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: 04/03/2008.

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)
924159-AE-6	VERMONT ECONOMIC DEV AUTH REV MTG-WAKE ROBIN CORP PJ-SER A	6.300	03/01/2033	88.544 / 99.000	99.470 / 99.470	10.926	6	45
410778-BP-8	HANOVER CNTY VA INDL DEV AUTH MED FACS REV RICHMOND MEM HOSP&HANOVER MED	6.000	10/01/2021	100.110 / 100.110	110.820 / 110.820	10.710	5	234
821692-QN-3	SHELBY CNTY TENN HEALTH EDL & HSG FAC BRD HOSP REV PREREFUNDED-METHODIST HLTH SYS	5.250	08/01/2015	97.000 / 105.149	107.520 / 107.520	10.520	5	170
613579-UL-3	MONTGOMERY CNTY PA	5.000	08/15/2014	99.985 / 110.031	110.031 / 110.031	10.046	10	3125+1
888808-DF-6	TOBACCO SETTLEMENT FING CORP N J SR-SER 1A	5.000	06/01/2041	74.205 / 78.983	81.250 / 83.640	9.435	10	480
249181-U2-2	DENVER COLO CITY & CNTY ARPT REV AMT-SER A	5.000	11/15/2026	87.629 / 87.629	93.531 / 97.000	9.371	5	100
056559-AK-3	BADGER TOB ASSET SECURITIZATION CORP WIS TOB ASSET-BKD	6.125	06/01/2027	91.045 / 96.775	98.510 / 99.711	8.666	10	210+1
413893-CN-6	HARRIS CNTY-HOUSTON TEX SPORTS AUTH SPL REV REF-JR LIEN-SER B	5.250	11/15/2040	91.381 / 96.640	100.000 / 100.000	8.619	5	40
646107-YP-1	NEW JERSEY ST HSG & MTG FIN AGY MULTI-FAMILY HSG REV AMT-SER A	5.150	11/01/2030	90.185 / 90.185	98.607 / 98.607	8.422	4	100
745145-AX-0	PUERTO RICO COMWLTH REF-PUB IMPT	4.500	07/01/2023	86.613 / 86.613	94.706 / 94.706	8.093	2	55

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)
924159-AE-6	VERMONT ECONOMIC DEV AUTH REV MTG-WAKE ROBIN CORP PJ-SER A	6.300	03/01/2033	88.544 / 99.000	10.456	99.470 / 99.470	6	45
613579-UL-3	MONTGOMERY CNTY PA	5.000	08/15/2014	99.985 / 110.031	10.046	110.031 / 110.031	10	3125+1
821692-QN-3	SHELBY CNTY TENN HEALTH EDL & HSG FAC BRD HOSP REV PREREFUNDED-METHODIST HLTH SYS	5.250	08/01/2015	97.000 / 105.149	8.149	107.520 / 107.520	5	170
246387-LR-3	DELAWARE ST ECONOMIC DEV AUTH REV REF-WTR DEV-UTD WTR INC PROJ	5.150	03/01/2033	89.100 / 97.020	7.920	92.100 / 92.100	3	15
472682-LZ-4	JEFFERSON CNTY ALA SWR REV PREREFUNDED-CAP IMPT-WTS	5.000	02/01/2041	100.000 / 106.069	6.069	105.338 / 107.153	9	205
472682-MH-3	JEFFERSON CNTY ALA SWR REV UNREFUNDED BAL-CAP IMPT-WTS	5.000	02/01/2041	100.500 / 106.319	5.819	105.338 / 108.044	10	240
056559-AK-3	BADGER TOB ASSET SECURITIZATION CORP WIS TOB ASSET-BKD	6.125	06/01/2027	91.045 / 96.775	5.730	98.510 / 99.711	10	210+1
646135-Y7-2	NEW JERSEY ST TRANSN TR FD AUTH TRANSN SYS-SER A	5.250	06/15/2017	105.194 / 110.766	5.572	105.194 / 108.488	6	250
413893-CN-6	HARRIS CNTY-HOUSTON TEX SPORTS AUTH SPL REV REF-JR LIEN-SER B	5.250	11/15/2040	91.381 / 96.640	5.259	100.000 / 100.000	5	40
888808-DF-6	TOBACCO SETTLEMENT FING CORP N J SR-SER 1A	5.000	06/01/2041	74.205 / 78.983	4.778	81.250 / 83.640	10	480

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)
594614-Y2-9	MICHIGAN ST BLDG AUTH REV CAP APPREC-IA-FGIC-FSA-CR	0.000	10/15/2029		29.362 / 103.246	73.884	38	7290+6
74529J-AR-6	PUERTO RICO SALES TAX FING CORP SALES TAX REV SER A	5.250	08/01/2057	94.469 / 94.469	92.131 / 99.821	7.690	54	1445+2
167592-UZ-5	CHICAGO ILL O HARE INTL ARPT REV AMT-2ND LIEN PASSENGER FAC-C	5.250	01/01/2032	98.142 / 98.142	93.560 / 99.514	5.954	9	640
880443-DX-1	TENNESSEE ENERGY ACQUISITION CORP GAS REV SER C	5.000	02/01/2019	94.090 / 94.090	95.550 / 101.250	5.700	6	140
346668-CZ-7	FORSYTH MONT POLLUTION CTL REV REF-NORTHWESTERN CORP COLSTRIP	4.650	08/01/2023		94.590 / 99.750	5.160	15	515
524292-AK-5	LEES SUMMIT MO INDL DEV AUTH SR LIVING FACS REV JOHN KNOX VLG OBLIG GROUP-A	5.125	08/15/2026		84.901 / 89.933	5.032	9	1080+1
54241A-AW-3	LONG BEACH CALIF BD FIN AUTH NAT GAS PUR REV SER A	5.500	11/15/2030	91.542 / 91.542	90.978 / 96.000	5.022	22	1720+1
169498-DE-9	CHINO BASIN CALIF REGL FING AUTH REV INLAND EMPIRE UTILS AGY-SER A	5.000	11/01/2038		99.250 / 104.000	4.750	24	1475
717903-A9-9	PHILADELPHIA PA HOSPS & HIGHER ED FACS AUTH HOSP REV CHILDRENS HOSP PHILA PROJ-A	4.500	07/01/2037		88.035 / 92.290	4.255	44	3065
542690-ZA-3	LONG ISLAND PWR AUTH N Y ELEC SYS REV GEN-SER C	5.000	09/01/2035	97.500 / 97.500	98.000 / 102.125	4.125	93	7705

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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