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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 02/17/2025 to 02/21/2025

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 94.4 79.4 75.0 78.5 94.0 98.7 96.2 18.9 13.5 4.3 * - * 83.6
Weighted Avg. Price 95.1 83.3 86.4 86.5 97.6 100.2 93.9 39.8 5.1 4.8 * - * 3.8
Avg. Price Bottom 5 Trades 78.8 57.0 52.9 48.8 76.4 94.8 94.3 1.4 1.2 3.6 * - * 83.6
2nd Quartile Price 92.6 71.3 65.9 67.9 94.4 96.7 97.0 2.0 0.4 3.6 * - * *
3rd Quartile Price 96.8 84.2 75.5 86.4 98.0 99.3 97.6 3.6 8.5 4.3 * - * *
4th Quartile Price 98.0 89.3 85.9 91.9 100.4 101.0 98.1 49.8 9.7 6.1 * - * *
Avg. Price Top 5 Trades 100.1 95.5 96.9 95.3 101.4 102.3 98.2 39.9 31.8 4.9 * - * 83.6
Standard Deviation 5.6 12.4 13.3 15.9 10.3 2.8 3.5 23.8 23.3 1.4 * - * 40.3
VOLUME OF TRADES (000'S) 480,082.5 45,146.9 82,370.1 91,604.9 53,012.7 198,342.9 57,586.2 296,536.0 2,915,450.6 221,438.8 * - * 705,595.0
Customer Buy 272,943.2 10,305.4 4,768.0 53,426.8 31,437.0 67,678.9 35,586.2 170,887.3 1,406,473.4 159,218.0 - - * *
Customer Sell 91,330.9 13,535.8 42,096.9 5,404.0 16,784.6 121,449.7 * 125,648.8 1,508,977.2 * * - - *
Dealer to Dealer 115,808.5 21,305.7 35,505.2 32,774.1 4,791.0 9,214.3 * - - - - - - *
<= $1MM 33,823.7 5,378.3 4,207.4 4,669.1 5,372.5 2,465.7 * * * - * - - *
<= $10MM 198,856.9 15,570.5 * 51,036.4 26,424.1 88,550.7 29,996.3 * * * - - - *
> $10MM 247,401.9 * * * * * * 287,451.4 2,904,927.9 217,148.4 - - * *
NUMBER OF TRADES 178 49 43 45 30 53 10 11 13 7 * - * 6
Customer Buy 75 14 9 12 12 17 7 5 6 5 - - * *
Customer Sell 60 17 18 16 12 26 * 6 7 * * - - *
Dealer to Dealer 43 18 16 17 6 10 * - - - - - - *
<= $1MM 108 40 35 29 19 35 * * * - * - - *
<= $10MM 62 7 * 13 9 14 6 * * * - - - *
> $10MM 8 * * * * * * 5 10 5 - - * *

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 96.7 86.5 85.1 97.0 104.1 101.1 *
Weighted Avg. Price 95.7 87.7 85.0 97.4 103.1 99.8 *
Avg. Price Bottom 5 Trades 91.1 84.1 84.4 92.0 100.7 98.8 *
2nd Quartile Price 95.9 86.1 84.9 94.8 103.0 100.3 *
3rd Quartile Price 96.9 86.7 85.2 97.2 104.0 101.7 *
4th Quartile Price 98.1 88.7 85.7 103.5 105.6 103.1 *
Avg. Price Top 5 Trades 99.5 89.0 85.9 102.5 108.1 103.2 *
Standard Deviation 2.1 2.6 0.6 4.9 2.8 2.2 *
VOLUME OF TRADES (000'S) 158,103.5 22,885.1 24,998.3 31,072.2 107,846.4 13,537.0 *
Customer Buy 92,592.6 * 16,582.0 * 66,888.1 * *
Customer Sell 54,820.9 12,772.0 8,416.3 9,312.2 40,958.3 10,315.0 *
Dealer to Dealer 10,690.0 - - - - - -
<= $1MM 33,867.0 5,641.0 7,388.3 5,106.0 4,771.0 5,557.0 -
<= $10MM 106,694.0 * 17,610.0 * 53,974.4 * *
> $10MM * - - * * - *
NUMBER OF TRADES 107 13 19 15 26 13 *
Customer Buy 49 * 8 * 7 * *
Customer Sell 46 9 11 12 19 9 *
Dealer to Dealer 12 - - - - - -
<= $1MM 76 9 13 10 9 10 -
<= $10MM 30 * 6 * 15 * *
> $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 96.8 92.7 102.5 2.4 * * 91.6 * 86.9 - - - 70.6 87.4 - - - 32.8
Weighted Avg. Price 97.2 95.8 102.2 2.5 * * 93.5 * 89.7 - - - 82.7 87.3 - - - 9.4
Avg. Price Bottom 5 Trades 90.1 89.4 98.5 1.9 * * 71.0 * 74.9 - - - 4.8 83.8 - - - 26.5
2nd Quartile Price 95.8 90.9 101.8 2.1 * * 90.7 * 77.8 - - - 69.1 87.3 - - - 8.4
3rd Quartile Price 97.5 92.3 103.0 2.3 * * 95.6 * 89.7 - - - 85.0 89.6 - - - 8.4
4th Quartile Price 98.7 96.6 103.8 3.3 * * 95.9 * 101.0 - - - 91.1 91.8 - - - 96.1
Avg. Price Top 5 Trades 99.5 96.5 106.8 2.8 * * 98.4 * 99.4 - - - 96.8 91.0 - - - 35.6
Standard Deviation 2.5 3.4 2.2 0.8 * * 8.9 * 10.4 - - - 30.3 4.6 - - - 40.8
VOLUME OF TRADES (000'S) 132,702.3 36,166.5 136,392.4 26,760.9 * * 116,813.4 * 12,772.8 - - - 149,640.7 56,011.3 - - - 833,947.0
Customer Buy 63,566.3 34,240.8 53,082.8 * - * 56,218.0 * 8,373.9 - - - 65,802.9 * - - - 821,447.0
Customer Sell 66,373.6 * 71,489.6 13,315.6 * * 55,553.6 * 4,298.9 - - - 68,281.8 - - - - *
Dealer to Dealer 2,762.3 * 11,820.0 * - - * - * - - - 15,556.0 34,661.8 - - - *
<= $1MM 15,152.8 1,591.7 6,274.8 - - - 3,140.0 - 4,922.8 - - - 11,291.6 - - - - -
<= $10MM 88,565.4 * 101,967.6 26,760.9 * * 85,673.4 * * - - - 138,349.2 56,011.3 - - - *
> $10MM * * * - - - * - - - - - - - - - - 809,877.0
NUMBER OF TRADES 101 15 58 8 * * 39 * 17 - - - 70 10 - - - 11
Customer Buy 46 8 17 * - * 20 * 10 - - - 31 * - - - 9
Customer Sell 42 * 36 5 * * 15 * 6 - - - 30 - - - - *
Dealer to Dealer 13 * 5 * - - * - * - - - 9 6 - - - *
<= $1MM 66 9 29 - - - 9 - 13 - - - 33 - - - - -
<= $10MM 33 * 27 8 * * 28 * * - - - 37 10 - - - *
> $10MM * * * - - - * - - - - - - - - - - 7

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 - - - 94.8 96.6 100.5 - - * 91.8 95.4 100.3 - - - 80.3 94.6 100.1 - * 83.1
Weighted Avg. Price - - - 95.4 96.8 100.5 - - * 94.0 96.2 100.6 - - - 82.4 95.2 100.1 - * 6.5
Avg. Price Bottom 5 Trades - - - 88.8 83.6 96.9 - - * 71.4 77.4 96.2 - - - 35.1 78.1 93.1 - * 83.1
2nd Quartile Price - - - 91.4 96.0 100.1 - - * 90.5 95.2 99.8 - - - 72.0 95.0 100.1 - * *
3rd Quartile Price - - - 96.0 98.8 100.3 - - * 94.6 98.0 100.6 - - - 84.0 95.6 100.6 - * *
4th Quartile Price - - - 97.4 99.8 100.9 - - * 97.8 99.5 101.3 - - - 94.5 99.5 101.6 - * *
Avg. Price Top 5 Trades - - - 99.8 100.3 104.0 - - * 99.7 100.2 104.0 - - - 99.3 100.1 103.5 - * 83.1
Standard Deviation - - - 3.5 4.8 1.5 - - * 8.7 6.1 2.1 - - - 17.6 6.5 3.1 - * 40.7
VOLUME OF TRADES (000'S) - - - 137,526.1 301,151.0 263,505.7 - - * 76,598.8 153,531.4 231,846.3 - - - 236,476.3 401,402.4 193,188.2 - * 127,632.0
Customer Buy - - - 70,472.9 137,650.4 162,797.4 - - - 40,211.8 59,722.5 104,462.3 - - - 112,167.8 175,560.0 73,720.0 - * *
Customer Sell - - - 50,071.1 163,500.6 99,133.3 - - * 36,387.0 88,696.2 111,936.0 - - - 116,974.9 181,192.4 110,968.2 - * *
Dealer to Dealer - - - 16,982.1 - * - - - - * 15,448.0 - - - * * * - - -
<= $1MM - - - 14,871.2 22,996.7 16,329.0 - - - 8,247.8 16,204.2 12,186.0 - - - 9,145.7 5,800.0 5,275.0 - - *
<= $10MM - - - 111,314.9 159,472.9 133,128.0 - - * 68,351.0 124,002.2 187,960.3 - - - 164,531.1 234,768.4 116,263.2 - - *
> $10MM - - - * 118,681.4 114,048.7 - - - - * * - - - * 160,834.0 * - * *
NUMBER OF TRADES - - - 70 105 87 - - * 43 70 73 - - - 66 71 47 - * 6
Customer Buy - - - 25 43 42 - - - 19 22 32 - - - 31 33 16 - * *
Customer Sell - - - 40 62 44 - - * 24 45 35 - - - 33 34 29 - * *
Dealer to Dealer - - - 5 - * - - - - * 6 - - - * * * - - -
<= $1MM - - - 45 63 48 - - - 21 38 21 - - - 18 14 14 - - *
<= $10MM - - - 24 35 32 - - * 22 31 49 - - - 44 49 29 - - *
> $10MM - - - * 7 7 - - - - * * - - - * 8 * - * *

* 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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