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: 07/08/2008.

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)
59333P-HV-3	MIAMI-DADE CNTY FLA AVIATION REV MIAMI INTL AIRPORT-HUB-SER B	5.000	10/01/2037	85.910 / 95.101	97.597 / 99.500	13.590	23	1560
402630-AP-2	GULFPORT-BILOXI REGL ARPT AUTH MISS ARPT REV AMT-PASSENGER FAC-SER A	5.000	10/01/2028	75.306 / 75.306	86.121 / 86.121	10.815	3	85
047870-DA-5	ATLANTA GA WTR & WASTEWTR REV SER A	5.000	11/01/2039	89.684 / 89.684	96.917 / 99.899	10.215	11	490
976595-CJ-5	WISCONSIN CTR DIST WIS TAX REV REF-JR DEDICATED	5.250	12/15/2023	99.700 / 99.700	109.500 / 109.500	9.800	2	40
249189-CD-1	DENVER COLO CONVENTION CTR HOTEL AUTH REV REF-SR	5.125	12/01/2026	87.402 / 87.402	96.463 / 96.463	9.061	3	90
167592-YF-5	CHICAGO ILL O HARE INTL ARPT REV REF-GEN-AIRPORT-3RD LIEN-C-2	5.250	01/01/2030	92.000 / 92.000	99.067 / 100.725	8.725	6	155
442348-T6-5	HOUSTON TEX ARPT SYS REV SUB LIEN-SER A	5.000	07/01/2027	91.000 / 91.000	99.085 / 99.332	8.332	10	230
11506K-AW-1	BROWARD CNTY FLA PORT FACS REV AMT-SER C	5.000	09/01/2027	89.700 / 90.498	93.498 / 98.000	8.300	8	100
735388-3N-8	PORT SEATTLE WASH REV SER A	5.000	04/01/2031	92.625 / 92.625	99.992 / 100.762	8.137	5	50
576000-FG-3	MASSACHUSETTS ST SCH BLDG AUTH DEDICATED SALES TAX REV SER A	4.500	08/15/2035	87.836 / 87.836	95.892 / 95.892	8.056	5	35

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)
59333P-HV-3	MIAMI-DADE CNTY FLA AVIATION REV MIAMI INTL AIRPORT-HUB-SER B	5.000	10/01/2037	85.910 / 95.101	9.191	97.597 / 99.500	23	1560
249189-BJ-9	DENVER COLO CONVENTION CTR HOTEL AUTH REV SR-SER A	4.500	12/01/2033	96.784 / 104.115	7.331	104.490 / 104.490	8	215
235036-FW-5	DALLAS FORT WORTH TEX INTL ARPT REV JT-SER A-AMBAC	5.000	11/01/2032	81.329 / 87.821	6.492		3	140
010869-CD-5	ALAMEDA CORRIDOR TRANSN AUTH CALIF REV TAXABLE-SR LIEN-SER C	6.600	10/01/2029	93.100 / 98.606	5.506	98.399 / 98.606	34	7975+8
235036-FZ-8	DALLAS FORT WORTH TEX INTL ARPT REV JT-SER A	5.000	11/01/2035	88.524 / 93.680	5.156	95.027 / 95.680	14	435
402175-KF-9	GULF BREEZE FLA REV CAP FDG-SER B	4.500	10/01/2027	87.000 / 92.070	5.070		3	35
88880M-AH-4	TOBACCO SETTLEMENT AUTH WASH TOB SETTLEMENT REV ASSET BACKED	6.500	06/01/2026	93.250 / 98.030	4.780	99.250 / 99.250	5	410
59333P-BT-4	MIAMI-DADE CNTY FLA AVIATION REV AMT-SER C	5.000	10/01/2028	89.115 / 93.688	4.573		2	25
222734-AL-9	COURTLAND ALA INDL DEV BRD SOLID WASTE DISP REV REF-CHAMPION INTL CORP PROJ	5.700	10/01/2028	90.000 / 94.483	4.483	92.000 / 92.000	3	90
71781E-AX-3	PHILADELPHIA PA AUTH FOR INDL DEV ARPT REV PHILADELPHIA ARPT SYS PJ-SER A	5.125	07/01/2028	89.974 / 94.350	4.376	93.124 / 95.470	8	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)
385443-B5-4	GRAND FORKS N D REF-DIKE-SER B	4.000	12/01/2017		3.879 / 100.928	97.049	5	1180
74526Q-LQ-3	PUERTO RICO ELEC PWR AUTH PWR REV REF-SER UU	5.000	07/01/2021	104.951 / 104.951	99.998 / 107.900	7.902	6	640
251135-EQ-8	DETROIT MICH DOWNTOWN DEV AUTH TAX INCREMENT REV REF-DEV AREA NO 1 PROJS-A	4.750	07/01/2025		92.000 / 99.725	7.725	3	20
613041-JM-5	MONTGOMERY ALA BMC SPL CARE FACS FING AUTH REV UNREFUNDED BALANCE-2005-SER B	5.000	11/15/2029	97.970 / 97.970	93.757 / 99.993	6.236	4	80
57586C-7T-6	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV BOSTON MED CTR-SER B	5.250	07/01/2038	92.642 / 92.642	92.892 / 99.003	6.111	35	5860+5
38649P-AL-5	GRAND TRAVERSE ACADEMY MICH PUB SCH ACADEMY REV REF	4.750	11/01/2032	76.750 / 76.750	77.000 / 82.500	5.500	3	325
469485-GX-8	JACKSONVILLE FLA SALES TAX REV	4.500	10/01/2030		92.143 / 97.612	5.469	3	40
546593-AD-6	LOUISVILLE & JEFFERSON CNTY KY METRO GOVT HEALTH FACS REV JEWISH HOSP ST MARYS HLTHCARE	5.750	02/01/2027		100.000 / 104.991	4.991	3	220
57586C-VG-7	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV WORCESTER CITY CAMPUS CORP-F	4.500	10/01/2031		91.822 / 96.750	4.928	8	195+1
118217-AT-5	BUCKEYE OHIO TOB SETTLEMENT FING AUTH ASSET-BKD-SR-TURBO-SER A-2	6.500	06/01/2047		91.249 / 95.880	4.631	54	3960+3

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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