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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 06/16/2025 to 06/20/2025

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 95.6 91.8 84.9 81.1 96.7 100.1 97.3 1.8 5.5 3.5 3.0 - 10.6 *
Weighted Avg. Price 98.7 92.1 77.4 78.1 98.5 98.8 96.3 1.7 3.3 3.5 1.8 - 2.6 *
Avg. Price Bottom 5 Trades 81.4 87.1 68.1 45.9 73.8 97.2 89.1 0.6 2.4 2.5 1.0 - 1.6 *
2nd Quartile Price 95.0 90.0 77.0 56.9 97.0 99.2 97.8 0.6 3.7 1.9 1.0 - 0.6 *
3rd Quartile Price 97.1 90.9 88.2 91.0 100.3 100.3 99.0 1.8 6.1 4.2 4.6 - 2.4 *
4th Quartile Price 98.4 94.5 93.2 98.3 101.4 101.1 99.7 3.0 9.1 5.6 5.4 - 42.2 *
Avg. Price Top 5 Trades 99.8 98.3 96.2 100.1 101.9 103.3 100.7 3.5 7.9 4.5 5.0 - 13.5 *
Standard Deviation 4.5 3.9 11.9 20.6 9.5 1.8 4.8 1.6 2.5 1.9 2.1 - 18.0 *
VOLUME OF TRADES (000'S) 1,407,900.8 36,378.1 58,225.4 79,011.5 22,628.5 81,069.3 206,431.5 556,970.8 552,359.7 626,978.0 2,585,103.6 - 809,125.7 *
Customer Buy 393,649.2 21,400.7 20,982.3 33,487.2 17,027.2 41,138.8 182,436.7 219,087.0 * * * - 460,560.0 *
Customer Sell 994,560.9 13,721.3 30,577.0 6,596.8 3,196.4 27,927.0 50.0 236,875.9 232,813.8 * * - * -
Dealer to Dealer 19,690.7 1,256.1 * 38,927.5 2,404.9 12,003.6 23,944.8 * 114,936.4 * * - - -
<= $1MM 24,979.3 2,649.9 3,493.4 8,633.6 9,886.6 4,806.0 1,596.4 * * - * - - -
<= $10MM 198,744.0 33,728.1 54,732.0 70,377.9 12,741.9 38,763.3 53,581.3 * 20,954.2 * - - * -
> $10MM 1,184,177.5 - - - - * 151,253.8 532,636.4 529,712.8 622,889.3 2,584,822.4 - 800,428.2 *
NUMBER OF TRADES 195 29 21 46 48 50 32 14 19 9 12 - 9 *
Customer Buy 92 12 11 21 27 15 18 6 * * * - 6 *
Customer Sell 65 10 7 9 15 19 8 6 9 * * - * -
Dealer to Dealer 38 7 * 16 6 16 6 * 6 * * - - -
<= $1MM 114 20 9 24 40 40 15 * * - * - - -
<= $10MM 67 9 12 22 8 8 11 * 5 * - - * -
> $10MM 14 - - - - * 6 7 10 7 9 - 8 *

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 97.0 * 86.8 95.8 * 102.2 103.2
Weighted Avg. Price 96.0 * 86.9 96.1 * 102.1 104.2
Avg. Price Bottom 5 Trades 92.3 * 86.0 95.4 * 100.9 102.7
2nd Quartile Price 95.7 * 86.3 95.9 * 102.5 103.3
3rd Quartile Price 98.0 * 87.1 96.7 * 103.5 103.4
4th Quartile Price 98.7 * 87.5 98.1 * 103.7 104.0
Avg. Price Top 5 Trades 99.7 * 87.5 96.2 * 103.4 103.8
Standard Deviation 2.4 * 0.8 1.7 * 2.0 0.8
VOLUME OF TRADES (000'S) 150,380.9 * 57,686.0 13,569.0 * 4,510.0 16,546.0
Customer Buy 69,940.8 * * 13,569.0 - 4,256.0 16,380.0
Customer Sell 79,270.2 - 41,861.0 - * * *
Dealer to Dealer 1,170.0 - - - * - *
<= $1MM 13,749.6 * * * * 4,510.0 1,916.0
<= $10MM 124,131.3 * 56,686.0 * * - *
> $10MM * - - - - - -
NUMBER OF TRADES 67 * 12 6 * 9 9
Customer Buy 32 * * 6 - 7 5
Customer Sell 30 - 8 - * * *
Dealer to Dealer 5 - - - * - *
<= $1MM 35 * * * * 9 6
<= $10MM 31 * 11 * * - *
> $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 97.8 91.7 103.6 * * - 91.7 86.3 95.0 * - - 68.7 79.2 99.3 - - -
Weighted Avg. Price 97.2 92.4 104.0 * * - 90.7 85.4 94.4 * - - 51.4 66.9 102.9 - - -
Avg. Price Bottom 5 Trades 94.0 89.8 97.9 * * - 79.0 85.4 83.9 * - - 7.0 71.3 92.0 - - -
2nd Quartile Price 97.5 91.5 103.2 * * - 91.3 85.9 93.5 * - - 60.1 56.6 99.8 - - -
3rd Quartile Price 98.0 92.3 103.8 * * - 93.0 86.7 100.1 * - - 76.6 95.0 101.5 - - -
4th Quartile Price 99.3 93.0 104.2 * * - 96.4 90.8 103.8 * - - 94.3 98.9 103.4 - - -
Avg. Price Top 5 Trades 99.6 93.2 106.4 * * - 97.3 87.1 103.4 * - - 97.4 88.5 103.4 - - -
Standard Deviation 1.7 1.7 1.9 * * - 6.0 2.7 9.6 * - - 29.9 21.7 5.8 - - -
VOLUME OF TRADES (000'S) 131,866.0 46,700.0 317,515.7 * * - 75,982.9 9,731.0 43,178.4 * - - 186,600.5 16,462.8 108,379.0 - - -
Customer Buy 68,010.0 15,030.0 186,777.7 * * - 21,656.0 * 18,753.2 * - - 36,792.6 * 30,842.8 - - -
Customer Sell 63,856.0 31,550.0 129,928.0 - - - 41,840.0 * 24,425.2 - - - 128,463.0 * 56,536.2 - - -
Dealer to Dealer - * * - - - 12,487.0 - - - - - 21,344.9 * * - - -
<= $1MM 5,189.2 900.0 17,652.7 - - - 5,088.0 * * - - - 4,293.6 * 5,104.5 - - -
<= $10MM 98,226.5 18,450.0 159,571.0 - - - 70,894.9 9,432.0 41,178.4 - - - 59,088.2 15,750.0 19,274.5 - - -
> $10MM * * 140,292.0 * * - - - - * - - 123,218.7 - * - - -
NUMBER OF TRADES 49 15 83 * * - 34 6 15 * - - 47 7 18 - - -
Customer Buy 26 6 43 * * - 10 * 5 * - - 11 * 7 - - -
Customer Sell 23 5 37 - - - 19 * 10 - - - 24 * 10 - - -
Dealer to Dealer - * * - - - 5 - - - - - 12 * * - - -
<= $1MM 21 7 46 - - - 14 * * - - - 22 * 9 - - -
<= $10MM 26 6 28 - - - 20 5 13 - - - 18 5 5 - - -
> $10MM * * 9 * * - - - - * - - 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 - - - 94.6 97.2 99.9 - - - 90.0 96.3 99.5 * * - 73.5 92.0 99.3 - - *
Weighted Avg. Price - - - 93.0 98.7 100.0 - - - 89.1 97.3 99.9 * * - 87.8 95.1 100.0 - - *
Avg. Price Bottom 5 Trades - - - 92.1 86.4 92.7 - - - 78.8 87.1 93.1 * * - 4.4 65.8 90.0 - - *
2nd Quartile Price - - - 92.6 98.8 99.6 - - - 86.5 94.9 99.4 * * - 59.3 90.4 99.5 - - *
3rd Quartile Price - - - 94.6 99.6 100.1 - - - 91.5 97.0 100.1 * * - 90.8 97.3 100.0 - - *
4th Quartile Price - - - 97.8 100.0 100.8 - - - 95.0 99.9 100.5 * * - 96.5 100.0 100.5 - - *
Avg. Price Top 5 Trades - - - 97.1 100.1 105.3 - - - 96.8 100.2 103.7 * * - 97.6 100.6 104.1 - - *
Standard Deviation - - - 2.7 5.0 2.6 - - - 6.5 4.6 2.4 * * - 29.6 12.1 3.4 - - *
VOLUME OF TRADES (000'S) - - - 43,274.1 149,571.1 375,372.8 - - - 77,792.1 105,904.9 224,475.0 * * - 270,569.5 265,593.7 290,174.4 - - *
Customer Buy - - - * 79,569.8 237,267.1 - - - 38,715.3 64,883.8 129,118.7 - - - 133,536.9 121,804.2 107,708.2 - - *
Customer Sell - - - 32,831.7 70,001.4 132,925.8 - - - 33,076.8 37,091.2 94,426.2 * * - 137,008.7 141,789.5 164,466.2 - - *
Dealer to Dealer - - - - - * - - - * * * - - - * * * - - -
<= $1MM - - - 2,259.7 7,366.5 14,421.2 - - - 2,928.1 5,214.6 10,005.9 - - - 7,410.1 7,162.0 7,060.4 - - -
<= $10MM - - - 26,484.3 87,682.6 197,053.5 - - - 63,363.0 71,075.4 214,469.1 * - - 122,808.1 178,925.8 206,914.0 - - *
> $10MM - - - * * 163,898.1 - - - * * - - * - 140,351.3 79,505.9 * - - -
NUMBER OF TRADES - - - 12 35 97 - - - 31 41 77 * * - 48 50 68 - - *
Customer Buy - - - * 16 48 - - - 12 22 41 - - - 23 26 29 - - *
Customer Sell - - - 8 19 47 - - - 17 16 34 * * - 24 23 36 - - *
Dealer to Dealer - - - - - * - - - * * * - - - * * * - - -
<= $1MM - - - 5 16 29 - - - 12 15 21 - - - 13 9 16 - - -
<= $10MM - - - 6 15 57 - - - 18 24 56 * - - 27 36 48 - - *
> $10MM - - - * * 11 - - - * * - - * - 8 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 [email protected].
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