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: 06/26/2008.

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)
645780-DK-0	NEW JERSEY ECONOMIC DEV AUTH WTR FACS REV NJ-AMERICAN WTR CO INC-SER B	5.375	05/01/2032	82.530 / 82.530	91.995 / 91.995	9.465	4	70
66707Q-AA-7	NORTHUMBERLAND CNTY PA INDL DEV AUTH WTR FACS REV REF-AQUA PENNSYLVANIA INC PJ	5.050	10/01/2039	83.300 / 83.300	92.475 / 92.475	9.175	3	45
442348-ZY-7	HOUSTON TEX ARPT SYS REV AMT-SUB LIEN-SER B	5.000	07/01/2025	87.404 / 89.408	96.508 / 96.508	9.104	11	480
915115-Q5-1	UNIVERSITY TEX PERM UNIV FD SER B	4.500	07/01/2033	87.625 / 87.625	96.360 / 96.360	8.735	2	15
93974B-XS-6	WASHINGTON ST MOTOR VEHICLE FUEL TAX-SER D	4.500	01/01/2032	91.566 / 91.566	100.040 / 100.040	8.474	4	315
047812-AE-2	ATLANTA GA HSG AUTH MULTIFAMILY REV HSG-GNMA-VLG AT CASTLEBERRY PJ	5.400	02/20/2039	88.133 / 88.133	96.400 / 96.400	8.267	7	130
29087R-AG-0	EMERALD COAST FLA HSG II INC HSG REV SER A	7.250	07/01/2004	56.900 / 56.900	65.100 / 65.100	8.200	4	20
45200L-XD-3	ILLINOIS HEALTH FACS AUTH REV DELNOR-CMNTY RESIDENTIAL PJ	6.150	11/15/2027	91.896 / 91.896	98.875 / 100.000	8.104	5	35
43232V-JT-9	HILLSBOROUGH CNTY FLA SCH BRD CTFS PARTN FLA MASTER LEASE PROG	4.500	07/01/2028	87.724 / 87.724	95.700 / 95.700	7.976	4	35
59333P-EJ-3	MIAMI-DADE CNTY FLA AVIATION REV AMT-MIAMI INTL ARPT-SER A	5.000	10/01/2033	85.000 / 87.992	90.700 / 92.879	7.879	13	730

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)
933623-BQ-2	WAMEGO KANS POLLUTN CTL REV REF-WESTAR ENERGY INC PROJ	5.000	02/01/2033	87.204 / 95.150	7.946		3	25
57586C-F9-1	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV EMMANUEL COLLEGE	5.000	07/01/2018	93.806 / 100.000	6.194		6	750
13063A-KL-7	CALIFORNIA ST REF	5.000	11/01/2017	99.401 / 104.780	5.379		5	2015
13063A-HA-5	CALIFORNIA ST TAXABLE-STEM CELL RESH-SER A	5.168	10/01/2037	95.410 / 100.390	4.980	100.010 / 100.010	4	15+1
798111-DS-6	SAN JOAQUIN HILLS CALIF TRANSN CORRIDOR AGY TOLL RD REV REF-SER A	5.375	01/15/2029	93.000 / 97.750	4.750	100.000 / 100.000	13	275
560060-FK-6	MAHONING CNTY OHIO HOSP FACS REV FORUM HLTH OBLIG GRP-SER A	5.000	11/15/2025	87.500 / 91.810	4.310		6	165
71781E-CZ-6	PHILADELPHIA PA AUTH FOR INDL DEV ARPT REV PHILADELPHIA ARPT SYS PJ-SER A	5.250	07/01/2028	90.650 / 94.843	4.193		2	55
79575D-PJ-3	SALT RIVER PROJ ARIZ AGRIC IMPT & PWR DIST ELEC SYS REV SALT RIVER PROJ-SER B	5.000	01/01/2031	97.020 / 100.480	3.460		3	10+1
798111-CD-0	SAN JOAQUIN HILLS CALIF TRANSN CORRIDOR AGY TOLL RD REV REF-SER A	5.250	01/15/2030	94.125 / 97.500	3.375	98.000 / 98.000	3	40
38122N-AP-7	GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV ASSET-BKD-SER A-1	6.250	06/01/2033	104.500 / 107.858	3.358	107.908 / 109.220	21	585+2

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)
897105-FG-2	TROTWOOD-MADISON CITY SCH DIST OHIO REF-SCH IMPT	4.500	12/01/2030	96.625 / 96.625	92.500 / 99.021	6.521	5	755
544587-MR-6	LOS ANGELES CALIF MUN IMPT CORP LEASE REV FIGUEROA PLAZA-SER B1	4.750	08/01/2037		95.250 / 100.790	5.540	5	215
44420P-AB-0	HUDSON YDS INFRASTRUCTURE CORP N Y REV SER A-FGIC	5.000	02/15/2047	94.303 / 95.399	94.458 / 99.375	4.917	49	4375+5
79575E-AS-7	SALT VERDE FINL CORP GAS REV ARIZ SR	5.000	12/01/2037		87.498 / 92.365	4.867	23	1625
882721-S7-9	TEXAS ST TRANSN COMMN-MOBILITY FD	4.750	04/01/2037		96.150 / 100.950	4.800	6	565
930866-CG-1	WAKE CNTY N C HOSP REV	5.125	10/01/2026	98.350 / 98.350	100.000 / 104.785	4.785	8	160
57586C-7T-6	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV BOSTON MED CTR-SER B	5.250	07/01/2038	91.462 / 91.462	91.662 / 96.346	4.684	24	3995+4
59465H-FZ-4	MICHIGAN ST HOSP FIN AUTH REV REF-HOSP-OAKWOOD OBLIG GRP-A	5.000	07/15/2025	92.460 / 92.460	93.625 / 98.309	4.684	19	2705+3
104178-EC-8	BRADENTON FLA SPL OBLIG	4.250	09/01/2027		90.815 / 95.458	4.643	3	65
130795-UP-0	CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV KAISER PERMANENTE-B-BHAC-CR	5.000	03/01/2041		96.667 / 101.243	4.576	86	8745+3

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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