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: 06/17/2008.

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	79.080 / 79.700	81.748 / 89.228	10.148	13	465
43232V-JT-9	HILLSBOROUGH CNTY FLA SCH BRD CTFS PARTN FLA MASTER LEASE PROG	4.500	07/01/2028	90.000 / 91.857	94.000 / 98.500	8.500	5	75
79727L-AT-6	SAN DIEGO CALIF CONVENTION CTR EXPANSION FING AUTH LEASE REV SER A	4.750	04/01/2028	91.004 / 93.854	98.219 / 99.062	8.058	9	130
759836-HC-6	RENO NEV HOSP REV WASHOE MED CTR-A-RMKT 06/23/08	5.250	06/01/2038	95.190 / 99.000	98.784 / 103.190	8.000	83	9725+10
71781P-AW-0	PHILADELPHIA PA AUTH FOR INDL DEV HEALTH CARE FAC REV BAPTIST HOME OF PHIL-SER A	5.500	11/15/2018	90.330 / 95.050	98.057 / 98.057	7.727	5	70
71781E-AX-3	PHILADELPHIA PA AUTH FOR INDL DEV ARPT REV PHILADELPHIA ARPT SYS PJ-SER A	5.125	07/01/2028	92.362 / 92.985	99.854 / 99.854	7.492	12	1445
140427-AV-7	CAPITAL PROJS FIN AUTH FLA STUDENT HSG REV CAP PROJS LN PG-SR-F-1	5.000	10/01/2031	91.738 / 93.110	92.863 / 99.182	7.444	8	350
44420P-AA-2	HUDSON YDS INFRASTRUCTURE CORP N Y REV SER A-MBIA	4.500	02/15/2047	87.758 / 89.658	95.020 / 95.020	7.262	10	395
944314-GD-9	WAYNE CHARTER CNTY MICH ARPT REV AMT-DETROIT MET WAYNE CNTY-A	5.000	12/01/2028	89.654 / 94.630	92.654 / 96.885	7.231	22	680
249181-U3-0	DENVER COLO CITY & CNTY ARPT REV AMT-SER A	5.000	11/15/2031	89.412 / 91.090	96.305 / 96.305	6.893	5	100

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)
882793-AL-6	TEXAS STUDENT HSG AUTH REV SR LIEN-STUDENT HSG-SER A	5.500	01/01/2033	91.597 / 99.250	7.653		3	50
944314-GD-9	WAYNE CHARTER CNTY MICH ARPT REV AMT-DETROIT MET WAYNE CNTY-A	5.000	12/01/2028	89.654 / 94.630	4.976	92.654 / 96.885	22	680
59333P-EK-0	MIAMI-DADE CNTY FLA AVIATION REV AMT-MIAMI INTL ARPT-SER A	4.750	10/01/2035	81.250 / 86.063	4.813		6	130
71781P-AW-0	PHILADELPHIA PA AUTH FOR INDL DEV HEALTH CARE FAC REV BAPTIST HOME OF PHIL-SER A	5.500	11/15/2018	90.330 / 95.050	4.720	98.057 / 98.057	5	70
612136-X8-9	MONTANA ST BRD REGENTS REVS CAP APPREC-REF-HIGHER ED-SER A	0.000	11/15/2008	93.797 / 98.457	4.660	96.297 / 96.297	6	68
59333H-BA-3	MIAMI-DADE CNTY FLA PROFESSIONAL SPORTS FRANCHISE REF	4.750	10/01/2030	91.608 / 96.007	4.399		5	130
402175-KF-9	GULF BREEZE FLA REV CAP FDG-SER B	4.500	10/01/2027	88.741 / 93.000	4.259	93.265 / 93.265	3	65
485428-D6-0	KANSAS ST DEV FIN AUTH REV KANSAS STATE PROJS-SER A	4.250	04/01/2024	89.348 / 93.555	4.207		3	15
796242-HQ-1	SAN ANTONIO TEX ARPT SYS REV IMPT	5.250	07/01/2023	91.923 / 96.000	4.077		4	60
59333P-EF-1	MIAMI-DADE CNTY FLA AVIATION REV SER A	5.125	10/01/2035	93.589 / 97.656	4.067	96.782 / 96.782	9	100

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)
575898-AL-5	MASSACHUSETTS ST PORT AUTH SPL FACS REV DELTA AIR LINES INC PJ-SER A	5.000	01/01/2027	79.080 / 79.700	81.748 / 89.228	7.480	13	465
140427-AV-7	CAPITAL PROJS FIN AUTH FLA STUDENT HSG REV CAP PROJS LN PG-SR-F-1	5.000	10/01/2031	91.738 / 93.110	92.863 / 99.182	6.319	8	350
676901-W4-9	OHIO HSG FIN AGY MTG REV AMT-RESIDENTIAL-SER A-1	5.250	09/01/2030	98.750 / 98.750	94.559 / 100.000	5.441	3	15
523470-BS-0	LEE CNTY FLA ARPT REV AMT-SER A	5.750	10/01/2025		98.809 / 104.128	5.319	6	290
672325-SD-0	OAKLAND CALIF UNI SCH DIST ALAMEDA CNTY REF	4.000	08/01/2015	96.500 / 96.500	94.518 / 99.757	5.239	4	100
759836-FZ-7	RENO NEV HOSP REV WASHOE MED CTR-C-RMKT 06/23/08	4.500	06/01/2019	96.331 / 96.331	96.231 / 101.301	5.070	8	650
88880P-AC-8	TOBACCO SETTLEMENT FING CORP LA REV ASSET-BKD-SER B	5.875	05/15/2039	89.088 / 90.593	89.200 / 94.250	5.050	12	225
66285W-AT-3	NORTH TEX TWY AUTH REV REF-SYS-FIRST TIER-SER A	5.125	01/01/2028		99.110 / 103.856	4.746	9	325
416489-HT-2	HARTFORD CNTY CONN MET DIST	4.125	06/01/2028		95.459 / 100.125	4.666	5	130
956725-DK-8	WEST VIRGINIA WTR DEV AUTH INFRASTRUCTURE REV W VA INFRASTRUCTURE JOBS PG-A	4.750	10/01/2045		95.375 / 100.000	4.625	32	4010

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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