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: 04/09/2008.

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)
888808-DF-6	TOBACCO SETTLEMENT FING CORP N J SR-SER 1A	5.000	06/01/2041	6.267 / 82.000	81.178 / 85.000	78.733	21	1855+2
645780-DX-2	NEW JERSEY ECONOMIC DEV AUTH WTR FACS REV UTD WTR N J INC PROJ	5.000	11/01/2028	88.791 / 88.791	92.501 / 101.232	12.441	7	85
59333P-EK-0	MIAMI-DADE CNTY FLA AVIATION REV AMT-MIAMI INTL ARPT-SER A	4.750	10/01/2035	80.225 / 80.225	87.535 / 92.561	12.336	7	70
01852L-AB-6	ALLIANCE ARPT AUTH INC TEX SPL FACS REV AMERICAN AIRLS INC PROJ	7.000	12/01/2011	84.970 / 84.970	96.000 / 96.000	11.030	6	75
914174-AQ-0	UNIVERSITY COLO HOSP AUTH REV SER A	5.000	11/15/2029	91.100 / 91.100	101.621 / 101.621	10.521	3	120
276318-AN-2	EASTERN CONN RES RECOVERY AUTH SOLID WASTE REV WHEELABRATOR LISBON PJ-SER A	5.500	01/01/2020	89.121 / 89.121	93.431 / 98.641	9.520	5	30
745145-AY-8	PUERTO RICO COMWLTH REF-PUB IMPT	5.000	07/01/2026	90.210 / 90.210	99.475 / 99.475	9.265	5	95
613611-AA-0	MONTGOMERY CNTY PA INDL DEV AUTH WTR FAC REV PA-AMERICAN WTR CO PROJ	5.050	06/01/2029	85.699 / 85.699	94.900 / 94.900	9.201	4	40
677659-EY-6	OHIO ST WTR DEV AUTH REV WTRWKS IMPT-CONSUMERS OHIO WTR	5.000	09/01/2031	90.050 / 90.050	98.500 / 98.500	8.450	5	50
452143-BY-5	ILLINOIS SPORTS FACS AUTH ST TAX SUPPORTED	5.000	06/15/2032	95.666 / 95.666	100.035 / 102.923	7.257	9	185

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)
888808-DF-6	TOBACCO SETTLEMENT FING CORP N J SR-SER 1A	5.000	06/01/2041	6.267 / 82.000	75.733	81.178 / 85.000	21	1855+2
797300-YZ-7	SAN DIEGO CALIF REDEV AGY SUB-TAX ALLOC-HORTON PLAZA-A	5.050	11/01/2020	93.820 / 100.073	6.253		2	85
472653-BH-6	JEFFERSON CNTY ALA LTD OBLIG SCH WT SER A-FSA-CR	4.750	01/01/2025	93.800 / 98.739	4.939	100.544 / 100.544	9	4440
34281T-BZ-7	FLORIDA ST ED SYS HSG REV FLA ST UNIV FAC-SER A	4.500	05/01/2034	87.555 / 92.250	4.695	90.602 / 90.602	6	305
576000-BC-6	MASSACHUSETTS ST SCH BLDG AUTH DEDICATED SALES TAX REV SER A-FSA	5.000	08/15/2020	102.153 / 106.756	4.603		2	260
392274-SV-9	GREATER ORLANDO AVIATION AUTH ORLANDO FLA ARPT FACS REV AMT-SER B	5.250	10/01/2032	93.421 / 98.010	4.589		2	45
733581-6B-3	PORT AUTH N Y & N J CONS-131ST SER	4.625	12/15/2029	89.532 / 94.063	4.531	93.220 / 93.220	5	280
64982P-UX-8	NEW YORK ST DORM AUTH LEASE REV ST UNIV DORM FACS	5.000	07/01/2032	104.390 / 108.774	4.384	108.973 / 108.973	3	2025
745268-2B-7	PUERTO RICO ELEC PWR AUTH PWR REV SER HH	5.300	07/01/2020	101.768 / 106.074	4.306	106.474 / 106.530	8	90
745190-K2-3	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV PREREFUNDED-SER G	5.000	07/01/2042	104.658 / 108.754	4.096	109.077 / 109.077	7	160

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)
64970K-DL-8	NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV SER D-FGIC TCRS	4.750	06/15/2025		100.275 / 109.701	9.426	3	70
64982P-PC-0	NEW YORK ST DORM AUTH LEASE REV ST UNIV DORM FACS-SER A	5.500	07/01/2011	106.649 / 106.649	98.000 / 107.139	9.139	3	290
645780-DX-2	NEW JERSEY ECONOMIC DEV AUTH WTR FACS REV UTD WTR N J INC PROJ	5.000	11/01/2028	88.791 / 88.791	92.501 / 101.232	8.731	7	85
576000-FF-5	MASSACHUSETTS ST SCH BLDG AUTH DEDICATED SALES TAX REV SER A	4.750	08/15/2032	98.125 / 99.250	96.010 / 101.745	5.735	13	7490
64972H-DQ-2	NEW YORK N Y CITY TRANSITIONAL FIN AUTH BLDG AID REV SER S-2	4.500	01/15/2031	94.150 / 94.150	92.500 / 98.000	5.500	61	4525
276318-AN-2	EASTERN CONN RES RECOVERY AUTH SOLID WASTE REV WHEELABRATOR LISBON PJ-SER A	5.500	01/01/2020	89.121 / 89.121	93.431 / 98.641	5.210	5	30
777863-AT-8	ROSEVILLE CALIF NAT GAS FING AUTH GAS REV	5.000	02/15/2026		91.700 / 96.822	5.122	12	545
59333P-EK-0	MIAMI-DADE CNTY FLA AVIATION REV AMT-MIAMI INTL ARPT-SER A	4.750	10/01/2035	80.225 / 80.225	87.535 / 92.561	5.026	7	70
70643F-BC-5	PEMBROKE PINES FLA	4.500	09/01/2031	90.329 / 90.329	91.379 / 96.387	5.008	4	70
455393-BX-5	INDIANAPOLIS IND THERMAL ENERGY SYS REV REF-FIRST LIEN-MULTI-MODE	5.000	10/01/2025		100.570 / 105.544	4.974	15	795

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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