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: 06/04/2008.

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)
57582N-G9-0	MASSACHUSETTS ST REF-SER C-MBIA	5.500	12/01/2017	99.026 / 114.218	114.168 / 114.278	15.252	7	5+6
246380-D7-1	DELAWARE ST UNREFUNDED BAL-SER A	4.750	08/01/2020	82.000 / 82.000	92.500 / 92.500	10.500	4	4
544386-BK-0	LOS ANGELES CALIF CMNTY FACS DIST SPL TAX NO 4-PLAYA VISTA-PHASE I	4.625	09/01/2028	91.750 / 91.750	100.498 / 100.498	8.748	2	45
797652-3N-2	SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV AMT-SECOND SER-ISSUE 18A	5.000	05/01/2029	89.987 / 90.650	98.176 / 98.176	8.189	5	90
413893-CN-6	HARRIS CNTY-HOUSTON TEX SPORTS AUTH SPL REV REF-JR LIEN-SER B	5.250	11/15/2040	98.214 / 99.346	98.714 / 105.749	7.535	9	240
797652-R2-2	SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV SECOND SER-ISSUE 15B	4.500	05/01/2028	91.250 / 91.250	92.250 / 98.317	7.067	3	100
593211-AZ-8	MIAMI BEACH FLA HEALTH FACS AUTH HOSP REV MT SINAI MED CTR FLA PROJ	5.375	11/15/2028	83.000 / 83.000	85.000 / 90.000	7.000	3	25
735388-4C-1	PORT SEATTLE WASH REV AMT-SER B	5.100	04/01/2024	95.400 / 95.400	99.250 / 102.000	6.600	10	320
235035-AK-8	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV AMERICAN AIRLINES INC	6.000	11/01/2014	68.500 / 70.000	70.000 / 75.000	6.500	6	120
769123-EZ-9	RIVERSIDE CNTY CALIF REDEV AGY TAX ALLOC REF-JURUPA VALLEY REDEV PROJ	4.500	10/01/2035	90.000 / 90.000	95.478 / 96.353	6.353	6	95

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)
57582N-G9-0	MASSACHUSETTS ST REF-SER C-MBIA	5.500	12/01/2017	99.026 / 114.218	15.192	114.168 / 114.278	7	5+6
048509-AN-3	ATLANTIC CNTY N J UTILS AUTH SOLID WASTE REV	7.125	03/01/2016	95.830 / 101.798	5.968	97.814 / 97.814	7	70
646139-CB-9	NEW JERSEY ST TPK AUTH TPK REV	5.700	05/01/2013	101.070 / 105.240	4.170	106.660 / 106.660	9	110
13062N-C3-9	CALIFORNIA ST	5.000	02/01/2029	103.200 / 107.138	3.938	107.388 / 107.388	3	35
745190-E7-9	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV REF-SER N-AMBAC TCRS-BNY	5.500	07/01/2029	103.024 / 106.550	3.526	104.524 / 104.524	3	60
64966F-3Q-5	NEW YORK N Y PREREFUNDED-SER D	5.250	06/01/2027	104.876 / 108.178	3.302	108.376 / 108.568	5	45
056559-AM-9	BADGER TOB ASSET SECURITIZATION CORP WIS TOB ASSET-BKD	6.375	06/01/2032	98.125 / 101.250	3.125	104.000 / 104.000	8	1150
798111-CD-0	SAN JOAQUIN HILLS CALIF TRANSN CORRIDOR AGY TOLL RD REV REF-SER A	5.250	01/15/2030	95.925 / 98.750	2.825	100.000 / 100.000	9	735
13067J-JU-6	CALIFORNIA ST ECONOMIC RECOVERY SER B-MAND TEND 7/1/10	5.000	07/01/2023	102.006 / 104.765	2.759	103.459 / 105.065	7	1140
686543-LU-1	ORLANDO & ORANGE CNTY EXPWY AUTH FLA EXPWY REV JR LIEN	5.000	07/01/2028	95.795 / 98.500	2.705	100.000 / 100.000	8	90

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)
594693-AQ-6	MICHIGAN ST STRATEGIC FD POLLUTION CTL REV ADJ-REF-GEN MTRS CORP	6.200	09/01/2020		86.100 / 96.107	10.007	3	75
413893-CN-6	HARRIS CNTY-HOUSTON TEX SPORTS AUTH SPL REV REF-JR LIEN-SER B	5.250	11/15/2040	98.214 / 99.346	98.714 / 105.749	7.035	9	240
64971P-FG-5	NEW YORK N Y CITY INDL DEV AGY REV YANKEE STADIUM PJ-PILOT	4.500	03/01/2039		92.185 / 98.630	6.445	3	105
797652-R2-2	SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV SECOND SER-ISSUE 15B	4.500	05/01/2028	91.250 / 91.250	92.250 / 98.317	6.067	3	100
38122N-PB-2	GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV ASSET-BKD-SR-SER A-1	5.125	06/01/2047	77.957 / 77.957	77.957 / 83.250	5.293	17	2540+5
235035-AK-8	DALLAS-FORT WORTH TEX INTL ARPT FAC IMPT CORP REV AMERICAN AIRLINES INC	6.000	11/01/2014	68.500 / 70.000	70.000 / 75.000	5.000	6	120
593211-AZ-8	MIAMI BEACH FLA HEALTH FACS AUTH HOSP REV MT SINAI MED CTR FLA PROJ	5.375	11/15/2028	83.000 / 83.000	85.000 / 90.000	5.000	3	25
888808-DF-6	TOBACCO SETTLEMENT FING CORP N J SR-SER 1A	5.000	06/01/2041	76.000 / 77.298	77.298 / 82.070	4.772	42	3030+4
944314-GD-9	WAYNE CHARTER CNTY MICH ARPT REV AMT-DETROIT MET WAYNE CNTY-A	5.000	12/01/2028	93.990 / 96.479	95.376 / 99.587	4.211	15	405
64972F-TY-2	NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV SECOND GEN RESOLUTION-SER DD	4.625	06/15/2031		99.150 / 103.250	4.100	47	1990

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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