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: 05/30/2008.

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)
68641H-FL-3	ORLANDO FLA CAP IMPT SPL REV SER B	4.500	10/01/2037	89.698 / 89.698	99.431 / 99.431	9.733	4	320
393542-AL-9	GREEN VALLEY ARIZ MUN PPTY CORP LEASE REV DOMESTIC WTR IMPT DIST PJ	5.125	07/01/2023	91.802 / 91.802	101.327 / 101.327	9.525	4	50
365411-DJ-3	GARDEN PLAIN KANS SER A	5.250	04/01/2014	100.000 / 100.000	109.108 / 109.108	9.108	3	70
60635E-DL-7	MISSOURI ST ENVIRONMENTAL IMPT & ENERGY RES AUTH WTR FAC REV MISSOURI-AMERICAN WTR CO PROJ	5.200	04/01/2032	91.550 / 91.550	100.194 / 100.194	8.644	4	20
249181-U3-0	DENVER COLO CITY & CNTY ARPT REV AMT-SER A	5.000	11/15/2031	89.463 / 89.463	96.500 / 97.911	8.448	7	50
365411-DL-8	GARDEN PLAIN KANS SER A	5.000	04/01/2016	100.000 / 100.000	108.380 / 108.380	8.380	2	80
365411-DK-0	GARDEN PLAIN KANS SER A	5.000	04/01/2015	100.000 / 100.000	108.372 / 108.372	8.372	2	80
944314-GD-9	WAYNE CHARTER CNTY MICH ARPT REV AMT-DETROIT MET WAYNE CNTY-A	5.000	12/01/2028	92.032 / 95.794	98.201 / 99.750	7.718	15	235
13066Y-EA-3	CALIFORNIA ST DEPT WTR RES PWR SUPPLY REV SER A	5.500	05/01/2016	102.574 / 109.735	102.574 / 110.166	7.592	7	90
249189-CE-9	DENVER COLO CONVENTION CTR HOTEL AUTH REV REF-SR	5.000	12/01/2030	90.600 / 90.600	97.491 / 97.734	7.134	21	475

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)
13066Y-EA-3	CALIFORNIA ST DEPT WTR RES PWR SUPPLY REV SER A	5.500	05/01/2016	102.574 / 109.735	7.161	102.574 / 110.166	7	90
91756R-AA-3	UTAH TELECOMMUNICATION OPEN INFRASTRUCTURE AGY ADVANCED ADJ-REF-TAXABLE		06/01/2040	97.062 / 102.454	5.392	100.000 / 100.000	13	800+12
047870-DG-2	ATLANTA GA WTR & WASTEWTR REV SER A-PREREFUNDED	5.000	11/01/2038	97.100 / 102.436	5.336		4	80
566816-HG-2	MARICOPA CNTY ARIZ INDL DEV AUTH HEALTH FACS REV UNREFUNDED BAL-CATHOLIC WEST-A	5.000	07/01/2016	93.926 / 99.097	5.171		4	50
13062P-LX-8	CALIFORNIA ST	5.125	11/01/2024	98.820 / 103.500	4.680		3	210
574216-3H-8	MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV MEDLANTIC/HELIX ISSUE-SER B	4.750	08/15/2028	94.264 / 98.800	4.536		3	125
29270C-EX-9	ENERGY NORTHWEST WASH ELEC REV REF-PROJ NO 1-SER A	5.500	07/01/2014	106.558 / 110.914	4.356	107.108 / 111.030	4	10+2
57652T-AM-9	MATAGORDA CNTY TEX NAV DIST NO 1 REV REF-HOUSTON INDS INC PJ-SER B	5.150	11/01/2029	94.231 / 98.500	4.269	97.231 / 100.000	5	50
531127-AC-2	LIBERTY N Y DEV CORP REV GOLDMAN SACHS HEADQUATERS	5.250	10/01/2035	100.360 / 104.460	4.100	104.460 / 106.013	7	700
797652-R2-2	SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV SECOND SER-ISSUE 15B	4.500	05/01/2028	93.403 / 97.428	4.025	96.500 / 96.500	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)
13066Y-EA-3	CALIFORNIA ST DEPT WTR RES PWR SUPPLY REV SER A	5.500	05/01/2016	102.574 / 109.735	102.574 / 110.166	7.592	7	90
13062T-FB-5	CALIFORNIA ST REF	5.000	09/01/2016		107.464 / 115.054	7.590	5	305
645918-SB-0	NEW JERSEY ECONOMIC DEV AUTH REV SCH FACS CONSTR-SER Y	4.625	09/01/2028		98.195 / 102.750	4.555	20	1220
74514L-QF-7	PUERTO RICO COMWLTH UNREFUNDED BAL-REF-PUB IMPT-B	5.000	07/01/2035		97.875 / 102.250	4.375	151	15125
118217-AT-5	BUCKEYE OHIO TOB SETTLEMENT FING AUTH ASSET-BKD-SR-TURBO-SER A-2	6.500	06/01/2047		93.900 / 98.250	4.350	63	4320
745190-ZN-1	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV REF-SER N	5.250	07/01/2031	103.048 / 103.048	104.650 / 108.777	4.127	16	840
880459-6V-9	TENNESSEE HSG DEV AGY AMT-HOMEOWNERSHIP PROG-2006-2	5.150	01/01/2037		95.950 / 100.000	4.050	138	2905
13067J-BJ-9	CALIFORNIA ST ECONOMIC RECOVERY SER A	5.000	07/01/2015	108.218 / 108.218	104.558 / 108.596	4.038	14	1245+1
419794-UM-2	HAWAII ST ARPTS SYS REV AMT-REF	5.250	07/01/2021	94.545 / 97.200	96.800 / 100.800	4.000	10	520
264474-BZ-9	DULUTH MINN INDPT SCH DIST NO 709 CTFS PARTN SER B	4.250	02/01/2023	97.750 / 98.250	96.503 / 100.500	3.997	60	3780+2

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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