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: 06/27/2008.

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)
140427-AV-7	CAPITAL PROJS FIN AUTH FLA STUDENT HSG REV CAP PROJS LN PG-SR-F-1	5.000	10/01/2031	82.940 / 82.940	94.300 / 97.500	14.560	10	175
717817-JL-5	PHILADELPHIA PA ARPT REV SER A	4.750	06/15/2035	82.129 / 82.129	96.318 / 96.318	14.189	2	45
733902-AF-7	PORT CORPUS CHRISTI AUTH TEX NUECES CNTY POLLUTION CTL REV CELANESE PROJ-SER A	6.450	11/01/2030	86.471 / 86.471	100.000 / 100.200	13.729	4	155
70917N-WN-0	PENNSYLVANIA ST HIGHER EDL FACS AUTH REV FORTIER II LLC-SER A	5.125	04/01/2033	87.614 / 96.000	98.807 / 98.807	11.193	7	180
233572-FT-8	DADE CNTY FLA SPL OBLIG REF-SER B	5.000	10/01/2035	90.810 / 90.810	99.980 / 100.450	9.640	8	135
235036-FW-5	DALLAS FORT WORTH TEX INTL ARPT REV JT-SER A-AMBAC	5.000	11/01/2032	85.394 / 89.820	93.320 / 94.750	9.356	10	270
392274-PZ-3	GREATER ORLANDO AVIATION AUTH ORLANDO FLA ARPT FACS REV AMT-SER A	5.125	10/01/2028	90.300 / 90.300	99.566 / 99.566	9.266	2	30
402175-KF-9	GULF BREEZE FLA REV CAP FDG-SER B	4.500	10/01/2027	89.000 / 89.000	98.099 / 98.099	9.099	2	60
45528S-RD-0	INDIANAPOLIS IND LOC PUB IMPT BD BK INDIANAPOLIS AIRPORT AUTH-F	4.700	01/01/2037	83.440 / 83.440	85.990 / 91.915	8.475	3	55
249181-WD-6	DENVER COLO CITY & CNTY ARPT REV AMT-SER A	5.000	11/15/2025	90.466 / 95.160	97.160 / 98.912	8.446	13	190

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)
684515-MY-2	ORANGE CNTY FLA SALES TAX REV REF-SER A	4.750	01/01/2024	85.742 / 94.951	9.209		5	35
010056-BU-2	AKRON OHIO INCOME TAX REV CMNTY LEARNING CTRS-SER A	4.500	12/01/2028	82.007 / 90.925	8.918		2	20
797391-NX-3	SAN DIEGO CNTY CALIF CTFS PARTN	5.000	08/15/2028	87.415 / 96.000	8.585		2	25
419779-DS-9	HAWAII ST COMP INT-SER BL	0.000	12/01/2008	90.081 / 98.478	8.397		4	60
70917N-WN-0	PENNSYLVANIA ST HIGHER EDL FACS AUTH REV FORTIER II LLC-SER A	5.125	04/01/2033	87.614 / 96.000	8.386	98.807 / 98.807	7	180
888806-AC-0	TOBACCO SETTLEMENT REV MGMT AUTH S C TOB SETTLEMENT REV SER B	6.375	05/15/2028	100.875 / 108.000	7.125	100.875 / 108.696	27	915
13062N-3M-7	CALIFORNIA ST	5.000	10/01/2032	90.396 / 97.373	6.977		3	395
106214-FR-5	BRAZOS RIVER AUTH TEX REV REF-COLL-CENTERPOINT ENERGY-B	4.250	12/01/2017	84.500 / 90.125	5.625		4	95
944314-GD-9	WAYNE CHARTER CNTY MICH ARPT REV AMT-DETROIT MET WAYNE CNTY-A	5.000	12/01/2028	86.446 / 91.400	4.954	93.900 / 93.900	4	35
249181-WD-6	DENVER COLO CITY & CNTY ARPT REV AMT-SER A	5.000	11/15/2025	90.466 / 95.160	4.694	97.160 / 98.912	13	190

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)
745232-NR-5	PUERTO RICO PUB BLDGS AUTH GTD PUB ED & HEALTH FACS REF-SER M	5.750	07/01/2010		3.101 / 105.392	102.291	5	125
888806-AC-0	TOBACCO SETTLEMENT REV MGMT AUTH S C TOB SETTLEMENT REV SER B	6.375	05/15/2028	100.875 / 108.000	100.875 / 108.696	7.821	27	915
64579F-KK-8	NEW JERSEY HEALTH CARE FACS FING AUTH REV CENTRASTATE MED CTR-SER A	4.500	07/01/2037	91.588 / 91.588	92.388 / 100.000	7.612	5	350
167562-CY-1	CHICAGO ILL MIDWAY ARPT REV AMT-SER A	5.125	01/01/2031		89.273 / 96.797	7.524	7	90
838536-DK-3	SOUTH JERSEY TRANSN AUTH N J TRANSN SYS REV SER A	4.500	11/01/2035		92.586 / 100.000	7.414	4	85
45528S-RD-0	INDIANAPOLIS IND LOC PUB IMPT BD BK INDIANAPOLIS AIRPORT AUTH-F	4.700	01/01/2037	83.440 / 83.440	85.990 / 91.915	5.925	3	55
64469D-GY-1	NEW HAMPSHIRE ST HSG FIN AUTH SINGLE FAMILY MTG REV AMT-ACQUISITION-SER A	5.350	07/01/2040		94.128 / 100.000	5.872	9	575
295542-HK-3	ERIE PA WTR AUTH WTR REV	5.000	12/01/2043	95.684 / 98.625	95.684 / 101.500	5.816	301	30200+14
880443-BS-4	TENNESSEE ENERGY ACQUISITION CORP GAS REV SER A	5.250	09/01/2026	91.452 / 91.452	91.577 / 97.000	5.423	19	910+2
594751-AG-4	MICHIGAN TOB SETTLEMENT FIN AUTH TOB SETTLEMENT ASSET SR-SER A	6.000	06/01/2048	84.477 / 86.302	85.623 / 90.936	5.313	8	850

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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