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: 04/16/2008.

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)
662858-ED-7	NORTH TEX TWY AUTH DALLAS NORTH TWY SYS REV SER A	5.000	01/01/2035	100.000 / 100.000	112.042 / 112.042	12.042	5	2005
167592-YG-3	CHICAGO ILL O HARE INTL ARPT REV REF-GEN-AIRPORT-3RD LIEN-C-2	5.250	01/01/2034	88.900 / 94.086	89.900 / 98.402	9.502	15	1350+1
59465E-PT-4	MICHIGAN ST HOSP FIN AUTH REV REF-HOSP-DETROIT MEDICAL GRP-A	5.250	08/15/2027	91.336 / 91.336	97.039 / 100.550	9.214	13	260
235036-EM-8	DALLAS FORT WORTH TEX INTL ARPT REV REF & IMPT-JT-SER A	5.000	11/01/2035	88.870 / 91.180	93.693 / 97.126	8.256	11	175
59334D-BU-7	MIAMI-DADE CNTY FLA WTR & SWR REV REF-SYS	4.000	10/01/2016	94.330 / 94.330	102.375 / 102.375	8.045	4	60
717817-JK-7	PHILADELPHIA PA ARPT REV SER A	4.500	06/15/2029	87.452 / 92.393	95.393 / 95.393	7.941	3	130
650468-FZ-9	NEWARK OHIO CITY SCH DIST SCH IMPT	4.375	12/01/2032	86.760 / 88.022	94.622 / 94.622	7.862	6	30
207742-B5-5	CONNECTICUT ST HEALTH & EDL FACS AUTH REV MANCHESTER MEM HOSP-SER D	5.750	07/01/2022	104.125 / 104.125	111.562 / 111.562	7.437	2	20
545149-EZ-5	LOS ANGELES CNTY CALIF SANTN DISTS FING AUTH REV CAP PROJS-DIST NO 14 SUB-B	4.500	10/01/2035	89.241 / 89.935	90.935 / 96.500	7.259	4	115
38122N-PA-4	GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV ASSET-BKD-SR-SER A-1	5.750	06/01/2047	88.516 / 91.135	92.487 / 95.550	7.034	36	4145+2

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)
45528S-FX-9	INDIANAPOLIS IND LOC PUB IMPT BD BK AMT-ARPT AUTH PROJ-SER I	5.000	01/01/2034	81.909 / 92.934	11.025		2	15
613603-QP-7	MONTGOMERY CNTY PA HIGHER ED & HEALTH AUTH REV ARCADIA UNIV	5.000	04/01/2036	97.800 / 106.769	8.969	98.375 / 98.465	6	285
442348-ZY-7	HOUSTON TEX ARPT SYS REV AMT-SUB LIEN-SER B	5.000	07/01/2025	85.871 / 94.200	8.329		6	35
167592-YG-3	CHICAGO ILL O HARE INTL ARPT REV REF-GEN-AIRPORT-3RD LIEN-C-2	5.250	01/01/2034	88.900 / 94.086	5.186	89.900 / 98.402	15	1350+1
717817-JK-7	PHILADELPHIA PA ARPT REV SER A	4.500	06/15/2029	87.452 / 92.393	4.941	95.393 / 95.393	3	130
169700-BY-6	CHIPPEWA CNTY MICH HOSP FIN AUTH HOSP FACS REV REF-CHIPPEAW CNTY WAR MEM-B	5.625	11/01/2014	91.604 / 96.500	4.896	97.375 / 97.375	6	320
181054-5N-3	CLARK CNTY NEV SCH DIST BLDG-SER C	5.000	06/15/2022	101.544 / 106.397	4.853		4	100
047870-DK-3	ATLANTA GA WTR & WASTEWTR REV SER A-UNREFUNDED BALANCE	5.000	11/01/2038	90.640 / 95.250	4.610		2	20
888808-AT-9	TOBACCO SETTLEMENT FING CORP N J ASSET BKD	6.125	06/01/2042	108.118 / 112.723	4.605	111.342 / 112.823	8	325+2
66585V-AH-8	NORTHERN TOB SECURITIZATION CORP ALASKA TOB SETTLEMENT REV ASSET BKD BDS	6.500	06/01/2031	102.610 / 106.957	4.347	103.979 / 103.979	5	40

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)
880443-BS-4	TENNESSEE ENERGY ACQUISITION CORP GAS REV SER A	5.250	09/01/2026	96.000 / 97.125	73.856 / 100.465	26.609	84	7015+1
472682-MC-4	JEFFERSON CNTY ALA SWR REV UNREFUNDED BALANCE-WTS-SER A	5.625	02/01/2022		74.120 / 86.438	12.318	3	85
167592-YG-3	CHICAGO ILL O HARE INTL ARPT REV REF-GEN-AIRPORT-3RD LIEN-C-2	5.250	01/01/2034	88.900 / 94.086	89.900 / 98.402	8.502	15	1350+1
490580-CB-1	KENT HOSP FIN AUTH MICH REV MET HOSP PJ-SER A	6.250	07/01/2040		94.750 / 102.625	7.875	5	195
545149-EZ-5	LOS ANGELES CNTY CALIF SANTN DISTS FING AUTH REV CAP PROJS-DIST NO 14 SUB-B	4.500	10/01/2035	89.241 / 89.935	90.935 / 96.500	5.565	4	115
56036Y-EG-6	MAIN STR NAT GAS INC GA GAS PROJ REV SER A	6.250	07/15/2033	96.409 / 98.250	96.309 / 101.625	5.316	202	22420+22
71781E-AX-3	PHILADELPHIA PA AUTH FOR INDL DEV ARPT REV PHILADELPHIA ARPT SYS PJ-SER A	5.125	07/01/2028		95.452 / 100.750	5.298	16	255
545149-FX-9	LOS ANGELES CNTY CALIF SANTN DISTS FING AUTH REV CAP PROJS-DIST NO 20 SUB-SER A	4.500	10/01/2038		90.678 / 95.859	5.181	3	60
645916-H8-3	NEW JERSEY ECONOMIC DEV AUTH REV MOTOR VEHICLE SURCHARGES-SER A	5.000	07/01/2034	99.375 / 99.375	101.375 / 106.334	4.959	5	70
64971M-AS-1	NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV PREREFUNDED-FUTURE TAX SECD-A	5.500	11/15/2020		107.306 / 112.180	4.874	6	1875+3

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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