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: 04/21/2008.

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)
59333P-HV-3	MIAMI-DADE CNTY FLA AVIATION REV MIAMI INTL AIRPORT-HUB-SER B	5.000	10/01/2037	87.526 / 87.526	100.502 / 100.502	12.976	2	65
88256C-AR-0	TEXAS MUN GAS ACQUISITION & SUPPLY CORP I GAS SUPPLY REV SR LIEN-SER A	5.250	12/15/2024	91.863 / 91.863	102.220 / 102.220	10.357	4	75
523530-GH-0	LEE CNTY FLA WTR & SWR REV SER A	5.000	10/01/2029	94.010 / 99.280	102.280 / 102.280	8.270	5	55
64972F-HZ-2	NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV SER A-FSA-CR	4.250	06/15/2033	88.000 / 93.101	96.254 / 96.254	8.254	4	165
64966F-4J-0	NEW YORK N Y UNREFUNDED BALANCE-F	5.250	01/15/2033	97.000 / 97.000	104.226 / 104.996	7.996	11	245
71781E-AX-3	PHILADELPHIA PA AUTH FOR INDL DEV ARPT REV PHILADELPHIA ARPT SYS PJ-SER A	5.125	07/01/2028	91.611 / 94.103	99.447 / 99.447	7.836	5	85
047870-DK-3	ATLANTA GA WTR & WASTEWTR REV SER A-UNREFUNDED BALANCE	5.000	11/01/2038	93.500 / 99.750	101.300 / 101.300	7.800	8	160
64972H-DQ-2	NEW YORK N Y CITY TRANSITIONAL FIN AUTH BLDG AID REV SER S-2	4.500	01/15/2031	92.000 / 95.936	99.000 / 99.650	7.650	11	615
71781E-CZ-6	PHILADELPHIA PA AUTH FOR INDL DEV ARPT REV PHILADELPHIA ARPT SYS PJ-SER A	5.250	07/01/2028	92.624 / 92.624	99.500 / 100.000	7.376	6	220
167592-WL-4	CHICAGO ILL O HARE INTL ARPT REV REF-GEN ARPT THIRD LIEN-SER A	5.375	01/01/2032	93.170 / 96.250	99.000 / 100.414	7.244	6	35

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)
047870-DK-3	ATLANTA GA WTR & WASTEWTR REV SER A-UNREFUNDED BALANCE	5.000	11/01/2038	93.500 / 99.750	6.250	101.300 / 101.300	8	160
523530-GH-0	LEE CNTY FLA WTR & SWR REV SER A	5.000	10/01/2029	94.010 / 99.280	5.270	102.280 / 102.280	5	55
64972F-HZ-2	NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV SER A-FSA-CR	4.250	06/15/2033	88.000 / 93.101	5.101	96.254 / 96.254	4	165
646136-HJ-3	NEW JERSEY ST TRANSN TR FD AUTH PREREFUNDED-TRANSN SYS-C	5.500	12/15/2013	108.054 / 112.106	4.052	110.674 / 113.160	6	780
474176-DY-7	JEFFERSON LA SALES TAX DIST SPL SALES TAX REV REF	5.000	12/01/2022	98.165 / 102.149	3.984	102.165 / 102.165	4	30
11506K-AP-6	BROWARD CNTY FLA PORT FACS REV REF-AMT-SER B	5.000	09/01/2027	91.362 / 95.305	3.943		3	60
64972H-DQ-2	NEW YORK N Y CITY TRANSITIONAL FIN AUTH BLDG AID REV SER S-2	4.500	01/15/2031	92.000 / 95.936	3.936	99.000 / 99.650	11	615
047812-AE-2	ATLANTA GA HSG AUTH MULTIFAMILY REV HSG-GNMA-VLG AT CASTLEBERRY PJ	5.400	02/20/2039	95.600 / 99.500	3.900	100.500 / 100.500	3	60
938580-EJ-2	WASHINGTON CNTY ORE UNI SWR AGY SWR REV REF-SUB LIEN-SER ONE	5.750	10/01/2012	109.090 / 112.890	3.800		5	125
745268-K7-6	PUERTO RICO ELEC PWR AUTH PWR REV REF-SER EE-MBIA IBC	4.750	07/01/2024	97.000 / 100.700	3.700	101.000 / 101.000	6	100

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)
13063A-ZV-9	CALIFORNIA ST REF-BHAC NICO-CR	3.500	10/01/2027	81.160 / 81.160	81.160 / 88.322	7.162	10	1210+2
574217-WT-8	MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV PENINSULA REGL MED CTR	5.000	07/01/2036	94.875 / 94.875	94.875 / 101.750	6.875	16	640
64966E-CD-7	NEW YORK N Y SER J	5.000	03/01/2021		99.665 / 106.517	6.852	14	900
235036-JZ-4	DALLAS FORT WORTH TEX INTL ARPT REV IMPT-JT-SER B	5.000	11/01/2035	91.621 / 93.880	92.121 / 98.612	6.491	14	295
713575-NW-4	PERALTA CALIF CMNTY COLLEGE DIST SER A	5.000	08/01/2018		105.276 / 111.761	6.485	4	55
130658-JV-0	CALIFORNIA ST DEPT VET AFFAIRS HOME PUR REV SUBSER A-3 RMKT 12/01/2006	4.600	12/01/2028		93.683 / 99.984	6.301	3	60
646108-DP-2	NEW JERSEY ST HSG & MTG FIN AGY MULT-FAMILY REV AMT-SER A	4.850	11/01/2039		93.120 / 98.500	5.380	21	2320
54241A-AW-3	LONG BEACH CALIF BD FIN AUTH NAT GAS PUR REV SER A	5.500	11/15/2030		95.724 / 100.485	4.761	39	2365
235036-DC-1	DALLAS FORT WORTH TEX INTL ARPT REV REF & IMPT-JT-SER A	5.500	11/01/2035		95.398 / 100.000	4.602	3	35
575898-AL-5	MASSACHUSETTS ST PORT AUTH SPL FACS REV DELTA AIR LINES INC PJ-SER A	5.000	01/01/2027	90.780 / 91.218	92.500 / 96.933	4.433	12	245

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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