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: 07/07/2008.

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)
785870-LH-7	SACRAMENTO CALIF CITY UNI SCH DIST REF	4.750	07/01/2029	85.989 / 85.989	100.323 / 100.323	14.334	4	40
575898-AL-5	MASSACHUSETTS ST PORT AUTH SPL FACS REV DELTA AIR LINES INC PJ-SER A	5.000	01/01/2027	66.875 / 72.000	77.718 / 77.724	10.849	4	180
25457V-AA-4	DIRECTOR ST NEV DEPT BUSINESS & INDUSTRY LAS VEGAS MONORAIL PJ-1ST TIER	5.625	01/01/2032	73.765 / 73.765	82.000 / 82.000	8.235	5	500
13062N-3L-9	CALIFORNIA ST	5.000	10/01/2028	93.949 / 93.949	101.900 / 101.900	7.951	4	115
655857-BT-6	NORFOLK VA ARPT AUTH REV SER B	5.125	07/01/2031	90.333 / 90.333	98.200 / 98.200	7.867	5	325
592650-PF-6	METROPOLITAN WASHINGTON D C ARPTS AUTH GEN ARPT REV REF-SER A	5.000	10/01/2027	90.828 / 90.828	98.450 / 98.450	7.622	3	40
354496-FA-4	FRANKLIN PARK ILL UNREFUNDED BALANCE-ALT REV-A	5.000	07/01/2034	93.150 / 93.150	100.470 / 100.470	7.320	3	20
720175-QU-5	PIEDMONT MUN PWR AGY S C ELEC REV REF-SER A	4.750	01/01/2025	91.580 / 94.529	98.787 / 98.787	7.207	6	115
797652-8X-5	SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV SECOND SER-ISSUE 22	4.750	05/01/2029	85.059 / 85.059	92.259 / 92.259	7.200	4	210
59333P-HR-2	MIAMI-DADE CNTY FLA AVIATION REV AMT-MIAMI INTL AIRPORT-HUB-A	4.750	10/01/2036	82.255 / 82.255	85.375 / 89.304	7.049	4	75

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)
767495-BZ-6	RIPON CALIF REDEV AGY TAX ALLOCATION RIPON CMNTY REDEV PROJ	4.750	11/01/2032	85.351 / 95.000	9.649		4	65
251135-EQ-8	DETROIT MICH DOWNTOWN DEV AUTH TAX INCREMENT REV REF-DEV AREA NO 1 PROJS-A	4.750	07/01/2025	89.500 / 97.160	7.660		5	60
13033W-LA-9	CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK REV BAY AREA TOLL BRDGS-1ST LIEN-A	5.000	07/01/2033	101.850 / 106.988	5.138	105.100 / 107.113	4	120
575898-AL-5	MASSACHUSETTS ST PORT AUTH SPL FACS REV DELTA AIR LINES INC PJ-SER A	5.000	01/01/2027	66.875 / 72.000	5.125	77.718 / 77.724	4	180
725304-JK-6	PITTSBURGH PA WTR & SWR AUTH WTR & SWR SYS REV CAP APPREC-FIRST LIEN-SER B	0.000	09/01/2028	24.860 / 29.437	4.577	25.140 / 30.698	5	305
724787-AR-7	PITTSBURGH & ALLEGHENY CNTY PA PUB AUD AUTH EXCISE TAX REV HOTEL ROOM	4.500	02/01/2029	93.533 / 98.000	4.467		8	277
167562-DQ-7	CHICAGO ILL MIDWAY ARPT REV SER B	5.000	01/01/2028	94.022 / 98.356	4.334		3	45
20772G-UC-0	CONNECTICUT ST REF-SER E	5.000	12/15/2018	103.400 / 107.687	4.287	103.500 / 107.757	4	520
41415M-AV-6	HARRIS CNTY TEX HEALTH FACS DEV CORP MED FACS REV BAYLOR COLLEGE MED PJ-SER A	5.000	11/15/2028	93.233 / 97.360	4.127	99.360 / 99.360	4	160
914743-R2-7	UNIVERSITY NORTHN IOWA UNIV REVS DORM-SER U N I	4.750	07/01/2023	97.020 / 101.000	3.980		3	40

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)
542690-PA-4	LONG ISLAND PWR AUTH N Y ELEC SYS REV CAP APPREC-SER A	0.000	06/01/2027		41.316 / 94.000	52.684	12	805
594751-AB-5	MICHIGAN TOB SETTLEMENT FIN AUTH TOB SETTLEMENT ASSET TAXABLE-TURBO-SER A	7.309	06/01/2034		74.000 / 94.000	20.000	22	465+2
65819G-EQ-7	NORTH CAROLINA CAP FACS FIN AGY REV REF-DUKE UNIV PROJ-SER B	4.250	07/01/2042		84.303 / 91.392	7.089	22	1945
944314-GD-9	WAYNE CHARTER CNTY MICH ARPT REV AMT-DETROIT MET WAYNE CNTY-A	5.000	12/01/2028	89.912 / 89.912	90.500 / 96.887	6.387	7	85
13033F-YB-0	CALIFORNIA HEALTH FACS FING AUTH REV REF-CEDARS-SINAI MED CTR	5.000	11/15/2034		93.738 / 99.910	6.172	2	75
235036-FW-5	DALLAS FORT WORTH TEX INTL ARPT REV JT-SER A-AMBAC	5.000	11/01/2032	89.300 / 91.080	89.637 / 95.300	5.663	11	255
725304-JK-6	PITTSBURGH PA WTR & SWR AUTH WTR & SWR SYS REV CAP APPREC-FIRST LIEN-SER B	0.000	09/01/2028	24.860 / 29.437	25.140 / 30.698	5.558	5	305
86909R-AH-4	SUSQUEHANNA AREA REGL ARPT AUTH PA ARPT SYS REV AMT-SER A	5.000	01/01/2028		95.725 / 101.000	5.275	3	18
696507-QP-0	PALM BEACH CNTY FLA HEALTH FACS AUTH REV REF-HOSP-BRCH CORP OBLIG GROUP	5.625	12/01/2031		90.101 / 95.310	5.209	2	20
392274-PZ-3	GREATER ORLANDO AVIATION AUTH ORLANDO FLA ARPT FACS REV AMT-SER A	5.125	10/01/2028		93.330 / 98.300	4.970	7	220

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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