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: 04/22/2008.

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)
594693-AQ-6	MICHIGAN ST STRATEGIC FD POLLUTION CTL REV ADJ-REF-GEN MTRS CORP	6.200	09/01/2020	79.475 / 92.500	83.500 / 92.550	13.075	5	485
86139P-BA-4	STOCKTON CALIF PORT DIST PORT REV SER A	4.500	07/01/2032	90.500 / 90.500	96.500 / 98.693	8.193	14	885
320265-QJ-3	FIRST FLA GOVTL FING COMMN REV REF & IMPT	5.000	07/01/2022	92.000 / 92.000	100.000 / 100.000	8.000	4	20
28268K-CC-5	EL CAJON CALIF REDEV AGY TAX ALLOCATION REF	4.500	10/01/2036	88.162 / 93.360	91.743 / 96.110	7.948	5	150
091086-AL-2	BIRMINGHAM ALA WTR & SWR REV WTS-SER A	4.750	01/01/2029	90.372 / 90.372	96.098 / 98.174	7.802	6	90
546398-DJ-4	LOUISIANA PUB FACS AUTH REV OCHSNER CLINIC FNDTN PJ-SER B	5.500	05/15/2032	107.250 / 107.250	114.750 / 114.750	7.500	3	90
542402-ET-5	LONG BEACH CALIF BD FIN AUTH LEASE REV REF-AQUARIUM OF THE SOUTH PACI	5.250	11/01/2030	91.750 / 91.750	99.100 / 99.100	7.350	5	50
546589-GE-6	LOUISVILLE & JEFFERSON CNTY KY MET SWR DIST SWR & DRAIN SYS SER A	4.750	05/15/2028	92.860 / 92.860	100.000 / 100.000	7.140	5	70
525638-BP-6	LEMON GROVE CALIF CMNTY DEV AGY TAX ALLOCATION REDEV PROJ AREA	5.000	08/01/2034	92.200 / 92.200	99.250 / 99.250	7.050	3	300
11506K-AP-6	BROWARD CNTY FLA PORT FACS REV REF-AMT-SER B	5.000	09/01/2027	92.983 / 92.983	98.615 / 99.906	6.923	10	140

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)
594693-AQ-6	MICHIGAN ST STRATEGIC FD POLLUTION CTL REV ADJ-REF-GEN MTRS CORP	6.200	09/01/2020	79.475 / 92.500	13.025	83.500 / 92.550	5	485
235241-FX-9	DALLAS TEX AREA RAPID TRAN SALES TAX REV UNREFUNDED BAL-SR LIEN	5.000	12/01/2026	93.500 / 100.634	7.134	100.000 / 100.000	5	40
419800-EH-6	HAWAII ST DEPT BUDGET & FIN SPL PURP REV HAWAIIAN ELEC CO INC PJS-SER A	5.100	09/01/2032	87.324 / 93.944	6.620	88.324 / 88.324	4	30
207728-BF-2	CONNECTICUT ST DEV AUTH POLLUTN CTL REV REF-CONN LT & PWR-A-RMK9/23/98	5.850	09/01/2028	94.270 / 99.835	5.565	100.500 / 100.500	6	800
396066-AW-2	GREENVILLE CNTY S C SCH DIST INSTALLMENT PUR REV BLDG EQUITY SOONER TOMORROW	5.500	12/01/2028	106.800 / 112.362	5.562	112.412 / 112.543	14	4190+1
207714-AF-3	CONNECTICUT ST SPL OBLIG PKG REV BRADLEY INTL ARPT-SER A	6.500	07/01/2018	93.582 / 99.000	5.418		2	50
28268K-CC-5	EL CAJON CALIF REDEV AGY TAX ALLOCATION REF	4.500	10/01/2036	88.162 / 93.360	5.198	91.743 / 96.110	5	150
662858-EE-5	NORTH TEX TWY AUTH DALLAS NORTH TWY SYS REV SER A	4.500	01/01/2038	100.793 / 105.723	4.930	105.910 / 105.910	11	285
106214-FR-5	BRAZOS RIVER AUTH TEX REV REF-COLL-CENTERPOINT ENERGY-B	4.250	12/01/2017	88.625 / 93.100	4.475	94.333 / 94.333	4	60
341602-SZ-4	FLORIDA ST DEPT MGMT SVCS DIV FACS MGMT REV FLA FACS POOL-SER B	4.500	09/01/2023	93.791 / 98.162	4.371		2	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)
594693-AQ-6	MICHIGAN ST STRATEGIC FD POLLUTION CTL REV ADJ-REF-GEN MTRS CORP	6.200	09/01/2020	79.475 / 92.500	83.500 / 92.550	9.050	5	485
402175-KF-9	GULF BREEZE FLA REV CAP FDG-SER B	4.500	10/01/2027		93.000 / 99.597	6.597	3	110
57585J-2A-8	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV HARVARD PILGRIM HEALTH-SER A	5.000	07/01/2028	95.010 / 95.010	96.000 / 101.890	5.890	5	70
118217-AU-2	BUCKEYE OHIO TOB SETTLEMENT FING AUTH ASSET-BKD-SR-TURBO-SER A-2	5.875	06/01/2047	89.241 / 90.700	89.874 / 95.000	5.126	25	5410+3
546267-FW-0	LOUISIANA HSG FIN AGY REV REF-GNMA COLL-AZALEA ESTATES-A	5.375	10/20/2039	94.844 / 95.239	95.296 / 100.000	4.704	5	680
28268K-CC-5	EL CAJON CALIF REDEV AGY TAX ALLOCATION REF	4.500	10/01/2036	88.162 / 93.360	91.743 / 96.110	4.367	5	150
592650-MQ-5	METROPOLITAN WASHINGTON D C ARPTS AUTH GEN ARPT REV AMT-REF-SER B	5.000	10/01/2028	94.050 / 94.050	95.125 / 99.240	4.115	3	25
97710B-BA-9	WISCONSIN ST HEALTH & EDL FACS AUTH REV MINISTRY HEALTH-RMKT 04/24/08	5.000	08/01/2034	99.250 / 99.250	99.900 / 103.998	4.098	153	4780+2
64966E-TN-7	NEW YORK N Y SER M	5.000	04/01/2035	101.297 / 101.297	101.800 / 105.813	4.013	18	2530
127037-KQ-1	CABOT ARK SCH DIST NO 4 LONOKE CNTY CONSTR-SER A	4.700	02/01/2038		97.417 / 101.400	3.983	29	990+1

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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