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: 04/11/2008.

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)
373271-AA-3	GEORGIA LOC GOVT CTFS PARTN GRANTOR TR-SER A	4.750	06/01/2028	89.439 / 89.439	100.000 / 101.750	12.311	5	38
25457V-AC-0	DIRECTOR ST NEV DEPT BUSINESS & INDUSTRY LAS VEGAS MONORAIL PJ-1ST TIER	5.375	01/01/2040	80.706 / 84.010	64.165 / 92.064	11.358	16	1235
167562-CZ-8	CHICAGO ILL MIDWAY ARPT REV AMT-SER A	5.125	01/01/2035	89.100 / 97.897	92.897 / 100.000	10.900	11	1070
235035-AK-8	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV AMERICAN AIRLINES INC	6.000	11/01/2014	82.182 / 84.932	92.500 / 92.500	10.318	7	90
59333P-EF-1	MIAMI-DADE CNTY FLA AVIATION REV SER A	5.125	10/01/2035	90.150 / 90.150	100.065 / 100.065	9.915	6	30
419794-UM-2	HAWAII ST ARPTS SYS REV AMT-REF	5.250	07/01/2021	97.148 / 103.187	99.984 / 106.187	9.039	16	390+1
91412F-UM-7	UNIVERSITY CALIF REVS GEN-SER G	4.625	05/15/2039	91.500 / 91.500	97.107 / 100.226	8.726	5	230
235036-EM-8	DALLAS FORT WORTH TEX INTL ARPT REV REF & IMPT-JT-SER A	5.000	11/01/2035	89.536 / 89.540	92.000 / 97.834	8.298	7	140
48507R-AZ-0	KANSAS CITY MO PASSENGER FAC CHARGE REV	5.000	04/01/2026	89.437 / 89.437	97.500 / 97.500	8.063	5	20
521838-LJ-9	LEANDER TEX CTFS OBLIG	4.150	08/15/2020	91.453 / 91.453	98.835 / 98.835	7.382	5	25

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)
167562-CZ-8	CHICAGO ILL MIDWAY ARPT REV AMT-SER A	5.125	01/01/2035	89.100 / 97.897	8.797	92.897 / 100.000	11	1070
486063-BR-0	KATY TEX INDPT SCH DIST REF-SER B	4.500	02/15/2031	87.753 / 95.407	7.654	91.954 / 91.954	4	240
686543-LT-4	ORLANDO & ORANGE CNTY EXPWY AUTH FLA EXPWY REV JR LIEN	5.000	07/01/2021	94.068 / 100.838	6.770		4	40
658256-XE-7	NORTH CAROLINA ST HIGHER ED-SER A	4.250	06/01/2026	94.311 / 100.554	6.243	100.929 / 100.929	4	350
419794-UM-2	HAWAII ST ARPTS SYS REV AMT-REF	5.250	07/01/2021	97.148 / 103.187	6.039	99.984 / 106.187	16	390+1
574216-XB-8	MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV HELIX HEALTH ISSUE	5.000	07/01/2027	98.013 / 104.018	6.005		3	45
576018-AM-7	MASSACHUSETTS ST TPK AUTH MET HWY SYS REV SR-SER A	5.000	01/01/2037	95.280 / 100.697	5.417	99.250 / 101.147	7	160
544644-PZ-4	LOS ANGELES CALIF UNI SCH DIST SER A	5.250	07/01/2019	106.484 / 110.874	4.390		3	120
167592-RP-1	CHICAGO ILL O HARE INTL ARPT REV SECOND LIEN PASSENGER FAC-A	5.375	01/01/2032	94.182 / 98.500	4.318	96.500 / 100.000	9	185
544644-QL-4	LOS ANGELES CALIF UNI SCH DIST SER A	5.000	01/01/2028	106.168 / 110.191	4.023	110.640 / 110.640	7	3810

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)
25457V-AC-0	DIRECTOR ST NEV DEPT BUSINESS & INDUSTRY LAS VEGAS MONORAIL PJ-1ST TIER	5.375	01/01/2040	80.706 / 84.010	64.165 / 92.064	27.899	16	1235
249181-7Q-5	DENVER COLO CITY & CNTY ARPT REV AMT-SYS-SUBSER A3	5.000	11/15/2032		101.994 / 110.555	8.561	9	1500+7
167562-CZ-8	CHICAGO ILL MIDWAY ARPT REV AMT-SER A	5.125	01/01/2035	89.100 / 97.897	92.897 / 100.000	7.103	11	1070
777863-AT-8	ROSEVILLE CALIF NAT GAS FING AUTH GAS REV	5.000	02/15/2026		91.700 / 98.528	6.828	15	1285
419794-UM-2	HAWAII ST ARPTS SYS REV AMT-REF	5.250	07/01/2021	97.148 / 103.187	99.984 / 106.187	6.203	16	390+1
235036-EM-8	DALLAS FORT WORTH TEX INTL ARPT REV REF & IMPT-JT-SER A	5.000	11/01/2035	89.536 / 89.540	92.000 / 97.834	5.834	7	140
267041-GG-0	DUTCHESS CNTY N Y INDL DEV AGY CIVIC FAC REV BARD COLL CIVIC FC-SER A-2	4.500	08/01/2036	92.000 / 92.466	89.500 / 95.000	5.500	5	445
64972H-DR-0	NEW YORK N Y CITY TRANSITIONAL FIN AUTH BLDG AID REV SER S-2	4.250	01/15/2034	89.640 / 91.900	87.824 / 93.313	5.489	31	2705
888808-DE-9	TOBACCO SETTLEMENT FING CORP N J SR-SER 1A	4.750	06/01/2034	79.000 / 79.000	80.254 / 85.680	5.426	7	315+2
10741L-BP-0	BREVARD CNTY FLA HEALTH FACS AUTH HEALTH CARE FACS REV HEALTH FIRST INC PROJ	5.000	04/01/2036		92.000 / 96.900	4.900	5	145

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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