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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 04/07/2025 to 04/11/2025

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 97.2 90.3 89.4 86.5 91.0 99.8 98.8 2.4 * 7.9 * * * -
Weighted Avg. Price 97.9 93.1 88.8 92.1 97.3 100.8 99.4 2.7 * 7.7 * * * -
Avg. Price Bottom 5 Trades 77.2 83.8 76.7 58.3 75.1 92.6 96.0 1.8 * 7.2 * * * -
2nd Quartile Price 97.5 85.8 88.5 86.0 76.0 99.7 97.8 2.3 * 7.4 * * * -
3rd Quartile Price 98.1 89.4 92.5 92.2 96.9 100.2 99.0 2.6 * 8.2 * * * -
4th Quartile Price 98.7 99.5 92.9 93.7 99.2 100.9 99.9 3.6 * 9.0 * * * -
Avg. Price Top 5 Trades 99.9 100.0 96.0 94.8 100.5 103.7 100.8 3.1 * 8.6 * * * -
Standard Deviation 4.2 5.9 7.3 13.1 10.6 3.3 1.5 1.1 * 1.2 * * * -
VOLUME OF TRADES (000'S) 1,127,857.8 91,568.4 109,218.8 492,181.9 348,577.4 551,610.4 770,362.1 79,079.5 * 436,519.3 * * * -
Customer Buy 508,798.9 77,817.7 50,144.4 188,242.5 196,308.6 262,451.1 229,627.7 46,274.0 * * - - * -
Customer Sell 539,351.7 8,225.7 41,824.5 233,626.3 17,420.6 177,626.7 217,498.8 * - 334,525.0 * * * -
Dealer to Dealer 79,707.2 5,524.9 * * 134,848.3 111,532.6 323,235.7 - * - - - - -
<= $1MM 43,347.3 7,785.3 8,604.9 3,309.4 4,387.3 12,993.6 5,164.6 * - - * - - -
<= $10MM 268,651.3 17,183.1 30,188.9 75,407.5 58,136.2 139,990.5 173,140.9 * * * - * - -
> $10MM 815,859.2 * * 413,465.0 286,054.0 398,626.3 592,056.7 63,724.8 * 428,442.4 - - * -
NUMBER OF TRADES 221 31 26 39 31 81 54 9 * 8 * * * -
Customer Buy 83 15 15 19 13 27 30 5 * * - - * -
Customer Sell 112 10 7 17 7 29 8 * - 5 * * * -
Dealer to Dealer 26 6 * * 11 25 16 - * - - - - -
<= $1MM 123 24 13 9 15 45 10 * - - * - - -
<= $10MM 63 5 9 19 11 24 28 * * * - * - -
> $10MM 35 * * 11 5 12 16 5 * 6 - - * -

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 87.6 85.7 94.4 103.2 102.5 103.1
Weighted Avg. Price 95.8 86.8 86.7 95.6 103.0 103.3 103.5
Avg. Price Bottom 5 Trades 87.9 86.1 85.0 89.2 100.1 99.0 101.6
2nd Quartile Price 96.3 86.5 85.6 90.5 102.2 101.6 101.9
3rd Quartile Price 97.2 88.0 86.1 95.2 102.9 103.5 102.9
4th Quartile Price 98.3 90.6 86.8 99.7 104.3 103.8 104.4
Avg. Price Top 5 Trades 99.5 89.0 86.5 100.4 107.2 104.4 104.6
Standard Deviation 2.6 2.4 1.6 5.7 2.5 2.1 1.5
VOLUME OF TRADES (000'S) 231,443.9 7,619.0 8,050.0 32,618.0 150,816.6 168,531.0 83,874.0
Customer Buy 112,385.1 * * 30,553.0 100,432.6 79,787.0 53,418.0
Customer Sell 118,348.9 * 7,840.0 1,565.0 50,384.0 88,744.0 30,456.0
Dealer to Dealer * - - * - - -
<= $1MM 40,043.0 2,094.0 1,545.0 2,065.0 2,254.0 3,233.0 *
<= $10MM 165,374.8 * * 30,553.0 57,361.6 83,000.0 48,910.0
> $10MM * - - - 91,201.0 * *
NUMBER OF TRADES 162 8 8 13 26 24 12
Customer Buy 55 * * 6 14 11 7
Customer Sell 105 * 6 5 12 13 5
Dealer to Dealer * - - * - - -
<= $1MM 117 7 6 7 7 5 *
<= $10MM 43 * * 6 12 15 8
> $10MM * - - - 7 * *

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 97.0 92.9 103.4 0.8 * * 86.3 89.8 97.3 0.2 - * 74.5 67.5 101.1 * - *
Weighted Avg. Price 96.3 92.4 103.7 1.1 * * 89.3 90.3 97.9 0.3 - * 76.0 64.8 101.9 * - *
Avg. Price Bottom 5 Trades 89.4 86.6 100.3 0.1 * * 73.0 89.8 85.3 0.2 - * 44.1 63.5 101.1 * - *
2nd Quartile Price 96.5 89.3 102.1 0.1 * * 85.0 * 97.3 * - * 70.0 70.3 * * - *
3rd Quartile Price 97.6 96.9 103.3 0.4 * * 88.4 * 99.1 * - * 75.3 70.6 * * - *
4th Quartile Price 98.7 97.1 104.4 1.6 * * 91.5 * 100.5 * - * 91.0 75.6 * * - *
Avg. Price Top 5 Trades 99.3 97.4 107.0 2.4 * * 96.2 89.8 101.7 0.2 - * 94.8 72.6 101.1 * - *
Standard Deviation 2.5 4.9 1.7 0.9 * * 7.9 3.3 5.7 0.1 - * 18.5 9.1 1.9 * - *
VOLUME OF TRADES (000'S) 167,475.6 30,860.1 463,716.7 79,260.4 * * 66,352.1 18,119.8 156,303.9 21,614.5 - * 103,822.1 24,638.0 16,002.1 * - *
Customer Buy 78,236.9 18,387.4 244,976.2 23,846.5 - * 35,864.8 * 78,153.5 * - - 50,116.7 * * * - *
Customer Sell 89,134.0 12,472.7 218,740.5 54,595.6 * * 30,410.9 * 76,800.4 * - * 46,960.3 * * * - *
Dealer to Dealer * - - * - - * - * - - - 6,745.1 - - - - -
<= $1MM 20,983.5 2,391.4 17,318.3 4,991.2 - - 6,494.2 - 6,310.0 * - - 3,607.1 - - - - *
<= $10MM 104,505.7 28,468.7 423,398.4 49,613.6 * - 59,857.9 18,119.8 119,837.9 * - - 100,215.0 24,638.0 16,002.1 * - -
> $10MM * - * * - * - - * - - * - - - - - -
NUMBER OF TRADES 105 18 131 31 * * 39 5 36 7 - * 45 8 5 * - *
Customer Buy 35 10 64 17 - * 19 * 23 * - - 17 * * * - *
Customer Sell 67 8 67 13 * * 18 * 11 * - * 21 * * * - *
Dealer to Dealer * - - * - - * - * - - - 7 - - - - -
<= $1MM 66 8 49 9 - - 22 - 8 * - - 17 - - - - *
<= $10MM 36 10 81 21 * - 17 5 26 * - - 28 8 5 * - -
> $10MM * - * * - * - - * - - * - - - - - -

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 * - - 93.7 98.2 99.3 - - - 95.0 96.7 98.1 - - - 78.7 93.9 98.6 - * -
Weighted Avg. Price * - - 95.0 98.9 99.4 - - - 95.3 97.4 98.4 - - - 65.6 92.0 98.3 - * -
Avg. Price Bottom 5 Trades * - - 86.5 90.9 92.9 - - - 91.0 85.2 94.6 - - - 29.3 42.3 95.3 - * -
2nd Quartile Price * - - 88.9 98.3 98.8 - - - 94.0 96.5 97.2 - - - 71.4 96.6 97.8 - * -
3rd Quartile Price * - - 96.5 98.8 99.3 - - - 96.0 97.9 98.3 - - - 88.3 97.8 98.8 - * -
4th Quartile Price * - - 98.2 99.3 100.0 - - - 97.0 98.6 99.6 - - - 95.0 98.2 99.5 - * -
Avg. Price Top 5 Trades * - - 99.4 100.0 103.3 - - - 97.5 101.1 100.9 - - - 99.2 99.7 102.1 - * -
Standard Deviation * - - 5.2 2.4 1.6 - - - 2.4 4.4 1.7 - - - 22.0 14.1 1.8 - * -
VOLUME OF TRADES (000'S) * - - 102,383.1 244,717.0 804,148.5 - - - 34,961.1 155,260.9 397,838.6 - - - 179,015.0 421,446.2 386,249.0 - * -
Customer Buy - - - 46,982.1 118,643.0 468,156.9 - - - 18,134.5 51,660.9 213,334.6 - - - 90,146.6 165,164.1 200,865.0 - - -
Customer Sell * - - 54,396.0 126,074.0 333,491.6 - - - 16,826.6 84,584.0 178,704.0 - - - 80,550.9 234,572.0 179,333.0 - * -
Dealer to Dealer - - - * - * - - - - 19,016.0 * - - - 8,317.5 * * - - -
<= $1MM * - - 3,766.4 14,540.7 37,945.1 - - - 6,508.0 9,811.1 5,015.0 - - - 8,046.9 15,352.8 2,459.0 - - -
<= $10MM - - - 50,348.7 119,827.3 441,700.0 - - - 28,453.1 120,461.9 323,523.6 - - - 107,157.6 263,004.4 242,210.0 - * -
> $10MM - - - * 110,349.1 324,503.3 - - - - * 69,300.0 - - - * 143,089.0 141,580.0 - - -
NUMBER OF TRADES * - - 26 79 200 - - - 28 55 89 - - - 53 97 65 - * -
Customer Buy - - - 10 37 110 - - - 15 17 45 - - - 22 42 33 - - -
Customer Sell * - - 14 42 89 - - - 13 33 42 - - - 26 52 31 - * -
Dealer to Dealer - - - * - * - - - - 5 * - - - 5 * * - - -
<= $1MM * - - 11 41 78 - - - 17 19 17 - - - 22 26 7 - - -
<= $10MM - - - 11 30 101 - - - 11 34 66 - - - 28 62 50 - * -
> $10MM - - - * 8 21 - - - - * 6 - - - * 9 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 tracedataservices@finra.org.
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