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: 05/09/2008.

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	83.578 / 83.578	92.500 / 92.500	8.922	3	35
052403-BE-1	AUSTIN TEX CMNTY COLLEGE DIST	4.375	08/01/2033	88.070 / 88.070	89.770 / 96.816	8.746	6	100
167592-ZT-4	CHICAGO ILL O HARE INTL ARPT REV AMT-GEN ARPT-THIRD LIEN-SER D	4.875	01/01/2028	86.660 / 91.982	95.250 / 95.250	8.590	6	45
735397-BG-5	PORT SEATTLE WASH SPL FAC REV UNREFUNDED BALANCE-AMT-SER C	6.000	09/01/2029	94.815 / 94.815	103.359 / 103.359	8.544	5	40
745272-DG-6	PUERTO RICO INDL TOURIST EDL MED & ENVIRONMENTAL CTL FACS REF-POLYTECNIC UNIV-SER A	5.000	08/01/2032	87.513 / 87.513	95.926 / 95.926	8.413	2	70
130658-KD-8	CALIFORNIA ST DEPT VET AFFAIRS HOME PUR REV AMT-SER A	5.000	12/01/2042	87.575 / 87.575	90.171 / 95.878	8.303	11	775
222642-JD-3	COUNTY WTR-SWR DIST COLLIER CNTY FLA WTR REV	4.250	07/01/2032	87.121 / 87.121	95.178 / 95.178	8.057	2	50
745190-DH-8	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV SER A-MBIA IBC	4.750	07/01/2038	93.676 / 97.040	100.000 / 101.550	7.874	7	115
13066Y-CB-3	CALIFORNIA ST DEPT WTR RES PWR SUPPLY REV SER A	6.000	05/01/2013	104.000 / 104.000	111.827 / 111.827	7.827	5	165
57652T-AV-9	MATAGORDA CNTY TEX NAV DIST NO 1 REV REF-HOUSTON LTG-RMKT-11/24/98	5.125	11/01/2028	91.218 / 91.218	99.000 / 99.000	7.782	2	15

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)
167592-ZT-4	CHICAGO ILL O HARE INTL ARPT REV AMT-GEN ARPT-THIRD LIEN-SER D	4.875	01/01/2028	86.660 / 91.982	5.322	95.250 / 95.250	6	45
734782-BP-9	PORT NEW ORLEANS LA BRD COMMRS PORT FAC REV	5.000	04/01/2032	92.466 / 97.499	5.033		2	10
13033W-QA-4	CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK REV WORKERS COMP RELIEF-SER A	5.250	10/01/2015	104.248 / 109.022	4.774	109.225 / 109.225	7	130
575579-GB-7	MASSACHUSETTS BAY TRANSN AUTH MASS SALES TAX REV SR-SER C	5.500	07/01/2016	109.791 / 114.122	4.331		5	330
072024-CN-0	BAY AREA TOLL AUTH CALIF TOLL BRDG REV SAN FRANCISCO BAY AREA-SER F	5.000	04/01/2013	104.701 / 108.752	4.051	108.877 / 108.877	5	80
60374V-BX-0	MINNEAPOLIS MINN HEALTH CARE SYS REV ALLINA HEALTH SYS-A	5.750	11/15/2032	107.250 / 111.102	3.852		2	70
296117-AX-2	ESCAMBIA CNTY FLA HEALTH FACS AUTH REV ASCENSION HEALTH CREDIT-SER A	5.250	11/15/2014	102.850 / 106.514	3.664		3	20
46936F-AA-6	JACKSONVILLE FLA ECONOMIC DEV COMMN HEALTH CARE FACS REV MAYO CLINIC JACKSONVILLE-SER A	5.500	11/15/2036	99.500 / 103.025	3.525		4	50
593791-BL-9	MIAMI UNIV OHIO GEN RCPTS	4.800	12/01/2018	98.000 / 101.500	3.500	101.952 / 102.000	7	45
544644-MY-0	LOS ANGELES CALIF UNI SCH DIST REF	5.750	07/01/2014	106.421 / 109.903	3.482		2	25

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)
918826-DY-1	VAL VERDE CALIF UNI SCH DIST CTFS PARTN SER A	4.500	02/01/2036		96.250 / 104.978	8.728	2	50
052403-BE-1	AUSTIN TEX CMNTY COLLEGE DIST	4.375	08/01/2033	88.070 / 88.070	89.770 / 96.816	7.046	6	100
130658-KD-8	CALIFORNIA ST DEPT VET AFFAIRS HOME PUR REV AMT-SER A	5.000	12/01/2042	87.575 / 87.575	90.171 / 95.878	5.707	11	775
251255-7L-3	DETROIT MICH WTR SUPPLY SYS REV REF-SECOND LIEN-SER C-RMKT	4.500	07/01/2029	94.866 / 94.866	94.766 / 100.197	5.431	20	1745+1
64970K-M4-6	NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV 2004-SER C-FSA-CR	4.500	06/15/2034		97.007 / 102.200	5.193	5	135
235035-AK-8	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV AMERICAN AIRLINES INC	6.000	11/01/2014	76.750 / 76.750	77.000 / 81.750	4.750	8	525+2
60635R-2Z-9	MISSOURI ST HEALTH & EDL FACS AUTH HEALTH FACS REV SSM HEALTH CARE-SER A	5.000	06/01/2036	98.500 / 98.600	97.500 / 101.600	4.100	478	16030+2
928836-JH-9	VOLUSIA CNTY FLA EDL FAC AUTH REV REF-EDL FACS-EMBRY-RIDDLE	5.000	10/15/2025	97.262 / 97.262	97.498 / 101.250	3.752	54	5990+2
797494-CP-4	SAN DIEGUITO CALIF PUB FACS AUTH REV REF-SR-SER A	5.000	08/01/2038		98.750 / 102.475	3.725	66	2330
373383-XQ-6	GEORGIA ST SER B	4.500	03/01/2016	105.313 / 105.313	103.486 / 107.207	3.721	5	305

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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