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: 06/12/2008.

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)
797652-3N-2	SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV AMT-SECOND SER-ISSUE 18A	5.000	05/01/2029	87.930 / 96.750	88.555 / 99.500	11.570	10	360
744387-AC-5	PUBLIC AUTH FOR COLO ENERGY NAT GAS PUR REV	6.250	11/15/2028	95.776 / 96.500	95.776 / 107.000	11.224	298	34306+28
717903-C2-2	PHILADELPHIA PA HOSPS & HIGHER ED FACS AUTH HOSP REV CHILDRENS HOSP-A-MBIA IBC	4.500	07/01/2037	89.380 / 89.380	98.404 / 99.625	10.245	20	755
744387-AD-3	PUBLIC AUTH FOR COLO ENERGY NAT GAS PUR REV	6.500	11/15/2038	96.033 / 97.300	96.033 / 103.667	7.634	502	68981.5+56
575898-AL-5	MASSACHUSETTS ST PORT AUTH SPL FACS REV DELTA AIR LINES INC PJ-SER A	5.000	01/01/2027	77.900 / 78.668	81.743 / 85.495	7.595	15	460
64971P-FH-3	NEW YORK N Y CITY INDL DEV AGY REV YANKEE STADIUM PJ-PILOT	5.000	03/01/2046	94.655 / 94.655	97.964 / 102.125	7.470	24	1195
246579-GA-8	DELAWARE VALLEY PA REGL FIN AUTH LOC GOVT REV	5.500	05/01/2012	100.404 / 100.404	107.411 / 107.861	7.457	8	670
442348-ZY-7	HOUSTON TEX ARPT SYS REV AMT-SUB LIEN-SER B	5.000	07/01/2025	89.586 / 91.238	97.000 / 97.000	7.414	5	100
812626-KM-0	SEATTLE WASH REF & IMPT-LTD TAX	5.125	07/01/2027	96.804 / 96.804	104.114 / 104.114	7.310	5	50
73358T-WK-3	PORT AUTH N Y & N J CONS-ONE HUNDRED FORTY-FIFTH	5.750	11/01/2032	89.948 / 89.948	95.850 / 96.750	6.802	16	930

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)
797652-3N-2	SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV AMT-SECOND SER-ISSUE 18A	5.000	05/01/2029	87.930 / 96.750	8.820	88.555 / 99.500	10	360
59333P-HV-3	MIAMI-DADE CNTY FLA AVIATION REV MIAMI INTL AIRPORT-HUB-SER B	5.000	10/01/2037	89.353 / 97.500	8.147		3	50
402175-KF-9	GULF BREEZE FLA REV CAP FDG-SER B	4.500	10/01/2027	88.000 / 95.100	7.100		2	28
01354P-BU-7	ALBUQUERQUE N MEX GROSS RCPTS TAX REV PREREFUNDED-REF-SER B	5.000	07/01/2021	99.600 / 106.411	6.811		3	115
254842-AJ-6	DISTRICT COLUMBIA TOB SETTLEMENT FING CORP ASSET BKD BDS	6.500	05/15/2033	89.385 / 95.430	6.045		9	435
720175-NU-8	PIEDMONT MUN PWR AGY S C ELEC REV UNREFUNDED BALANCE	5.500	01/01/2012	102.250 / 106.462	4.212	105.327 / 108.106	7	245
592247-H6-0	METROPOLITAN PIER & EXPOSITION AUTH ILL DEDICATED ST TAX REV MCCORMICK PLACE EXPANSION-A	5.000	12/15/2028	96.039 / 99.750	3.711	100.500 / 101.501	11	695
66285W-AT-3	NORTH TEX TWY AUTH REV REF-SYS-FIRST TIER-SER A	5.125	01/01/2028	98.210 / 101.918	3.708	101.695 / 104.625	16	3310
888808-AR-3	TOBACCO SETTLEMENT FING CORP N J ASSET BKD	5.750	06/01/2032	101.900 / 105.530	3.630	107.729 / 107.729	10	385
59259R-RF-3	METROPOLITAN TRANSN AUTH N Y REV SER B	5.250	11/15/2032	106.625 / 110.183	3.558	111.555 / 111.555	10	310

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)
744387-AC-5	PUBLIC AUTH FOR COLO ENERGY NAT GAS PUR REV	6.250	11/15/2028	95.776 / 96.500	95.776 / 107.000	11.224	298	34306+28
797652-3N-2	SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV AMT-SECOND SER-ISSUE 18A	5.000	05/01/2029	87.930 / 96.750	88.555 / 99.500	10.945	10	360
744387-AD-3	PUBLIC AUTH FOR COLO ENERGY NAT GAS PUR REV	6.500	11/15/2038	96.033 / 97.300	96.033 / 103.667	7.634	502	68981.5+56
57586C-ZG-3	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV PARTNERS HEALTHCARE SYS-SER G	5.000	07/01/2027	99.626 / 99.626	99.626 / 104.604	4.978	8	450
745190-ZM-3	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV REF-SER N	5.250	07/01/2030	99.879 / 99.879	99.879 / 104.852	4.973	11	405
67760H-CE-9	OHIO ST TPK COMMN TPK REV REF-SER A	5.500	02/15/2020	110.473 / 110.473	110.521 / 115.386	4.865	5	100+2
574217-W8-4	MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV UNIV MD MED SYS-RMKT 06/25/08	4.250	07/01/2020	95.649 / 95.649	95.549 / 100.227	4.678	26	2985
64972F-UE-4	NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV SECOND GEN RESOLUTION-SER DD	4.500	06/15/2039		96.500 / 101.125	4.625	51	2040
645916-RJ-8	NEW JERSEY ECONOMIC DEV AUTH REV SCH FACS CONSTR-SER C	4.500	06/15/2027		96.505 / 101.046	4.541	7	145
287254-BJ-4	ELK GROVE CALIF FIN AUTH SPL TAX REV	4.500	09/01/2036		89.695 / 94.164	4.469	2	10

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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