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FINRA-ICE Data Services Structured Trading Activity Reports

Structured Trading Activity Report TBA Pass-Thru Agency CMO Non-Agency CMO/ABS Daily CMBS Weekly CMBS CBO/CDO/CLO

Weekly CMBS data from 01/06/2025 to 01/10/2025

Pricing Table: Agency CMBS by Deal Vintage
METRIC AGENCY CMBS (P&I) AGENCY CMBS (IO/PO)
PRE-2020 2020 2021 2022 2023 2024 2025 PRE-2020 2020 2021 2022 2023 2024 2025
AVERAGE PRICE 95.4 87.7 79.9 76.6 96.9 98.7 * 3.1 7.4 4.1 4.6 * 13.5 -
Weighted Avg. Price 95.8 89.5 83.6 84.1 98.6 98.5 * 2.4 3.8 3.7 1.3 * 2.7 -
Avg. Price Bottom 5 Trades 81.3 78.7 70.0 48.5 80.7 94.3 * 1.5 2.5 3.8 4.6 * 2.6 -
2nd Quartile Price 94.2 83.0 72.8 73.5 96.8 97.6 * 1.5 3.7 4.4 * * 4.8 -
3rd Quartile Price 96.6 88.0 74.7 84.3 99.6 98.9 * 3.2 4.6 4.4 * * 4.8 -
4th Quartile Price 98.3 90.2 88.8 89.0 100.4 99.7 * 4.5 7.0 5.3 * * 39.4 -
Avg. Price Top 5 Trades 99.8 100.0 93.9 91.9 101.1 102.4 * 4.6 13.1 4.6 4.6 * 26.1 -
Standard Deviation 4.1 7.2 9.6 16.1 7.0 2.1 * 1.7 11.8 1.0 2.0 * 16.7 -
VOLUME OF TRADES (000'S) 575,369.3 122,647.8 124,350.0 161,721.6 472,556.9 509,418.2 * 263,946.4 1,281,504.8 369,989.6 121,543.5 * 1,730,831.4 -
Customer Buy 164,562.2 31,066.9 16,300.0 58,500.9 194,697.4 206,260.1 - 215,060.2 * * - * 992,170.1 -
Customer Sell 257,749.8 3,534.1 78,046.2 76,470.6 88,098.8 182,743.0 * 48,886.3 1,185,722.6 251,424.2 121,543.5 * * -
Dealer to Dealer 153,057.3 88,046.9 30,003.9 26,750.0 189,760.8 120,415.1 - - * - - - * -
<= $1MM 38,700.9 2,186.9 3,345.6 462.0 9,778.7 7,348.0 - * - - * - - -
<= $10MM 201,299.0 14,416.3 53,125.6 55,281.6 76,803.2 111,632.7 - * * * * * - -
> $10MM 335,369.4 106,044.7 * 105,978.0 385,975.0 390,437.5 * 257,631.3 1,263,274.5 * * * 1,730,831.4 -
NUMBER OF TRADES 197 31 28 29 48 69 * 12 11 7 5 * 11 -
Customer Buy 73 11 7 14 22 31 - 5 * * - * 7 -
Customer Sell 72 11 16 9 11 22 * 7 8 5 5 * * -
Dealer to Dealer 52 9 5 6 15 16 - - * - - - * -
<= $1MM 125 20 12 6 20 29 - * - - * - - -
<= $10MM 58 5 14 18 16 24 - * * * * * - -
> $10MM 14 6 * 5 12 16 * 5 8 * * * 11 -

Pricing Table: CMBS Conduit AAA LCF (P&I) by Deal Vintage
METRIC CONDUIT AAA LCF (P&I)
PRE-2020 2020 2021 2022 2023 2024 2025
AVERAGE PRICE 96.4 85.9 84.5 90.1 104.8 101.0 -
Weighted Avg. Price 95.3 87.5 84.9 88.6 104.5 100.7 -
Avg. Price Bottom 5 Trades 90.0 83.8 83.9 88.0 102.0 98.1 -
2nd Quartile Price 95.3 84.2 84.3 89.0 103.1 99.7 -
3rd Quartile Price 96.3 85.9 84.4 89.3 104.5 101.3 -
4th Quartile Price 98.0 88.3 85.3 96.6 110.2 103.8 -
Avg. Price Top 5 Trades 99.6 88.4 85.1 91.7 108.3 103.9 -
Standard Deviation 2.3 2.0 0.7 3.9 3.2 2.2 -
VOLUME OF TRADES (000'S) 221,760.9 28,729.4 41,126.7 34,241.4 26,369.0 81,512.5 -
Customer Buy 82,238.7 27,066.4 * * 12,308.0 56,040.4 -
Customer Sell 137,082.2 * 17,070.7 * 10,061.0 19,572.0 -
Dealer to Dealer 2,440.0 * * * * * -
<= $1MM 17,000.0 4,901.0 1,370.7 * 2,883.0 3,724.0 -
<= $10MM 163,746.9 23,828.4 29,150.0 * 23,486.0 47,163.2 -
> $10MM * - * * - * -
NUMBER OF TRADES 97 16 13 7 15 22 -
Customer Buy 27 13 * * 6 12 -
Customer Sell 64 * 8 * 7 8 -
Dealer to Dealer 6 * * * * * -
<= $1MM 48 10 5 * 7 7 -
<= $10MM 47 6 7 * 8 13 -
> $10MM * - * * - * -

Pricing Table: CMBS Conduit by Deal Vintage
METRIC CONDUIT AAA (P&I) CONDUIT AAA (IO/PO) CONDUIT IG (P&I) CONDUIT IG (IO/PO) CONDUIT HY (P&I) CONDUIT HY (IO/PO)
PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025
AVERAGE PRICE 96.6 86.4 102.3 1.9 4.3 * 89.9 77.3 93.6 1.2 - - 74.5 64.4 * - - *
Weighted Avg. Price 97.5 86.5 102.3 2.6 3.2 * 92.7 76.3 97.0 1.1 - - 78.5 59.7 * - - *
Avg. Price Bottom 5 Trades 87.8 77.4 99.3 1.1 2.9 * 73.3 70.4 80.6 1.2 - - 16.0 64.4 * - - *
2nd Quartile Price 95.7 83.9 101.4 1.4 3.4 * 85.5 78.3 88.0 * - - 69.0 * * - - *
3rd Quartile Price 97.8 88.1 102.8 1.6 4.8 * 90.5 80.0 89.7 * - - 80.9 * * - - *
4th Quartile Price 98.9 89.3 103.3 2.0 6.1 * 94.6 83.5 102.7 * - - 89.3 * * - - *
Avg. Price Top 5 Trades 99.6 94.8 105.0 3.9 6.0 * 99.0 83.2 103.9 1.2 - - 98.4 64.4 * - - *
Standard Deviation 3.3 5.9 1.6 1.1 1.5 * 6.5 7.9 8.8 0.6 - - 20.6 16.9 * - - *
VOLUME OF TRADES (000'S) 220,311.2 144,536.0 345,617.0 230,985.5 179,091.8 * 150,297.3 28,108.2 64,695.0 3,681.3 - - 312,215.9 11,766.3 * - - *
Customer Buy 75,657.4 67,458.2 132,123.7 75,651.9 * - 67,614.2 17,407.1 32,233.0 * - - 160,352.6 * * - - -
Customer Sell 109,993.5 77,077.7 201,634.1 113,071.0 29,314.5 * 71,095.1 10,701.1 32,302.0 * - - 136,886.0 * * - - *
Dealer to Dealer 34,660.2 - 11,859.2 42,262.6 * - 11,588.0 - * * - - 14,977.4 - - - - -
<= $1MM 18,676.2 2,817.5 10,936.5 * - - 16,630.1 * 9,050.0 3,681.3 - - 8,626.8 * * - - -
<= $10MM 97,184.6 68,503.0 148,486.4 48,331.3 50,768.8 * 133,667.2 25,500.0 55,645.0 - - - 303,589.2 * - - - *
> $10MM 104,450.4 73,215.5 186,194.0 179,756.5 * * - - - - - - - - - - - -
NUMBER OF TRADES 84 30 71 31 14 * 96 12 32 5 - - 139 5 * - - *
Customer Buy 25 11 30 12 * - 35 6 16 * - - 59 * * - - -
Customer Sell 47 19 35 12 8 * 43 6 15 * - - 55 * * - - *
Dealer to Dealer 12 - 6 7 * - 18 - * * - - 25 - - - - -
<= $1MM 51 9 21 * - - 54 * 15 5 - - 61 * * - - -
<= $10MM 26 16 39 15 13 * 42 8 17 - - - 78 * - - - *
> $10MM 7 5 11 12 * * - - - - - - - - - - - -

Pricing Table: CMBS Other by Deal Vintage
METRIC OTHER CMBS AAA LCF (P&I) OTHER CMBS AAA (P&I) OTHER CMBS AAA (IO/PO) OTHER CMBS IG (P&I) OTHER CMBS IG (IO/PO) OTHER CMBS HY (P&I) OTHER CMBS HY (IO/PO)
PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025
AVERAGE PRICE - - - 95.9 97.5 100.4 - - - 90.7 95.7 100.2 - - - 69.5 89.6 101.8 - - *
Weighted Avg. Price - - - 94.0 95.8 100.1 - - - 89.2 94.7 101.1 - - - 59.7 87.9 101.6 - - *
Avg. Price Bottom 5 Trades - - - 86.7 82.7 95.9 - - - 82.7 84.9 94.6 - - - 4.5 65.1 99.4 - - *
2nd Quartile Price - - - 94.9 97.6 100.1 - - - 86.5 92.3 100.3 - - - 73.0 88.5 100.5 - - *
3rd Quartile Price - - - 97.0 99.2 100.4 - - - 91.0 96.8 100.6 - - - 87.5 95.6 101.2 - - *
4th Quartile Price - - - 99.3 100.0 100.8 - - - 95.2 99.7 101.2 - - - 94.0 99.8 103.1 - - *
Avg. Price Top 5 Trades - - - 100.0 100.8 104.5 - - - 99.3 100.7 103.0 - - - 99.4 100.0 105.6 - - *
Standard Deviation - - - 3.9 4.5 1.5 - - - 5.0 4.5 2.3 - - - 34.4 13.4 1.9 - - *
VOLUME OF TRADES (000'S) - - - 182,687.5 210,630.4 544,854.9 - - - 148,987.2 245,545.2 112,351.9 - - - 190,696.8 153,570.4 295,530.8 - - *
Customer Buy - - - 99,718.7 80,789.7 196,420.1 - - - 71,480.3 114,244.8 72,186.5 - - - 96,143.1 59,972.8 172,702.8 - - *
Customer Sell - - - 79,298.8 85,290.3 306,505.6 - - - 52,843.9 109,410.4 37,435.4 - - - 84,494.0 83,087.6 120,778.0 - - -
Dealer to Dealer - - - 3,670.0 44,550.4 41,929.3 - - - 24,663.0 21,890.0 * - - - * * * - - -
<= $1MM - - - 13,697.9 37,279.5 31,999.4 - - - 11,601.3 20,788.7 9,622.4 - - - 7,317.8 3,260.8 6,270.0 - - *
<= $10MM - - - 108,649.6 161,383.4 318,945.6 - - - 137,385.9 174,656.5 102,729.5 - - - 148,684.5 129,272.6 289,260.8 - - -
> $10MM - - - * * 193,910.0 - - - - * - - - - * * - - - -
NUMBER OF TRADES - - - 60 131 177 - - - 64 95 49 - - - 62 38 78 - - *
Customer Buy - - - 24 42 59 - - - 26 38 26 - - - 39 20 45 - - *
Customer Sell - - - 31 72 109 - - - 28 49 21 - - - 21 15 30 - - -
Dealer to Dealer - - - 5 17 9 - - - 10 8 * - - - * * * - - -
<= $1MM - - - 30 82 82 - - - 25 48 25 - - - 20 7 13 - - *
<= $10MM - - - 26 48 81 - - - 39 43 24 - - - 40 30 65 - - -
> $10MM - - - * * 14 - - - - * - - - - * * - - - -

* Indicates trade count is less than 5
Data updated with current day's trades at approximately 8PM New York time
Effective June 1st, 2015 ABS List or Fixed Offering Price and Takedown Transactions (as defined in FINRA Rule 6710), as well as CMO transactions in securities newly added to the system on the report day will be excluded from inclusion in the FINRA-ICE Data daily Securitized Product Report and Pricing Tables. Previously created reports will not be adjusted for the change.

Should you have any questions, please call TRACE Data Services at 888-507-3665 or email [email protected].
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