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Worst Ten Offenders
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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: 06/30/2008.

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
Red Flag
# of
Trades
Volume
(000)
222721-AC-6COURTLAND ALA INDL DEV BRD ENVIRONMENTAL IMPT REV REF-INTL PAPER CO PROJ-SER A 5.00011/01/2013 97.710 / 97.710 97.875 / 118.50020.790244695+2
786134-GC-4SACRAMENTO CNTY CALIF SANTN DIST FING AUTH REV REF 5.00012/01/2027 91.573 / 96.250 97.569 / 101.3019.72811145
875231-EB-4TAMPA FLA REV HLTH SYS-CATHOLIC HLTH-A-1 4.87511/15/2023 90.310 / 90.310 99.950 / 99.9509.640465
538152-BQ-1LIVERMORE-AMADOR VY WTR MGMT AGY CALIF SWR REV SER A 5.00008/01/2031 92.193 / 92.193 101.000 / 101.0008.807420
684545-TY-2ORANGE CNTY FLA TOURIST DEV TAX REV REF 4.50010/01/2030 85.565 / 85.565 94.365 / 94.3658.8004125
655857-BT-6NORFOLK VA ARPT AUTH REV SER B 5.12507/01/2031 88.120 / 88.120 96.820 / 96.8208.700320
952030-VX-9WEST CHESTER PA AREA SCH DIST  4.62505/15/2030 91.041 / 91.041 99.653 / 99.6538.612365
13033A-ZS-3CALIFORNIA HEALTH FACS FING AUTH REV INSD-CEDARS-SINAI MED CTR-B 5.12508/01/2027 90.770 / 90.770 99.134 / 99.1348.364660
696617-QD-4PALM DESERT CALIF FING AUTH TAX ALLOC REV REF-PROJ AREA NO 2-SER A 5.12508/01/2036 93.377 / 95.350 95.700 / 101.4008.0238185
64579F-QK-2NEW JERSEY HEALTH CARE FACS FING AUTH REV TRINITAS HOSP OBLIG GRP-SER A 5.25007/01/2030 84.000 / 84.000 92.000 / 92.0008.0004135

Worst Ten Spreads Between Lowest and Highest BID

CUSIP Municipal Bond Name / Description Coupon Maturity Bid Side
Customer Sold
to Dealer
(Lowest / Highest)
Spread
Red Flag
Offer Side
Customer Purchase
from Dealer
(Lowest / Highest)
# of
Trades
Volume
(000)
01728A-MJ-2ALLEGHENY CNTY PA HOSP DEV AUTH REV HOSP-PITTSBURGH MERCY HLTH SYS 5.62508/15/2026 98.500 / 106.0927.592  3155
649706-JA-7NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV SER B 5.75006/15/2013 98.257 / 104.7196.462  4240
745177-CG-8PUERTO RICO COMWLTH GOVT DEV BK SR NTS-SER B 5.00012/01/2015 98.702 / 104.3335.631 105.177 / 105.1777510
010869-AQ-8ALAMEDA CORRIDOR TRANSN AUTH CALIF REV SR LIEN-SER A 5.00010/01/2029 92.600 / 97.5484.948 98.500 / 98.703690
797652-M4-3SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV AMT-SECOND SER-ISSUE 15A 5.00005/01/2025 89.869 / 94.6354.766 97.497 / 97.4977220
733581-SF-0PORT AUTH N Y & N J CONS-ONE HUNDRED SIXTEENTH SER 4.25010/01/2026 89.930 / 94.6364.706  9260
786134-GC-4SACRAMENTO CNTY CALIF SANTN DIST FING AUTH REV REF 5.00012/01/2027 91.573 / 96.2504.677 97.569 / 101.30111145
745266-BC-9PUERTO RICO CONVENTION CTR DIST AUTH HOTEL OCCUPANCY TAX SER A 5.00007/01/2031 93.119 / 97.6504.531 96.375 / 96.3759170
305459-EN-5FAIRMONT W VA WTRWKS REV  5.00007/01/2029 93.010 / 97.5154.505  4100
230614-BQ-1CUMBERLAND CNTY PA MUN AUTH REV PRESBYTERIAN HOMES INC-SER A 5.00012/01/2026 90.086 / 94.3064.220  5330

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
Red Flag
# of
Trades
Volume
(000)
222721-AC-6COURTLAND ALA INDL DEV BRD ENVIRONMENTAL IMPT REV REF-INTL PAPER CO PROJ-SER A 5.00011/01/2013 97.710 / 97.710 97.875 / 118.50020.625244695+2
851018-JF-9SPRINGFIELD MO PUB UTIL REV  4.50008/01/2036   91.245 / 99.9508.705233
140427-AV-7CAPITAL PROJS FIN AUTH FLA STUDENT HSG REV CAP PROJS LN PG-SR-F-1 5.00010/01/2031   89.460 / 96.5007.040790
442348-ZY-7HOUSTON TEX ARPT SYS REV AMT-SUB LIEN-SER B 5.00007/01/2025 87.310 / 91.159 89.435 / 95.2105.7759220
696617-QD-4PALM DESERT CALIF FING AUTH TAX ALLOC REV REF-PROJ AREA NO 2-SER A 5.12508/01/2036 93.377 / 95.350 95.700 / 101.4005.7008185
57583F-ZS-3MASSACHUSETTS ST DEV FIN AGY REV M/SRBC PROJ-SER A 5.12502/01/2034   99.250 / 104.3925.1429165
542690-XV-9LONG ISLAND PWR AUTH N Y ELEC SYS REV GEN-SER A 5.00012/01/2023 101.299 / 101.299 99.299 / 103.9684.669271725
106214-FR-5BRAZOS RIVER AUTH TEX REV REF-COLL-CENTERPOINT ENERGY-B 4.25012/01/2017 85.500 / 85.500 88.000 / 92.6444.6447240
837147-W6-0SOUTH CAROLINA ST PUB SVC AUTH REV SER A 5.00001/01/2037   98.505 / 103.0244.519121080
79575E-AR-9SALT VERDE FINL CORP GAS REV ARIZ SR 5.00012/01/2032   89.117 / 93.5444.4274240

For the complete Flag 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.

Data provided by : msrb.org

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