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: 05/07/2008.

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)
575898-AL-5	MASSACHUSETTS ST PORT AUTH SPL FACS REV DELTA AIR LINES INC PJ-SER A	5.000	01/01/2027	74.029 / 89.472	92.750 / 92.750	18.721	10	240
40065B-CC-5	GUAM GOVT SER A	5.250	11/15/2037	88.953 / 100.439	90.460 / 100.439	11.486	26	2810+1
451475-DD-6	IDAHO ST WTR RES BRD WTR REV REF-RES-UNITED WTR IDAHO INC	4.550	05/01/2035	81.023 / 84.150	90.889 / 90.889	9.866	6	50
64970K-G6-8	NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV FISCAL 2004-C-AMBAC TCRS-BNY	4.500	06/15/2034	91.641 / 91.641	98.252 / 101.252	9.611	3	65
59465E-PT-4	MICHIGAN ST HOSP FIN AUTH REV REF-HOSP-DETROIT MEDICAL GRP-A	5.250	08/15/2027	92.000 / 100.000	95.905 / 100.100	8.100	15	415
44420P-AA-2	HUDSON YDS INFRASTRUCTURE CORP N Y REV SER A-MBIA	4.500	02/15/2047	88.698 / 88.698	94.150 / 96.750	8.052	13	500
901073-DA-1	TUSTIN CALIF UNI SCH DIST SPL TAX SR LIEN-CMNTY FACS DIST 97-1-A	5.000	09/01/2032	94.263 / 94.263	95.763 / 102.304	8.041	7	330
235036-FW-5	DALLAS FORT WORTH TEX INTL ARPT REV JT-SER A-AMBAC	5.000	11/01/2032	89.122 / 92.537	96.493 / 97.125	8.003	12	200
249181-U3-0	DENVER COLO CITY & CNTY ARPT REV AMT-SER A	5.000	11/15/2031	90.760 / 90.760	95.197 / 98.300	7.540	12	150
649834-YP-7	NEW YORK ST DORM AUTH REVS INSD-MT SINAI SCH MED-SER A	5.000	07/01/2021	96.900 / 96.900	100.000 / 104.400	7.500	3	155

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)
575898-AL-5	MASSACHUSETTS ST PORT AUTH SPL FACS REV DELTA AIR LINES INC PJ-SER A	5.000	01/01/2027	74.029 / 89.472	15.443	92.750 / 92.750	10	240
40065B-CC-5	GUAM GOVT SER A	5.250	11/15/2037	88.953 / 100.439	11.486	90.460 / 100.439	26	2810+1
657902-YW-6	NORTH CAROLINA MED CARE COMMN HEALTH CARE FACS REV 1ST MTG-BAPTIST RETIREMENT-A	6.400	10/01/2031	98.500 / 109.246	10.746		3	25
59465E-PT-4	MICHIGAN ST HOSP FIN AUTH REV REF-HOSP-DETROIT MEDICAL GRP-A	5.250	08/15/2027	92.000 / 100.000	8.000	95.905 / 100.100	15	415
575832-LM-0	MASSACHUSETTS ST COLLEGE BLDG AUTH PROJ REV REF-XL CAP ASSURANCE-SER A	4.750	05/01/2033	89.750 / 95.170	5.420		4	130
13062T-3G-7	CALIFORNIA ST PREREFUNDED	5.000	04/01/2027	101.427 / 106.747	5.320		3	40
560060-FJ-9	MAHONING CNTY OHIO HOSP FACS REV FORUM HLTH OBLIG GRP-SER A	5.000	11/15/2017	94.060 / 99.200	5.140	100.000 / 100.695	9	145
745291-RM-8	PUERTO RICO PUB FIN CORP COMWLTH APPROP-SER A	5.250	08/01/2031	95.010 / 100.000	4.990	100.000 / 102.278	7	280
664843-VZ-9	NORTHERN CALIF PWR AGY PUB PWR REV UNREFUNDED BAL-HYDROELEC-1-A	5.000	07/01/2028	95.000 / 99.934	4.934		2	15
74514L-PR-2	PUERTO RICO COMWLTH PREREFUNDED-PUB IMPT-SER A	5.000	07/01/2033	104.195 / 109.055	4.860		3	225

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)
253363-SY-2	DICKINSON TEX INDPT SCH DIST SCHOOLHOUSE	4.750	02/15/2031		4.767 / 101.000	96.233	6	200
453419-AV-5	INDEPENDENCE CNTY ARK HYDROELECTRIC REV POWER	5.000	05/01/2021		68.500 / 98.500	30.000	2	40
481502-F6-4	JUNCTION CITY KANS TAXABLE-SER DR		09/01/2017		102.914 / 120.914	18.000	3	445
93978E-RG-9	WASHINGTON ST HEALTH CARE FACS AUTH REV PREREFUNDED-EMPIRE HLTH SVCS	5.625	11/01/2019	109.000 / 109.000	100.000 / 110.500	10.500	3	25
40065B-CC-5	GUAM GOVT SER A	5.250	11/15/2037	88.953 / 100.439	90.460 / 100.439	9.979	26	2810+1
901073-DA-1	TUSTIN CALIF UNI SCH DIST SPL TAX SR LIEN-CMNTY FACS DIST 97-1-A	5.000	09/01/2032	94.263 / 94.263	95.763 / 102.304	6.541	7	330
249189-CF-6	DENVER COLO CONVENTION CTR HOTEL AUTH REV REF-SR	5.000	12/01/2035	93.112 / 93.112	91.694 / 97.250	5.556	11	685
733581-SF-0	PORT AUTH N Y & N J CONS-ONE HUNDRED SIXTEENTH SER	4.250	10/01/2026	93.500 / 94.375	94.500 / 99.365	4.865	6	285
976904-PW-6	WISCONSIN HSG & ECONOMIC DEV AUTH HSG REV SER E-AMBAC TCRS-BNY	4.900	11/01/2035	97.750 / 97.750	97.500 / 102.000	4.500	9	700
478449-3B-5	JOHNSON CNTY KANS INTERNAL IMPT-SER A	4.000	09/01/2013	104.316 / 104.316	104.815 / 109.269	4.454	4	70

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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