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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 03/31/2025 to 04/04/2025

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 96.8 85.1 84.3 85.5 98.4 99.7 98.2 3.2 4.6 6.0 * - - 5.2
Weighted Avg. Price 97.6 86.2 84.8 90.9 98.8 100.9 100.2 4.3 4.4 5.5 * - - 3.8
Avg. Price Bottom 5 Trades 68.2 73.4 71.7 70.8 91.3 94.7 84.8 2.1 3.4 4.0 * - - 5.2
2nd Quartile Price 97.1 81.1 76.9 77.5 98.2 98.7 96.8 2.9 4.4 6.0 * - - *
3rd Quartile Price 98.1 86.0 85.2 89.0 99.9 100.7 99.4 3.2 5.3 6.8 * - - *
4th Quartile Price 98.8 90.1 90.8 94.4 101.4 101.2 104.2 5.2 5.9 7.5 * - - *
Avg. Price Top 5 Trades 100.2 97.7 99.1 97.4 102.0 103.8 104.7 4.2 5.9 7.5 * - - 5.2
Standard Deviation 7.1 6.4 9.4 9.8 4.7 2.7 8.2 1.8 1.7 2.0 * - - 1.4
VOLUME OF TRADES (000'S) 1,497,774.6 118,800.4 116,351.2 115,156.7 65,310.5 491,877.2 423,129.5 89,872.1 193,334.4 307,321.8 * - - 877,044.0
Customer Buy 565,967.9 20,858.9 50,739.2 15,433.4 42,035.2 171,443.8 60,364.4 * * * * - - 577,044.0
Customer Sell 539,967.1 2,665.0 39,123.2 73,581.1 11,293.1 140,823.5 * * 73,157.2 237,646.5 - - - *
Dealer to Dealer 391,839.5 95,276.4 26,488.8 26,142.2 11,982.2 179,609.9 312,736.1 - * - - - - *
<= $1MM 22,631.6 3,143.6 5,727.5 4,684.2 1,744.5 6,315.7 2,173.2 * 2,589.5 * - - - -
<= $10MM 386,238.0 28,056.8 71,178.1 59,515.7 48,643.0 21,673.9 38,652.6 * * * - - - -
> $10MM 1,088,905.0 * * * * 463,887.6 382,303.8 * 189,577.7 298,656.8 * - - 877,044.0
NUMBER OF TRADES 233 68 37 39 27 62 32 8 13 13 * - - 11
Customer Buy 77 28 17 17 12 18 11 * * * * - - 9
Customer Sell 88 13 12 15 10 25 * * 9 10 - - - *
Dealer to Dealer 68 27 8 7 5 19 17 - * - - - - *
<= $1MM 98 56 13 21 12 44 7 * 6 * - - - -
<= $10MM 87 11 21 14 14 6 9 * * * - - - -
> $10MM 48 * * * * 12 16 * 6 10 * - - 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 97.2 88.7 87.8 96.9 105.4 102.9 104.7
Weighted Avg. Price 97.2 88.4 87.7 97.3 105.7 101.8 104.6
Avg. Price Bottom 5 Trades 91.1 87.4 87.5 92.0 103.1 100.8 104.3
2nd Quartile Price 97.0 88.8 87.4 91.8 104.7 102.2 104.1
3rd Quartile Price 97.6 89.0 88.3 97.2 106.7 103.3 104.8
4th Quartile Price 98.8 90.4 88.4 105.0 107.2 104.6 105.3
Avg. Price Top 5 Trades 99.6 89.8 88.3 101.7 107.3 104.5 105.1
Standard Deviation 2.2 1.7 0.8 7.6 2.0 1.7 0.6
VOLUME OF TRADES (000'S) 149,444.9 12,806.0 16,837.0 22,055.0 85,601.4 63,798.6 53,550.0
Customer Buy 88,600.3 * * 6,610.0 17,896.1 49,233.6 29,325.0
Customer Sell 60,344.6 8,196.0 * * 59,983.2 * *
Dealer to Dealer * - - - * - -
<= $1MM 22,129.9 4,581.0 3,112.0 * * 1,659.0 *
<= $10MM 127,315.0 * * * 37,395.2 22,130.0 39,325.0
> $10MM - - - - * * *
NUMBER OF TRADES 86 11 8 8 17 15 8
Customer Buy 48 * * 5 8 11 5
Customer Sell 36 7 * * 7 * *
Dealer to Dealer * - - - * - -
<= $1MM 51 9 5 * * 5 *
<= $10MM 35 * * * 10 7 6
> $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 90.0 104.3 * * * 92.0 71.7 93.6 1.1 - * 73.4 - * 1.3 * -
Weighted Avg. Price 96.5 90.6 104.6 * * * 94.1 76.3 95.7 0.9 - * 70.0 - * 1.1 * -
Avg. Price Bottom 5 Trades 91.2 81.9 101.0 * * * 78.2 63.1 72.8 0.7 - * 18.6 - * 0.5 * -
2nd Quartile Price 96.4 85.4 103.7 * * * 89.7 78.8 80.1 0.7 - * 56.0 - * 0.5 * -
3rd Quartile Price 97.5 91.1 104.2 * * * 93.0 80.8 99.7 1.4 - * 79.0 - * 1.4 * -
4th Quartile Price 98.7 94.1 105.1 * * * 96.3 83.8 102.8 1.6 - * 89.8 - * 3.1 * -
Avg. Price Top 5 Trades 99.2 100.2 109.1 * * * 98.9 82.0 103.7 1.7 - * 109.0 - * 2.1 * -
Standard Deviation 2.5 7.1 2.2 * * * 6.0 14.7 12.7 0.5 - * 23.0 - * 1.1 * -
VOLUME OF TRADES (000'S) 119,466.8 84,566.9 172,875.9 * * * 135,935.2 24,467.0 138,277.0 718,467.0 - * 272,717.9 - * 109,591.0 * -
Customer Buy 66,997.3 44,229.7 80,950.5 * * * 75,898.8 * 56,090.0 239,489.0 - - 106,727.6 - * - - -
Customer Sell 52,273.8 38,337.2 91,925.4 * - - 58,892.4 * 82,187.0 - - * 120,316.8 - * 54,795.5 * -
Dealer to Dealer * * - - - - 1,144.1 * - 478,978.0 - * 45,673.6 - - 54,795.5 * -
<= $1MM 7,534.4 * 8,841.9 - - - 9,257.7 * * - - - 7,331.4 - * - - -
<= $10MM 111,932.4 50,566.9 153,646.6 - * * 126,677.6 23,467.0 109,952.0 - - * 191,750.6 - * 37,003.0 * -
> $10MM - * * * - * - - * 718,467.0 - - * - * * - -
NUMBER OF TRADES 55 24 54 * * * 59 9 27 27 - * 75 - * 10 * -
Customer Buy 25 13 35 * * * 30 * 12 9 - - 30 - * - - -
Customer Sell 27 10 19 * - - 22 * 15 - - * 32 - * 5 * -
Dealer to Dealer * * - - - - 7 * - 18 - * 13 - - 5 * -
<= $1MM 25 * 21 - - - 30 * * - - - 29 - * - - -
<= $10MM 30 18 32 - * * 29 7 21 - - * 42 - * 6 * -
> $10MM - * * * - * - - * 27 - - * - * * - -

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 - - - 95.6 97.0 99.9 - - - 90.4 96.0 100.3 - - - 78.6 88.3 100.5 - * -
Weighted Avg. Price - - - 95.0 95.8 100.4 - - - 89.4 94.7 101.1 - - - 72.1 69.8 100.4 - * -
Avg. Price Bottom 5 Trades - - - 92.3 82.3 93.2 - - - 80.4 90.0 94.7 - - - 49.7 36.1 98.4 - * -
2nd Quartile Price - - - 93.8 96.6 99.4 - - - 87.9 93.1 99.6 - - - 69.3 91.8 99.8 - * -
3rd Quartile Price - - - 94.8 98.8 100.0 - - - 92.1 96.8 100.0 - - - 84.8 98.7 100.0 - * -
4th Quartile Price - - - 98.5 99.6 101.2 - - - 95.0 99.3 101.3 - - - 90.8 99.1 101.4 - * -
Avg. Price Top 5 Trades - - - 99.5 100.5 104.4 - - - 97.6 99.8 105.9 - - - 98.2 99.5 103.9 - * -
Standard Deviation - - - 2.8 4.7 2.5 - - - 7.1 3.6 2.5 - - - 16.0 21.9 1.6 - * -
VOLUME OF TRADES (000'S) - - - 56,036.1 199,630.2 299,124.7 - - - 47,879.1 134,958.1 231,345.8 - - - 261,637.6 311,987.7 217,293.4 - * -
Customer Buy - - - 26,004.5 109,642.2 156,169.8 - - - 24,767.1 77,765.4 123,849.9 - - - 119,624.0 164,494.9 96,519.2 - * -
Customer Sell - - - 30,031.6 88,866.6 113,659.1 - - - 23,112.0 56,292.7 107,345.9 - - - 123,961.3 147,492.8 120,774.2 - * -
Dealer to Dealer - - - - * 29,295.9 - - - - * * - - - * - - - - -
<= $1MM - - - 4,533.4 22,009.4 23,928.5 - - - 4,460.0 9,810.0 10,873.6 - - - 6,200.0 7,654.4 5,570.0 - - -
<= $10MM - - - 51,502.7 148,510.8 216,796.2 - - - 43,419.1 68,550.0 150,195.2 - - - 153,842.6 197,133.3 211,723.4 - - -
> $10MM - - - - * 58,400.0 - - - - * 70,277.0 - - - 101,595.0 * - - * -
NUMBER OF TRADES - - - 23 81 106 - - - 25 48 63 - - - 47 63 57 - * -
Customer Buy - - - 12 44 54 - - - 15 29 36 - - - 21 38 31 - * -
Customer Sell - - - 11 35 46 - - - 10 17 25 - - - 22 25 26 - * -
Dealer to Dealer - - - - * 6 - - - - * * - - - * - - - - -
<= $1MM - - - 9 41 50 - - - 10 20 21 - - - 9 13 8 - - -
<= $10MM - - - 14 38 51 - - - 15 24 37 - - - 33 46 49 - - -
> $10MM - - - - * 5 - - - - * 5 - - - 5 * - - * -

* 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 tracedataservices@finra.org.
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