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: 04/23/2008.

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)
888808-DF-6	TOBACCO SETTLEMENT FING CORP N J SR-SER 1A	5.000	06/01/2041	78.036 / 78.036	80.261 / 102.700	24.664	8	380
167592-WL-4	CHICAGO ILL O HARE INTL ARPT REV REF-GEN ARPT THIRD LIEN-SER A	5.375	01/01/2032	89.000 / 89.000	100.314 / 100.314	11.314	4	70
64578C-AH-4	NEW JERSEY ECONOMIC DEV AUTH SPL FAC REV CONTINENTAL AIRLINES INC PJ	6.250	09/15/2029	76.807 / 76.807	81.331 / 85.831	9.024	6	60
235036-FW-5	DALLAS FORT WORTH TEX INTL ARPT REV JT-SER A-AMBAC	5.000	11/01/2032	89.631 / 92.570	92.103 / 98.071	8.440	11	330
62719T-BJ-6	MURRIETA VY CALIF UNI SCH DIST PUB FING AUTH SPL TAX REV SER A	4.750	09/01/2036	92.511 / 92.511	99.839 / 100.947	8.436	9	1020
67756A-ZU-9	OHIO ST HIGHER EDL FAC COMMN REV UNIV HOSPS-A-AMBAC TCRS-BNY	4.750	01/15/2046	90.787 / 90.787	98.875 / 98.875	8.088	2	25
732557-AN-3	PONTIAC MICH HOSP FIN AUTH HOSP REV NOMC OBLIG GROUP	6.000	08/01/2023	15.770 / 22.542	23.505 / 23.505	7.735	7	100
442348-T7-3	HOUSTON TEX ARPT SYS REV SUB LIEN-SER A	5.125	07/01/2032	92.250 / 92.250	99.765 / 99.765	7.515	5	45
64971P-FE-0	NEW YORK N Y CITY INDL DEV AGY REV YANKEE STADIUM PJ-PILOT	5.000	03/01/2031	97.575 / 97.575	104.585 / 104.585	7.010	4	310
745290-EA-0	PUERTO RICO PORTS AUTH REV SPL FACS-AMERICAN AIRLINES-A	6.300	06/01/2023	73.789 / 73.789	80.756 / 80.756	6.967	8	370

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)
79765A-RD-0	SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV AMT-SECOND SER-ISSUE 26A	5.250	05/01/2030	90.555 / 98.750	8.195		2	75
732557-AN-3	PONTIAC MICH HOSP FIN AUTH HOSP REV NOMC OBLIG GROUP	6.000	08/01/2023	15.770 / 22.542	6.772	23.505 / 23.505	7	100
037433-AF-6	APACHE CNTY ARIZ INDL DEV AUTH POLLUTION CTL REV TUSCON ELEC PWR CO PJ-B	5.875	03/01/2033	87.082 / 93.580	6.498		4	20
592646-FW-8	METROPOLITAN WASH D C ARPTS AUTH ARPT SYS REV REF-SER D	5.000	10/01/2032	87.782 / 93.877	6.095		4	25
59469C-6H-1	MICHIGAN ST STRATEGIC FD LTD OBLIG REV REF-DETROIT EDISON CO PJ-SER A	5.500	06/01/2030	93.600 / 99.400	5.800	96.500 / 100.000	6	820
97710V-BA-5	WISCONSIN ST HEALTH & EDL FACS AUTH REV THEDACARE INC	5.000	12/15/2030	92.331 / 98.030	5.699		5	75
59333P-EJ-3	MIAMI-DADE CNTY FLA AVIATION REV AMT-MIAMI INTL ARPT-SER A	5.000	10/01/2033	86.940 / 92.260	5.320	90.038 / 92.538	11	400
343136-UZ-8	FLORIDA ST TPK AUTH TPK REV REF-DEPT TRANSN-SER B	4.750	07/01/2025	93.150 / 98.223	5.073		4	40
721774-DE-4	PIMA CNTY ARIZ INDL DEV AUTH INDL REV AMT-TUCSON ELEC PWR CO-SER A	6.100	09/01/2025	89.082 / 94.000	4.918		3	15
64711R-AZ-9	NEW MEXICO FIN AUTH ST TRANSN REV SR LIEN-SER A	5.250	06/15/2016	104.942 / 109.250	4.308	109.500 / 109.500	4	50

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)
888808-DF-6	TOBACCO SETTLEMENT FING CORP N J SR-SER 1A	5.000	06/01/2041	78.036 / 78.036	80.261 / 102.700	22.439	8	380
57583F-5M-9	MASSACHUSETTS ST DEV FIN AGY REV PARK SCH	4.875	09/01/2029		90.375 / 100.577	10.202	3	90
64972H-DQ-2	NEW YORK N Y CITY TRANSITIONAL FIN AUTH BLDG AID REV SER S-2	4.500	01/15/2031	93.500 / 97.492	92.831 / 99.500	6.669	6	125
118217-AU-2	BUCKEYE OHIO TOB SETTLEMENT FING AUTH ASSET-BKD-SR-TURBO-SER A-2	5.875	06/01/2047	90.131 / 90.131	89.621 / 95.726	6.105	23	3525
235036-FW-5	DALLAS FORT WORTH TEX INTL ARPT REV JT-SER A-AMBAC	5.000	11/01/2032	89.631 / 92.570	92.103 / 98.071	5.968	11	330
118217-AV-0	BUCKEYE OHIO TOB SETTLEMENT FING AUTH CAP APPREC-ASSET-SR-CONV-A-3	0.000	06/01/2037	66.000 / 66.000	66.547 / 72.100	5.553	6	870+2
956553-TN-1	WEST VIRGINIA ST REF-ST RD	5.000	06/01/2022		105.171 / 110.684	5.513	8	290
64578C-AH-4	NEW JERSEY ECONOMIC DEV AUTH SPL FAC REV CONTINENTAL AIRLINES INC PJ	6.250	09/15/2029	76.807 / 76.807	81.331 / 85.831	4.500	6	60
733581-6B-3	PORT AUTH N Y & N J CONS-131ST SER	4.625	12/15/2029	92.580 / 92.580	91.632 / 96.125	4.493	5	110
875231-CN-0	TAMPA FLA REV ALLEGANY HLTH SYS-ST MARYS	5.125	12/01/2023	98.760 / 99.047	100.000 / 104.241	4.241	9	390

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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