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: 07/03/2008.

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)
735240-NX-7	PORT PORTLAND ORE ARPT REV AMT-PORTLAND INTL ARPT-SER 12C	5.000	07/01/2028	88.157 / 88.157	92.685 / 98.447	10.290	5	70
718813-2T-4	PHOENIX ARIZ CAP APPREC-SER B	0.000	07/01/2010	72.500 / 72.500	82.140 / 82.140	9.640	4	4
373271-AA-3	GEORGIA LOC GOVT CTFS PARTN GRANTOR TR-SER A	4.750	06/01/2028	90.818 / 90.818	99.136 / 99.136	8.318	4	75
720175-QU-5	PIEDMONT MUN PWR AGY S C ELEC REV REF-SER A	4.750	01/01/2025	93.000 / 93.000	99.332 / 99.332	6.332	4	70
13068G-UA-2	CALIFORNIA ST PUB WKS BRD LEASE REV DEPT CORR-D-CAPGTY-CTFS ELIG	5.250	06/01/2015	103.750 / 103.750	109.291 / 109.757	6.007	7	210
056559-AK-3	BADGER TOB ASSET SECURITIZATION CORP WIS TOB ASSET-BKD	6.125	06/01/2027	94.080 / 94.080	99.718 / 99.718	5.638	4	130
249181-U3-0	DENVER COLO CITY & CNTY ARPT REV AMT-SER A	5.000	11/15/2031	86.142 / 86.142	91.670 / 91.670	5.528	4	50
167592-UZ-5	CHICAGO ILL O HARE INTL ARPT REV AMT-2ND LIEN PASSENGER FAC-C	5.250	01/01/2032	91.700 / 91.700	94.700 / 96.724	5.024	3	25
665250-AU-0	NORTHERN ILL MUN PWR AGY PWR PROJ REV PRAIRIE ST PROJ-SER A	5.000	01/01/2042	94.922 / 94.922	99.934 / 99.934	5.012	2	275
606901-2T-2	MISSOURI ST HEALTH & EDL FACS AUTH EDL FACS REV WASHINGTON UNIV-SER B	4.500	01/15/2036	93.150 / 93.150	98.000 / 98.000	4.850	4	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)
946303-LT-9	WAYNE ST UNIV MICH UNIV REVS GEN	5.125	11/15/2029	94.271 / 99.696	5.425		3	20
575898-AL-5	MASSACHUSETTS ST PORT AUTH SPL FACS REV DELTA AIR LINES INC PJ-SER A	5.000	01/01/2027	71.040 / 75.172	4.132	73.713 / 73.713	19	600
681712-PB-5	OMAHA NEB REF-OMAHA CONVENTION CTR/ARENA	5.250	04/01/2013	105.258 / 109.119	3.861	105.258 / 105.258	5	140
59333H-BA-3	MIAMI-DADE CNTY FLA PROFESSIONAL SPORTS FRANCHISE REF	4.750	10/01/2030	89.509 / 93.170	3.661		5	55
898526-CW-6	TSASC INC N Y REV TOB SETTLEMENT ASSET-BKD-SER 1	5.750	07/15/2032	106.392 / 109.900	3.508		2	75+1
548100-V3-7	LOWER COLO RIV AUTH TEX REV PREREFUNDED-JR LIEN	6.000	01/01/2017	108.220 / 111.250	3.030		4	30
79765R-JW-0	SAN FRANCISCO CALIF CITY & CNTY PUB UTILS COMMN WTR REV SER A	5.000	11/01/2019	102.309 / 105.140	2.831		2	45
426063-NW-9	HENRICO CNTY VA INDL DEV AUTH REV EDL FACS-COLLEGIATE SCH	5.000	10/15/2019	97.500 / 100.297	2.797		2	35
74529J-AC-9	PUERTO RICO SALES TAX FING CORP SALES TAX REV SER B	6.050	08/01/2036	97.250 / 100.000	2.750	100.677 / 100.677	4	215
764595-AA-2	RICHMOND CNTY GA DEV AUTH REV ZERO CPN-SUB-C-RMKT-03/23/92	0.000	12/01/2021	50.108 / 52.780	2.672	53.544 / 53.544	5	120

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)
91428L-AZ-9	UNIVERSITY HAWAII REV REF-SER A	3.500	07/15/2028		81.172 / 102.639	21.467	9	935
735240-NX-7	PORT PORTLAND ORE ARPT REV AMT-PORTLAND INTL ARPT-SER 12C	5.000	07/01/2028	88.157 / 88.157	92.685 / 98.447	5.762	5	70
57586C-7T-6	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV BOSTON MED CTR-SER B	5.250	07/01/2038		92.892 / 98.513	5.621	9	670
74514L-UR-6	PUERTO RICO COMWLTH REF-PUB IMPT-C7-CONV-07/01/08	6.000	07/01/2027		106.029 / 110.967	4.938	14	885
73358T-WK-3	PORT AUTH N Y & N J CONS-ONE HUNDRED FORTY-FIFTH	5.750	11/01/2032		94.125 / 98.625	4.500	4	60
745190-ZT-8	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV REF-SER N	5.250	07/01/2039	98.344 / 98.375	98.791 / 102.750	3.959	28	3800+2
742395-PB-6	PRINCETON TEX INDPT SCH DIST SCH BLDG	5.000	02/15/2038		99.995 / 103.567	3.572	6	400
542690-VD-1	LONG ISLAND PWR AUTH N Y ELEC SYS REV GEN-SER C	5.000	09/01/2033		99.286 / 102.850	3.564	16	560
709223-QT-1	PENNSYLVANIA ST TPK COMMN TPK REV SER A	5.000	12/01/2034	100.000 / 100.000	100.665 / 104.083	3.418	23	3545+1
566816-HP-2	MARICOPA CNTY ARIZ INDL DEV AUTH HEALTH FACS REV CATHOLIC HEALTHCARE WEST-A	5.250	07/01/2032		98.000 / 101.400	3.400	10	210+1

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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