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: 04/15/2008.

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)
311450-EU-0	FARMINGTON N MEX POLLUTN CTL REV PUB SVC CO N MEX SAN JUAN PJ-A	5.150	06/01/2037	82.000 / 82.000	92.247 / 92.247	10.247	2	35
59465E-PT-4	MICHIGAN ST HOSP FIN AUTH REV REF-HOSP-DETROIT MEDICAL GRP-A	5.250	08/15/2027	91.630 / 91.630	97.039 / 101.023	9.393	10	340
546398-MJ-4	LOUISIANA PUB FACS AUTH REV REF-PENNINGTON MED FNDTN PJ	4.900	07/01/2034	88.280 / 88.280	97.183 / 97.183	8.903	4	40
442348-ZY-7	HOUSTON TEX ARPT SYS REV AMT-SUB LIEN-SER B	5.000	07/01/2025	88.581 / 91.175	91.675 / 97.470	8.889	10	140
167592-UZ-5	CHICAGO ILL O HARE INTL ARPT REV AMT-2ND LIEN PASSENGER FAC-C	5.250	01/01/2032	89.986 / 94.650	98.650 / 98.650	8.664	3	25
74526Q-NP-3	PUERTO RICO ELEC PWR AUTH PWR REV UNREFUNDED BALANCE-SER NN	5.125	07/01/2029	101.465 / 101.465	101.505 / 109.984	8.519	6	1055
59469C-7N-7	MICHIGAN ST STRATEGIC FD LTD OBLIG REV REF-DETROIT ED CO PROJ-SER B	4.650	10/01/2028	95.228 / 97.330	102.620 / 103.520	8.292	9	465
010487-H7-4	ALABAMA ST BRD ED REV BISHOP ST CMNTY COLLEGE	4.000	01/01/2015	94.750 / 94.750	103.022 / 103.022	8.272	4	40
59333P-EH-7	MIAMI-DADE CNTY FLA AVIATION REV AMT-MIAMI INTL ARPT-SER A	4.750	10/01/2027	84.650 / 84.650	92.891 / 92.891	8.241	4	60
64972F-BY-1	NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV SER D	4.500	06/15/2036	90.480 / 91.419	98.591 / 98.591	8.111	4	85

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)
222734-AL-9	COURTLAND ALA INDL DEV BRD SOLID WASTE DISP REV REF-CHAMPION INTL CORP PROJ	5.700	10/01/2028	87.615 / 100.000	12.385		2	20
745268-K7-6	PUERTO RICO ELEC PWR AUTH PWR REV REF-SER EE-MBIA IBC	4.750	07/01/2024	92.250 / 99.799	7.549		4	45
11506K-AP-6	BROWARD CNTY FLA PORT FACS REV REF-AMT-SER B	5.000	09/01/2027	90.214 / 97.681	7.467	94.813 / 94.813	6	100
585395-S8-0	MELBOURNE FLA WTR & SWR REV IMPT-SER B	4.500	10/01/2037	85.940 / 91.850	5.910		4	180
59333P-HQ-4	MIAMI-DADE CNTY FLA AVIATION REV AMT-MIAMI INTL AIRPORT-HUB-A	5.000	10/01/2030	87.606 / 93.256	5.650		3	70
544652-Q3-7	LOS ANGELES CALIF WASTEWTR SYS REV REF-SER A	4.750	06/01/2030	92.502 / 97.170	4.668	98.921 / 100.000	7	35
167592-UZ-5	CHICAGO ILL O HARE INTL ARPT REV AMT-2ND LIEN PASSENGER FAC-C	5.250	01/01/2032	89.986 / 94.650	4.664	98.650 / 98.650	3	25
71781E-AX-3	PHILADELPHIA PA AUTH FOR INDL DEV ARPT REV PHILADELPHIA ARPT SYS PJ-SER A	5.125	07/01/2028	92.875 / 97.324	4.449	92.875 / 98.692	15	965
927676-KV-7	VIRGIN ISLANDS PUB FIN AUTH REV GROSS RCPTS TAXES LN NT	5.000	10/01/2031	89.371 / 93.452	4.081	94.375 / 94.375	4	30
235036-EM-8	DALLAS FORT WORTH TEX INTL ARPT REV REF & IMPT-JT-SER A	5.000	11/01/2035	89.040 / 92.920	3.880	92.940 / 95.670	14	220

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)
45528S-E5-1	INDIANAPOLIS IND LOC PUB IMPT BD BK ARPT AUTH-F-AMBAC-FSA-CR	5.000	01/01/2019		10.527 / 100.125	89.598	2	75+1
181004-CZ-3	CLARK CNTY NEV INDL DEV REV REF-SOUTHWEST GAS CORP PROJ-B	5.000	12/01/2033		84.687 / 101.308	16.621	5	290
93974A-7N-8	WASHINGTON ST SER D	5.000	01/01/2018		92.715 / 108.576	15.861	5	170
46843P-AX-6	JACKSON MISS HSG AUTH MULTIFAMILY REV HSG-ELTON PARK APTS-SER B	5.400	04/01/2039		84.870 / 94.513	9.643	3	55
74526Q-NP-3	PUERTO RICO ELEC PWR AUTH PWR REV UNREFUNDED BALANCE-SER NN	5.125	07/01/2029	101.465 / 101.465	101.505 / 109.984	8.479	6	1055
914174-AQ-0	UNIVERSITY COLO HOSP AUTH REV SER A	5.000	11/15/2029		94.934 / 103.256	8.322	4	240
57652T-AW-7	MATAGORDA CNTY TEX NAV DIST NO 1 REV REF-RELIANT ENERGY INC-SER A	5.250	06/01/2026		97.000 / 103.275	6.275	4	55
79575E-AS-7	SALT VERDE FINL CORP GAS REV ARIZ SR	5.000	12/01/2037	89.323 / 92.000	89.500 / 95.500	6.000	14	3585
71781E-AX-3	PHILADELPHIA PA AUTH FOR INDL DEV ARPT REV PHILADELPHIA ARPT SYS PJ-SER A	5.125	07/01/2028	92.875 / 97.324	92.875 / 98.692	5.817	15	965
745235-D6-5	PUERTO RICO PUB BLDGS AUTH REV GTD UNREFUNDED BAL-GOVT FACS-I	5.250	07/01/2033		97.450 / 103.250	5.800	14	615

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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