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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 06/23/2025 to 06/27/2025

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 96.9 88.8 86.8 90.3 95.5 99.4 99.1 7.0 * 6.4 * * 4.6 *
Weighted Avg. Price 98.0 78.9 86.2 94.5 101.7 102.0 99.7 6.8 * 4.3 * * 1.9 *
Avg. Price Bottom 5 Trades 77.4 70.8 75.0 75.0 76.1 82.7 91.0 7.0 * 4.1 * * 4.1 *
2nd Quartile Price 96.9 87.0 85.6 88.8 97.6 98.3 99.2 * * 5.8 * * 3.8 *
3rd Quartile Price 98.3 88.8 89.3 93.7 99.9 101.0 100.1 * * 6.0 * * 6.4 *
4th Quartile Price 98.9 97.9 92.0 94.1 101.6 103.0 100.5 * * 7.1 * * 7.1 *
Avg. Price Top 5 Trades 99.8 99.8 94.3 98.3 103.4 103.9 102.1 7.0 * 8.8 * * 5.4 *
Standard Deviation 4.2 8.7 7.1 9.7 10.1 5.4 3.2 0.7 * 3.0 * * 2.4 *
VOLUME OF TRADES (000'S) 1,105,506.8 104,809.0 93,375.6 131,833.6 597,475.4 459,990.6 284,709.0 105,848.6 * 177,644.6 * * 376,966.7 *
Customer Buy 584,770.1 38,198.6 43,388.4 57,489.3 214,569.0 290,773.8 180,792.4 * * 157,117.9 - * * *
Customer Sell 342,944.2 11,230.3 46,504.9 40,483.6 216,702.0 150,152.5 30,686.5 * - 20,526.7 * * * -
Dealer to Dealer 177,792.5 55,380.1 * 33,860.6 166,204.3 19,064.3 73,230.1 - - - * - - -
<= $1MM 48,352.2 9,553.6 3,367.3 3,062.1 11,384.9 6,038.8 2,563.9 - - - - - - -
<= $10MM 257,109.6 34,770.3 28,963.7 85,823.6 55,140.5 114,451.8 87,319.6 - - 31,336.1 * - * -
> $10MM 800,045.0 * * * 530,950.0 339,500.0 194,825.5 105,848.6 * * * * * *
NUMBER OF TRADES 258 47 23 34 51 73 49 5 * 12 * * 6 *
Customer Buy 104 15 12 17 21 31 26 * * 5 - * * *
Customer Sell 115 17 9 10 18 30 11 * - 7 * * * -
Dealer to Dealer 39 15 * 7 12 12 12 - - - * - - -
<= $1MM 160 35 12 9 26 42 16 - - - - - - -
<= $10MM 77 9 8 22 18 24 24 - - 9 * - * -
> $10MM 21 * * * 7 7 9 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 97.5 89.3 87.2 93.4 106.5 103.1 104.4
Weighted Avg. Price 97.7 90.1 87.2 93.6 106.7 104.4 104.4
Avg. Price Bottom 5 Trades 92.8 86.2 86.6 90.9 105.3 100.2 103.7
2nd Quartile Price 97.0 88.7 86.9 91.6 106.5 102.3 104.0
3rd Quartile Price 97.8 90.7 87.0 95.9 106.9 104.4 104.2
4th Quartile Price 98.7 91.6 88.5 97.2 107.1 104.9 105.0
Avg. Price Top 5 Trades 99.7 91.9 88.2 95.9 107.8 105.2 105.3
Standard Deviation 1.8 2.8 0.9 3.2 2.9 2.1 0.6
VOLUME OF TRADES (000'S) 364,291.2 13,347.0 37,886.5 28,035.0 10,252.5 32,381.0 85,257.0
Customer Buy 108,410.2 * 20,593.8 20,585.0 * 26,571.0 44,150.0
Customer Sell 234,635.4 9,820.0 17,292.8 * 6,162.5 5,630.0 41,107.0
Dealer to Dealer 21,245.6 * - - - * -
<= $1MM 28,601.4 3,461.0 * 1,990.0 1,912.5 4,450.0 3,260.0
<= $10MM 247,840.2 9,886.0 35,642.5 26,045.0 * * 55,662.0
> $10MM 87,849.6 - - - - * *
NUMBER OF TRADES 124 13 14 10 8 18 22
Customer Buy 41 * 7 7 * 5 8
Customer Sell 77 8 7 * 5 11 14
Dealer to Dealer 6 * - - - * -
<= $1MM 52 8 * 5 5 14 11
<= $10MM 67 5 10 5 * * 9
> $10MM 5 - - - - * *

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 97.4 91.8 104.2 0.9 * - 92.2 81.1 101.6 0.8 - - 75.4 76.8 * - * *
Weighted Avg. Price 97.7 92.9 104.0 1.4 * - 93.5 74.0 101.9 0.9 - - 64.9 78.5 * - * *
Avg. Price Bottom 5 Trades 91.6 86.2 101.4 0.3 * - 78.0 73.5 98.6 0.7 - - 1.9 72.6 * - * *
2nd Quartile Price 96.8 89.3 103.7 0.5 * - 89.5 76.2 104.5 0.8 - - 75.8 72.5 * - * *
3rd Quartile Price 98.1 92.3 104.1 1.1 * - 92.8 85.7 105.8 0.8 - - 83.3 75.9 * - * *
4th Quartile Price 98.9 93.8 105.1 1.3 * - 96.8 86.9 106.2 1.2 - - 91.5 82.6 * - * *
Avg. Price Top 5 Trades 100.0 98.0 107.5 1.5 * - 99.2 87.0 105.8 1.0 - - 98.7 81.7 * - * *
Standard Deviation 2.2 4.1 1.3 0.5 * - 5.7 7.1 9.6 0.2 - - 26.6 4.8 * - * *
VOLUME OF TRADES (000'S) 288,070.0 94,681.0 728,314.6 289,823.2 * - 214,844.8 17,314.9 19,224.0 100,126.0 - - 386,510.5 56,635.1 * - * *
Customer Buy 101,276.9 72,245.5 340,994.0 127,090.2 * - 105,633.1 8,613.0 11,057.0 * - - 160,613.7 28,317.5 - - * *
Customer Sell 186,788.1 22,364.5 375,465.7 162,733.0 - - 107,211.6 8,701.9 * * - - 225,147.7 28,317.5 * - - *
Dealer to Dealer * * * - - - * - - - - - 749.1 - - - - -
<= $1MM 22,637.6 3,502.0 20,200.8 * - - 15,964.3 1,013.9 1,867.0 * - - 13,247.6 * - - - *
<= $10MM 230,132.4 37,734.1 260,085.4 44,389.9 * - 186,920.5 16,301.0 17,357.0 * - - 271,812.7 28,475.7 * - - *
> $10MM * * 448,028.4 * - - * - - * - - 101,450.3 * - - * -
NUMBER OF TRADES 128 28 125 17 * - 80 12 10 8 - - 119 12 * - * *
Customer Buy 45 17 60 8 * - 39 7 6 * - - 54 6 - - * *
Customer Sell 82 9 61 9 - - 40 5 * * - - 53 6 * - - *
Dealer to Dealer * * * - - - * - - - - - 12 - - - - -
<= $1MM 66 13 48 * - - 25 7 5 * - - 44 * - - - *
<= $10MM 59 12 56 12 * - 54 5 5 * - - 70 8 * - - *
> $10MM * * 21 * - - * - - * - - 5 * - - * -

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 - - - 95.5 97.4 100.5 - - - 93.0 96.8 100.2 - - - 74.2 92.6 100.0 - - 101.2
Weighted Avg. Price - - - 94.5 97.6 99.9 - - - 92.8 97.8 99.9 - - - 71.1 93.1 100.4 - - 101.3
Avg. Price Bottom 5 Trades - - - 92.7 85.6 93.8 - - - 85.3 84.2 94.1 - - - 19.6 70.2 89.7 - - 100.8
2nd Quartile Price - - - 93.1 96.6 100.0 - - - 91.3 95.3 99.7 - - - 56.3 88.5 99.8 - - 100.9
3rd Quartile Price - - - 96.8 98.9 100.3 - - - 94.8 99.3 100.3 - - - 84.5 97.9 100.2 - - 101.2
4th Quartile Price - - - 97.2 99.8 101.9 - - - 95.3 100.0 101.2 - - - 94.0 99.8 100.9 - - 101.6
Avg. Price Top 5 Trades - - - 97.7 100.4 105.3 - - - 99.2 101.3 103.6 - - - 99.9 100.4 104.6 - - 102.0
Standard Deviation - - - 2.8 3.8 2.2 - - - 4.8 4.7 1.9 - - - 26.0 9.7 2.9 - - 0.4
VOLUME OF TRADES (000'S) - - - 23,168.0 369,459.7 771,976.4 - - - 182,464.4 214,778.4 287,832.4 - - - 457,572.8 439,873.9 412,819.5 - - 76,298.0
Customer Buy - - - 10,103.5 132,372.8 323,684.9 - - - 107,765.9 109,494.7 154,282.7 - - - 200,895.9 203,894.3 184,776.0 - - 14,829.0
Customer Sell - - - * 223,766.9 404,171.4 - - - 74,698.5 84,432.8 124,233.6 - - - 209,958.4 199,781.7 214,223.5 - - 61,469.0
Dealer to Dealer - - - * * 44,120.0 - - - - * 9,316.0 - - - 46,718.6 36,198.0 13,820.0 - - -
<= $1MM - - - 2,266.7 17,552.5 33,329.1 - - - * 13,231.7 20,648.6 - - - 1,613.0 5,598.5 19,964.2 - - 9,300.0
<= $10MM - - - 20,901.2 134,706.5 446,988.5 - - - 140,049.4 177,570.7 206,936.7 - - - 335,527.2 369,953.4 375,855.4 - - 51,998.0
> $10MM - - - - 217,200.7 291,658.8 - - - * * * - - - 120,432.6 * * - - *
NUMBER OF TRADES - - - 12 82 205 - - - 33 91 106 - - - 93 101 119 - - 30
Customer Buy - - - 6 30 93 - - - 17 40 47 - - - 43 47 51 - - 8
Customer Sell - - - * 50 105 - - - 16 48 53 - - - 43 47 61 - - 22
Dealer to Dealer - - - * * 7 - - - - * 6 - - - 7 7 7 - - -
<= $1MM - - - 5 34 81 - - - * 34 51 - - - 6 9 31 - - 10
<= $10MM - - - 7 37 106 - - - 26 55 51 - - - 80 88 87 - - 19
> $10MM - - - - 11 18 - - - * * * - - - 7 * * - - *

* 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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