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: 04/24/2008.

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)
44420P-AA-2	HUDSON YDS INFRASTRUCTURE CORP N Y REV SER A-MBIA	4.500	02/15/2047	89.212 / 89.212	97.317 / 97.317	8.105	2	15+1
735422-ME-4	PORT TACOMA WASH AMT-LTD TAX-SER B	4.875	12/01/2038	90.482 / 90.482	98.533 / 98.533	8.051	2	525
454912-AR-7	INDIANA ST DEV FIN AUTH ENVIRONMENTAL REV VAR-REF-STHRN IND-RMKT 4/30/03	4.650	03/01/2024	91.375 / 96.630	98.880 / 98.880	7.505	3	70
01354P-BU-7	ALBUQUERQUE N MEX GROSS RCPTS TAX REV PREREFUNDED-REF-SER B	5.000	07/01/2021	102.550 / 102.550	109.897 / 109.897	7.347	4	80
575832-LN-8	MASSACHUSETTS ST COLLEGE BLDG AUTH PROJ REV REF-XL CAP ASSURANCE-SER A	4.850	05/01/2039	92.000 / 92.000	99.250 / 99.250	7.250	3	25
67756A-ZU-9	OHIO ST HIGHER EDL FAC COMMN REV UNIV HOSPS-A-AMBAC TCRS-BNY	4.750	01/15/2046	91.857 / 91.857	95.769 / 98.994	7.137	9	180
880443-BS-4	TENNESSEE ENERGY ACQUISITION CORP GAS REV SER A	5.250	09/01/2026	93.500 / 96.567	99.125 / 100.587	7.087	24	2790+1
57585J-6H-9	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV VINFEN CORP ISSUE-SER A	5.300	11/15/2028	81.787 / 85.000	88.772 / 88.772	6.985	6	65
341422-RS-4	FLORIDA ST BRD ED CAP OUTLAY PUB ED-SER B	4.500	06/01/2028	93.000 / 95.156	96.156 / 99.950	6.950	5	80
495289-EQ-9	KING CNTY WASH SWR REV REF	5.000	01/01/2031	96.300 / 96.300	101.838 / 102.690	6.390	8	180

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)
454912-AR-7	INDIANA ST DEV FIN AUTH ENVIRONMENTAL REV VAR-REF-STHRN IND-RMKT 4/30/03	4.650	03/01/2024	91.375 / 96.630	5.255	98.880 / 98.880	3	70
888808-BK-7	TOBACCO SETTLEMENT FING CORP N J	6.750	06/01/2039	111.303 / 115.986	4.683	116.239 / 116.290	7	2335
63909L-AB-9	NAVAJO CNTY ARIZ INDL DEV AUTH INDL DEV REV STONE CONTAINER CORP PROJ	7.400	04/01/2026	93.000 / 97.650	4.650	94.329 / 94.329	5	420
725304-AL-3	PITTSBURGH PA WTR & SWR AUTH WTR & SWR SYS REV REF	6.000	09/01/2016	107.950 / 112.257	4.307	113.177 / 113.177	14	180
745266-BD-7	PUERTO RICO CONVENTION CTR DIST AUTH HOTEL OCCUPANCY TAX SER A	4.500	07/01/2036	83.400 / 87.631	4.231		5	50
452151-DQ-3	ILLINOIS ST FIRST SER	4.750	10/01/2027	98.108 / 102.250	4.142		2	40
745145-GB-2	PUERTO RICO COMWLTH REF-PUB IMPT-AMBAC TCRS	4.500	07/01/2023	94.496 / 98.180	3.684	97.500 / 97.500	3	95
927790-CE-3	VIRGINIA COMWLTH TRANSN BRD FED HWY REIMBURSEMENT ANTIC NT	5.000	10/01/2014	105.398 / 108.872	3.474	109.372 / 109.372	5	80
646139-XE-0	NEW JERSEY ST TPK AUTH TPK REV PREREFUNDED-SER C	6.500	01/01/2016	110.604 / 113.850	3.246		5	315
57585J-6H-9	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV VINFEN CORP ISSUE-SER A	5.300	11/15/2028	81.787 / 85.000	3.213	88.772 / 88.772	6	65

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)
594614-W8-8	MICHIGAN ST BLDG AUTH REV CAP APPREC-REF-IA-AGC-ICC	0.000	10/15/2019		57.197 / 100.000	42.803	14	625
575579-UK-1	MASSACHUSETTS BAY TRANSN AUTH MASS SALES TAX REV SR-SER B	5.250	07/01/2033	109.625 / 109.625	100.000 / 109.625	9.625	16	1265+6
898526-CZ-9	TSASC INC N Y REV SER 1	5.000	06/01/2034		91.500 / 99.750	8.250	3	120
118217-AU-2	BUCKEYE OHIO TOB SETTLEMENT FING AUTH ASSET-BKD-SR-TURBO-SER A-2	5.875	06/01/2047		89.621 / 95.726	6.105	10	1015+1
68608K-AK-4	OREGON ST AMT-VETERANS WELFARE-SER 87 B	4.700	12/01/2041		94.285 / 100.000	5.715	42	1330
64971S-AB-5	NEW YORK N Y CITY INDL DEV AGY SPL FAC REV 1990 AMERICAN AIRLINES INC PJ	5.400	07/01/2020		72.250 / 77.500	5.250	2	90
64972F-HY-5	NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV SER A	4.250	06/15/2039	90.200 / 91.826	91.200 / 96.447	5.247	12	805
167592-UZ-5	CHICAGO ILL O HARE INTL ARPT REV AMT-2ND LIEN PASSENGER FAC-C	5.250	01/01/2032		95.500 / 100.318	4.818	6	70
944314-GD-9	WAYNE CHARTER CNTY MICH ARPT REV AMT-DETROIT MET WAYNE CNTY-A	5.000	12/01/2028	92.760 / 93.760	93.560 / 98.090	4.530	9	155
777863-AR-2	ROSEVILLE CALIF NAT GAS FING AUTH GAS REV	5.000	02/15/2024		92.562 / 96.964	4.402	51	6335

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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