11	720
649892-HN-9	NEW YORK ST PWR AUTH REV & GEN PURP	5.500	01/01/2010	98.207 / 102.724	4.517		8	275
544525-BY-3	LOS ANGELES CALIF DEPT WTR & PWR WTRWKS REV REF-FGIC TCRS	4.500	10/15/2024	93.421 / 97.938	4.517		2	60
546398-DH-8	LOUISIANA PUB FACS AUTH REV OCHSNER CLINIC FNDTN PJ-SER B	5.500	05/15/2027	101.500 / 105.900	4.400		2	20

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)
46247C-AF-6	IOWA FIN AUTH SR LIVING FAC REV DEERFIELD RET CMNTY INC-A	5.500	11/15/2027		90.640 / 102.150	11.510	7	150
54241A-AW-3	LONG BEACH CALIF BD FIN AUTH NAT GAS PUR REV SER A	5.500	11/15/2030		91.291 / 98.500	7.209	28	1035
385550-DB-1	GRAND HAVEN MICH ELEC REV REF	5.250	07/01/2012	102.817 / 102.817	102.817 / 109.338	6.521	7	90
64988H-7D-0	NEW YORK ST MED CARE FACS FIN AGY REV NORTH SHORE UNIV-GLEN COVE-A	5.125	11/01/2012		99.000 / 105.145	6.145	2	30
74529J-AR-6	PUERTO RICO SALES TAX FING CORP SALES TAX REV SER A	5.250	08/01/2057		94.151 / 99.821	5.670	41	1255+1
717823-K4-9	PHILADELPHIA PA GAS WKS REV 1998 GEN ORDINANCE-4TH SER	5.000	08/01/2032	95.339 / 95.339	95.964 / 101.594	5.630	51	1710
38122N-FZ-0	GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV CAP APPREC-ASSET BKD-SER A	0.000	06/01/2022		81.815 / 87.098	5.283	2	55
64972H-DQ-2	NEW YORK N Y CITY TRANSITIONAL FIN AUTH BLDG AID REV SER S-2	4.500	01/15/2031		90.625 / 95.750	5.125	44	2695
521840-Q2-7	LEANDER TEX INDPT SCH DIST CAP APPREC-REF-SCH BLDG	0.000	08/15/2019		52.843 / 57.949	5.106	15	4425+1
745190-ZN-1	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV REF-SER N	5.250	07/01/2031		99.025 / 104.064	5.039	23	2005

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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