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: 04/08/2008.

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)
797455-BZ-4	SAN DIEGO ST UNIV FNDTN AUXILIARY ORGANIZATION CALIF INSD-SER A	5.000	03/01/2037	89.016 / 89.016	99.994 / 101.994	12.978	11	2190
758084-AW-7	REDWOODS CALIF CMNTY COLLEGE DIST ELECTION 2004	4.375	08/01/2024	88.955 / 88.955	100.000 / 100.000	11.045	6	205
64577J-AA-5	NEW JERSEY ECONOMIC DEV AUTH GAS FACS REV NUI CORP PROJ-SER A	5.250	11/01/2033	89.500 / 89.500	97.930 / 97.930	8.430	2	65
59259R-S5-4	METROPOLITAN TRANSN AUTH N Y REV TRANSN-SER B	4.750	11/15/2031	92.068 / 92.068	97.801 / 100.000	7.932	38	835+2
235036-FW-5	DALLAS FORT WORTH TEX INTL ARPT REV JT-SER A-AMBAC	5.000	11/01/2032	88.250 / 90.280	92.670 / 96.062	7.812	15	355
442348-ZY-7	HOUSTON TEX ARPT SYS REV AMT-SUB LIEN-SER B	5.000	07/01/2025	88.852 / 89.582	93.465 / 96.650	7.798	9	105
57563R-FU-8	MASSACHUSETTS EDL FING AUTH ED LN REV ISSUE E	4.600	01/01/2022	87.973 / 87.973	88.750 / 95.605	7.632	6	90+3
71781E-AW-5	PHILADELPHIA PA AUTH FOR INDL DEV ARPT REV PHILADELPHIA ARPT SYS PJ-SER A	5.000	07/01/2023	89.750 / 89.750	96.750 / 97.200	7.450	4	85
249181-U9-7	DENVER COLO CITY & CNTY ARPT REV SER B	5.000	11/15/2033	92.819 / 92.819	99.850 / 99.850	7.031	2	70
155048-BB-6	CENTRAL PUGET SOUND WASH REGL TRAN AUTH SALES TAX & MOTOR	4.750	02/01/2028	93.470 / 93.470	98.000 / 100.493	7.023	5	115

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)
097437-NT-0	BOISE CITY IDAHO INDPT SCH DIST	5.000	08/01/2014	100.291 / 109.280	8.989		2	120
97710V-3C-0	WISCONSIN ST HEALTH & EDL FACS AUTH REV FRANCISCAN SISTERS HEALTHCARE	5.000	09/01/2018	89.120 / 97.675	8.555		5	620
311315-LN-3	FARMINGTON MINN INDPT SCH DIST NO 192	4.800	02/01/2017	97.000 / 103.250	6.250		5	22
91412F-K7-1	UNIVERSITY CALIF REVS UNREFUNDED BAL-UCLA MED CTR-A	5.000	05/15/2039	91.758 / 98.000	6.242		4	40
54243E-CG-6	LONG BEACH CALIF SPL TAX CMNTY FACS DIST NO 6-PIKE	6.300	10/01/2032	94.380 / 100.000	5.620		6	165
181004-BG-6	CLARK CNTY NEV INDL DEV REV NEVADA PWR CO PJ-A-ACA-CBI	5.600	10/01/2030	78.834 / 83.759	4.925		3	30
382406-LU-8	GOODRICH MICH AREA SCH DIST REF	3.500	05/01/2011	96.481 / 101.250	4.769	96.481 / 96.481	4	100
647634-5F-7	NEW ORLEANS LA REF	4.750	12/01/2026	89.387 / 94.000	4.613		5	85
64966F-4F-8	NEW YORK N Y PREREFUNDED-F	5.300	01/15/2026	106.060 / 110.409	4.349		3	140
296117-AB-0	ESCAMBIA CNTY FLA HEALTH FACS AUTH REV ASCENSION HLTH CREDIT-SER A-1	5.750	11/15/2029	102.150 / 106.283	4.133		5	30+1

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)
798147-L2-8	SAN JOSE CALIF REDEV AGY TAX ALLOCATION REF-MERGED AREA REDEV PJ-SER C	3.750	08/01/2028		82.556 / 99.000	16.444	28	1365+2
777863-AT-8	ROSEVILLE CALIF NAT GAS FING AUTH GAS REV	5.000	02/15/2026		88.875 / 96.000	7.125	26	2005
57563R-FU-8	MASSACHUSETTS EDL FING AUTH ED LN REV ISSUE E	4.600	01/01/2022	87.973 / 87.973	88.750 / 95.605	6.855	6	90+3
235035-AM-4	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV AMERICAN AIRLINES INC	6.375	05/01/2035		73.520 / 79.310	5.790	6	375
74514L-PX-9	PUERTO RICO COMWLTH UNREFUNDED BAL-PUB IMPT-SER A	5.000	07/01/2034		94.830 / 99.992	5.162	9	355
794458-CL-1	SALEM ORE HOSP FAC AUTH REV SALEM HOSP PJ-SER A	5.000	08/15/2036	96.613 / 96.613	94.915 / 100.000	5.085	21	2870
091086-BC-1	BIRMINGHAM ALA WTR & SWR REV WTS-SER A-MBIA IBC	4.750	01/01/2029		94.326 / 99.172	4.846	3	55
629621-DZ-3	NACOGDOCHES CNTY TEX HOSP DIST SALES TAX UNREFUNDED BALANCE-REF & IMPT	5.250	05/15/2031		99.000 / 103.766	4.766	2	20
97710N-S7-2	WISCONSIN ST HEALTH & EDL FACS AUTH REV AURORA HEALTH CARE INC-SER A	5.600	02/15/2029		94.768 / 99.137	4.369	13	245
43232V-RB-9	HILLSBOROUGH CNTY FLA SCH BRD CTFS PARTN MASTER LEASE PROG	4.750	07/01/2031		95.260 / 99.577	4.317	96	7955+1

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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