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: 06/20/2008.

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)
235036-FW-5	DALLAS FORT WORTH TEX INTL ARPT REV JT-SER A-AMBAC	5.000	11/01/2032	81.456 / 92.100	94.600 / 94.600	13.144	8	150
57420V-EH-2	MARYLAND ST ECONOMIC DEV CORP STUDENT HSG REV BOWIE STATE UNIV PJ	5.375	06/01/2033	75.000 / 75.000	87.953 / 87.953	12.953	4	65
59333P-HV-3	MIAMI-DADE CNTY FLA AVIATION REV MIAMI INTL AIRPORT-HUB-SER B	5.000	10/01/2037	86.891 / 86.891	97.730 / 98.758	11.867	6	110
44420P-AA-2	HUDSON YDS INFRASTRUCTURE CORP N Y REV SER A-MBIA	4.500	02/15/2047	82.813 / 82.813	92.925 / 94.500	11.687	14	365
64578C-BC-4	NEW JERSEY ECONOMIC DEV AUTH SPL FAC REV CONTINENTAL AIRLINES INC PJ	7.000	11/15/2030	72.375 / 82.455	83.650 / 83.650	11.275	6	75
733581-6F-4	PORT AUTH N Y & N J CONS-131ST SER	4.750	06/15/2033	86.643 / 86.643	95.250 / 96.370	9.727	3	30
59259R-FH-2	METROPOLITAN TRANSN AUTH N Y REV REF-TRANSN-SER E	5.500	11/15/2012	109.348 / 109.348	118.773 / 118.773	9.425	4	640
717817-JL-5	PHILADELPHIA PA ARPT REV SER A	4.750	06/15/2035	83.836 / 83.836	93.152 / 93.152	9.316	5	65
792905-BN-0	ST PAUL MINN HSG & REDEV AUTH HEALTH CARE FAC REV REGIONS HOSP PROJ	5.300	05/15/2028	86.628 / 86.628	95.800 / 95.800	9.172	6	270
13033W-D4-2	CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK REV REF-COPIA-SER B	4.750	12/01/2037	57.500 / 57.500	66.500 / 66.500	9.000	2	120

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)
235036-FW-5	DALLAS FORT WORTH TEX INTL ARPT REV JT-SER A-AMBAC	5.000	11/01/2032	81.456 / 92.100	10.644	94.600 / 94.600	8	150
64578C-BC-4	NEW JERSEY ECONOMIC DEV AUTH SPL FAC REV CONTINENTAL AIRLINES INC PJ	7.000	11/15/2030	72.375 / 82.455	10.080	83.650 / 83.650	6	75
407272-G3-1	HAMILTON CNTY OHIO HOSP FACS REV CHILDRENS HOSP MED CTR-SER G	4.750	05/15/2028	84.916 / 93.166	8.250	85.416 / 87.541	6	130
249181-U2-2	DENVER COLO CITY & CNTY ARPT REV AMT-SER A	5.000	11/15/2026	86.267 / 93.630	7.363		2	10
235036-EM-8	DALLAS FORT WORTH TEX INTL ARPT REV REF & IMPT-JT-SER A	5.000	11/01/2035	83.050 / 89.635	6.585		4	155
130628-6V-7	CALIFORNIA ST REF	4.750	02/01/2029	89.202 / 93.953	4.751	96.803 / 96.803	4	55
38122N-AQ-5	GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV ASSET-BKD-SER A-1	6.750	06/01/2039	108.000 / 112.400	4.400	110.000 / 115.094	12	905
745190-K2-3	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV PREREFUNDED-SER G	5.000	07/01/2042	102.846 / 106.770	3.924	108.045 / 108.045	12	560
888808-AT-9	TOBACCO SETTLEMENT FING CORP N J ASSET BKD	6.125	06/01/2042	104.450 / 108.296	3.846		7	115
345105-FR-6	FOOTHILL / EASTERN TRANSN CORRIDOR AGY CALIF TOLL RD REV SR LIEN-SER A-MBIA IBC	5.000	01/01/2035	89.084 / 92.564	3.480		3	225

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)
64966C-VN-8	NEW YORK N Y SER E	5.250	08/01/2011		106.031 / 112.717	6.686	11	1270
73358T-XB-2	PORT AUTH N Y & N J CONS-ONE HUNDRED FORTY-SIXTH	4.750	12/01/2024	93.934 / 93.934	94.934 / 100.205	5.271	8	185
38122N-AQ-5	GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV ASSET-BKD-SER A-1	6.750	06/01/2039	108.000 / 112.400	110.000 / 115.094	5.094	12	905
649903-G4-7	NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT MUN HLTH FAC-LEASE-SUB-2-2	4.375	01/15/2022		96.122 / 101.000	4.878	19	3570+2
49228M-CR-3	KERN CNTY CALIF WTR AGY IMPT DIST NO 4 WTR REV CTFS PARTN SER A	5.000	05/01/2033		100.000 / 104.545	4.545	15	355
542690-ZA-3	LONG ISLAND PWR AUTH N Y ELEC SYS REV GEN-SER C	5.000	09/01/2035		99.257 / 103.750	4.493	7	240
745190-ZP-6	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV REF-SER N	5.250	07/01/2032		99.812 / 104.265	4.453	33	2915
38122N-PA-4	GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV ASSET-BKD-SR-SER A-1	5.750	06/01/2047	84.852 / 84.852	86.273 / 90.712	4.439	18	1480+1
64605L-5U-8	NEW JERSEY ST EDL FACS AUTH REV REF-MONTCLAIR ST UNIV-SER J	3.750	07/01/2027		84.328 / 88.750	4.422	6	135
733581-SF-0	PORT AUTH N Y & N J CONS-ONE HUNDRED SIXTEENTH SER	4.250	10/01/2026	93.780 / 93.780	95.731 / 100.000	4.269	6	125

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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