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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 02/03/2025 to 02/07/2025

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 96.5 85.6 80.4 79.3 92.6 98.9 96.9 2.3 6.3 5.8 2.7 7.9 3.1 *
Weighted Avg. Price 97.6 90.8 85.0 94.0 95.4 98.2 96.6 1.6 5.0 3.8 1.5 6.8 3.4 *
Avg. Price Bottom 5 Trades 81.9 61.2 61.1 50.4 71.8 96.3 91.9 0.4 3.8 2.1 2.4 4.3 2.3 *
2nd Quartile Price 95.8 71.2 72.0 66.3 95.3 98.1 96.4 1.3 5.0 3.6 1.3 4.3 2.5 *
3rd Quartile Price 97.0 89.8 75.3 83.4 97.6 99.2 98.1 2.1 5.9 6.6 2.2 5.6 3.4 *
4th Quartile Price 98.5 99.5 91.4 93.3 100.3 99.9 98.4 3.3 6.7 7.9 4.7 5.6 3.4 *
Avg. Price Top 5 Trades 100.4 100.5 99.5 100.5 101.3 101.7 99.3 4.6 9.8 8.6 3.3 9.0 3.7 *
Standard Deviation 3.4 14.1 11.9 15.5 11.3 1.5 2.9 1.4 1.9 2.3 1.6 11.2 1.1 *
VOLUME OF TRADES (000'S) 1,274,057.1 185,814.7 253,676.5 750,590.7 96,704.2 475,585.0 348,298.8 1,032,030.9 758,730.3 317,351.7 251,284.1 182,367.5 238,385.8 *
Customer Buy 410,006.8 11,101.5 28,017.0 68,402.0 19,702.7 187,884.6 158,750.0 420,426.0 370,349.2 * * - * *
Customer Sell 754,941.4 150,519.3 159,319.9 609,198.1 66,970.2 59,341.7 94,250.0 552,125.9 349,499.6 91,911.8 * * 205,294.3 -
Dealer to Dealer 109,109.0 24,194.0 66,339.6 72,990.6 10,031.4 228,358.8 95,298.8 59,479.0 38,881.5 71,982.2 * 110,079.8 - *
<= $1MM 38,397.9 10,089.2 13,066.9 10,609.9 6,603.3 11,704.5 4,500.0 * 4,437.9 - - - - -
<= $10MM 438,219.3 73,566.5 98,010.8 100,990.0 38,245.4 36,661.0 60,500.0 120,682.9 95,277.6 117,553.4 * 30,450.1 * -
> $10MM 797,439.9 102,159.1 142,598.8 638,990.8 * 427,219.5 283,298.8 910,074.5 659,014.7 * 247,886.5 * 227,790.2 *
NUMBER OF TRADES 355 92 83 95 43 79 29 54 46 39 9 10 9 *
Customer Buy 112 14 16 20 16 28 18 10 12 * * - * *
Customer Sell 187 51 44 48 16 32 6 25 16 13 * * 6 -
Dealer to Dealer 56 27 23 27 11 19 5 19 18 22 * 6 - *
<= $1MM 207 58 47 50 23 58 6 * 7 - - - - -
<= $10MM 118 28 31 29 17 10 9 33 26 35 * 6 * -
> $10MM 30 6 5 16 * 11 14 18 13 * 6 * 7 *

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 86.4 85.4 98.4 103.8 103.2 *
Weighted Avg. Price 96.2 88.2 86.0 99.5 103.3 103.6 *
Avg. Price Bottom 5 Trades 90.1 84.4 84.1 94.5 100.7 101.3 *
2nd Quartile Price 95.6 83.7 85.1 95.1 102.3 102.7 *
3rd Quartile Price 96.5 86.5 85.9 98.8 103.7 103.4 *
4th Quartile Price 98.4 89.6 86.7 103.8 105.9 104.5 *
Avg. Price Top 5 Trades 99.5 88.1 86.8 102.8 107.0 104.6 *
Standard Deviation 2.6 2.9 1.3 4.5 2.9 1.4 *
VOLUME OF TRADES (000'S) 361,134.5 22,099.0 43,901.5 28,285.0 65,519.8 70,259.0 *
Customer Buy 208,374.9 * 42,491.5 * * 35,198.0 *
Customer Sell 152,374.6 * * 7,650.0 61,884.8 35,061.0 *
Dealer to Dealer * - - * - - -
<= $1MM 37,691.9 * 1,694.0 2,670.0 3,791.4 2,775.0 *
<= $10MM 138,924.3 * 42,207.5 14,280.0 18,628.3 27,484.0 *
> $10MM 184,518.3 * - * * * *
NUMBER OF TRADES 138 8 14 11 18 19 *
Customer Buy 56 * 10 * * 6 *
Customer Sell 79 * * 7 15 13 *
Dealer to Dealer * - - * - - -
<= $1MM 88 * 6 5 9 9 *
<= $10MM 41 * 8 5 6 8 *
> $10MM 9 * - * * * *

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 96.9 91.3 103.0 2.5 * * 88.7 77.4 101.0 - * - 76.7 * * - - -
Weighted Avg. Price 97.4 93.0 103.1 2.2 * * 89.9 82.4 99.6 - * - 78.0 * * - - -
Avg. Price Bottom 5 Trades 89.7 85.8 99.3 1.6 * * 57.4 66.4 88.3 - * - 22.1 * * - - -
2nd Quartile Price 96.5 87.8 101.5 1.9 * * 86.1 72.0 103.4 - * - 66.8 * * - - -
3rd Quartile Price 98.0 91.8 103.3 2.8 * * 90.7 75.5 106.4 - * - 84.3 * * - - -
4th Quartile Price 98.7 95.3 104.2 3.2 * * 95.0 85.7 107.2 - * - 89.5 * * - - -
Avg. Price Top 5 Trades 99.5 96.5 106.1 3.5 * * 98.7 90.3 107.4 - * - 96.3 * * - - -
Standard Deviation 2.6 4.6 1.8 1.0 * * 9.1 11.7 9.9 - * - 19.0 * * - - -
VOLUME OF TRADES (000'S) 193,934.2 48,569.7 109,154.4 94,142.1 * * 205,042.1 39,179.1 56,807.0 - * - 383,588.4 * * - - -
Customer Buy 97,852.5 33,853.0 48,103.0 * - * 110,773.8 17,228.7 28,322.0 - * - 176,920.2 * * - - -
Customer Sell 91,300.0 14,716.7 59,731.4 48,735.3 * * 91,978.8 21,950.4 28,485.0 - * - 172,008.6 * * - - -
Dealer to Dealer 4,781.8 - * * - - 2,289.6 - - - - - 34,659.6 - - - - -
<= $1MM 30,473.3 5,107.6 21,760.4 - - - 23,314.5 * 1,413.0 - - - 4,474.0 * * - - -
<= $10MM 92,439.7 26,090.0 58,394.0 39,838.8 * * 170,539.7 36,611.7 33,394.0 - * - 365,260.4 * * - - -
> $10MM 71,021.2 * * * - * * - * - - - * - - - - -
NUMBER OF TRADES 113 17 71 13 * * 116 15 17 - * - 104 * * - - -
Customer Buy 43 6 29 * - * 61 7 8 - * - 51 * * - - -
Customer Sell 60 11 40 10 * * 47 8 9 - * - 43 * * - - -
Dealer to Dealer 10 - * * - - 8 - - - - - 10 - - - - -
<= $1MM 67 9 48 - - - 64 * 5 - - - 13 * * - - -
<= $10MM 40 7 21 10 * * 51 11 10 - * - 90 * * - - -
> $10MM 6 * * * - * * - * - - - * - - - - -

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 - - - 95.8 97.6 100.6 - - - 91.0 93.9 100.4 - - - 84.9 91.9 100.5 - * *
Weighted Avg. Price - - - 94.8 98.0 100.6 - - - 90.0 93.9 100.1 - - - 86.6 91.9 100.7 - * *
Avg. Price Bottom 5 Trades - - - 88.1 83.3 94.5 - - - 76.9 83.0 95.5 - - - 51.8 66.0 91.3 - * *
2nd Quartile Price - - - 94.0 98.2 100.1 - - - 87.3 90.7 100.0 - - - 81.4 88.3 100.2 - * *
3rd Quartile Price - - - 97.1 99.6 100.4 - - - 92.7 95.2 100.6 - - - 86.1 95.4 100.9 - * *
4th Quartile Price - - - 99.7 99.9 101.3 - - - 98.1 98.8 102.0 - - - 94.8 99.8 103.1 - * *
Avg. Price Top 5 Trades - - - 99.8 100.4 104.4 - - - 99.4 100.5 104.3 - - - 99.8 100.2 106.6 - * *
Standard Deviation - - - 4.4 4.5 2.1 - - - 7.9 5.3 2.6 - - - 14.3 10.4 4.3 - * *
VOLUME OF TRADES (000'S) - - - 55,988.8 330,217.0 353,740.7 - - - 160,306.1 214,903.4 99,641.1 - - - 310,780.8 438,059.2 190,610.0 - * *
Customer Buy - - - 30,784.3 198,583.7 183,125.2 - - - 63,798.1 107,804.2 38,890.9 - - - 150,260.7 245,088.0 84,030.0 - * *
Customer Sell - - - 25,134.5 131,633.3 164,615.6 - - - 73,698.0 97,099.2 43,489.5 - - - 144,791.2 176,254.0 106,580.0 - - -
Dealer to Dealer - - - * - * - - - 22,810.0 * * - - - * 16,717.2 - - - *
<= $1MM - - - 7,695.6 17,105.0 23,276.0 - - - 4,133.7 8,627.3 7,387.7 - - - 6,609.9 2,244.0 2,475.0 - - *
<= $10MM - - - 25,997.9 191,844.2 197,873.6 - - - 121,812.4 156,496.1 92,253.4 - - - 198,824.1 260,179.0 146,135.0 - * *
> $10MM - - - * 121,267.8 132,591.1 - - - * * - - - - 105,346.8 175,636.2 * - - -
NUMBER OF TRADES - - - 34 101 114 - - - 40 73 42 - - - 69 71 42 - * *
Customer Buy - - - 14 55 59 - - - 17 36 20 - - - 37 36 21 - * *
Customer Sell - - - 18 46 53 - - - 18 36 19 - - - 29 29 21 - - -
Dealer to Dealer - - - * - * - - - 5 * * - - - * 6 - - - *
<= $1MM - - - 26 44 57 - - - 10 32 20 - - - 16 7 6 - - *
<= $10MM - - - 6 50 51 - - - 28 37 22 - - - 46 52 33 - * *
> $10MM - - - * 7 6 - - - * * - - - - 7 12 * - - -

* 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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