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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 07/14/2025 to 07/18/2025

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 96.4 85.1 81.7 89.8 100.1 100.3 98.6 17.8 5.7 * * * * -
Weighted Avg. Price 97.7 81.6 85.5 89.5 99.8 99.0 99.3 25.6 5.2 * * * * -
Avg. Price Bottom 5 Trades 77.0 61.2 66.5 78.4 96.2 95.5 90.1 0.9 5.7 * * * * -
2nd Quartile Price 96.8 83.1 71.6 87.0 99.5 99.2 98.5 1.1 * * * * * -
3rd Quartile Price 98.0 88.6 85.4 91.5 101.0 100.8 99.8 2.0 * * * * * -
4th Quartile Price 98.5 91.7 91.6 96.2 101.7 102.2 100.1 90.5 * * * * * -
Avg. Price Top 5 Trades 99.7 99.4 95.3 98.6 102.8 103.2 101.2 31.8 5.7 * * * * -
Standard Deviation 4.5 10.8 11.1 7.2 2.7 2.1 2.8 36.1 1.0 * * * * -
VOLUME OF TRADES (000'S) 738,566.2 132,270.8 94,872.0 186,512.8 41,978.0 116,853.8 457,189.9 89,659.1 3,304.9 * * * * -
Customer Buy 221,793.3 77,366.1 43,859.2 44,873.7 21,531.7 29,133.7 142,477.8 * * * - * * -
Customer Sell 290,934.7 13,502.8 11,287.6 9,842.8 15,276.3 64,103.9 146,435.0 * * * * * - -
Dealer to Dealer 225,838.3 41,401.8 39,725.1 131,796.2 * 23,616.2 168,277.1 948.7 - - - - - -
<= $1MM 19,042.0 6,946.0 5,052.9 2,640.7 3,293.7 3,972.6 10,842.7 948.7 * * * * - -
<= $10MM 519,100.4 100,324.7 39,819.0 43,872.1 38,684.3 66,143.1 125,670.8 - * - - - - -
> $10MM 200,423.8 * * * - * 320,676.4 * - * - * * -
NUMBER OF TRADES 261 58 32 30 23 74 73 11 5 * * * * -
Customer Buy 86 25 14 15 11 22 35 * * * - * * -
Customer Sell 99 14 8 6 10 33 20 * * * * * - -
Dealer to Dealer 76 19 10 9 * 19 18 8 - - - - - -
<= $1MM 113 37 18 11 6 54 29 8 * * * * - -
<= $10MM 131 20 12 16 17 17 31 - * - - - - -
> $10MM 17 * * * - * 13 * - * - * * -

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 87.9 86.7 * 107.3 102.4 103.0
Weighted Avg. Price 97.9 87.3 87.2 * 108.8 102.6 103.0
Avg. Price Bottom 5 Trades 92.0 85.8 86.7 * 106.1 100.5 102.6
2nd Quartile Price 96.7 86.1 * * 105.7 102.0 102.8
3rd Quartile Price 98.0 87.2 * * 110.0 102.8 103.1
4th Quartile Price 98.7 92.1 * * 110.3 103.9 103.2
Avg. Price Top 5 Trades 99.7 89.8 86.7 * 108.4 104.0 103.4
Standard Deviation 2.3 3.0 0.9 * 2.8 1.9 0.4
VOLUME OF TRADES (000'S) 277,638.4 7,347.0 15,081.0 * 13,592.5 22,578.0 29,377.0
Customer Buy 157,047.5 * * - * 21,058.0 22,252.0
Customer Sell 113,070.9 4,346.0 * * 6,022.5 1,520.0 *
Dealer to Dealer 7,520.0 - - - - - -
<= $1MM 15,429.1 5,135.0 * * * 3,728.0 4,265.0
<= $10MM 121,122.3 * * - * * *
> $10MM 141,087.0 - - - - * *
NUMBER OF TRADES 80 9 5 * 7 13 15
Customer Buy 29 * * - * 8 12
Customer Sell 45 5 * * 5 5 *
Dealer to Dealer 6 - - - - - -
<= $1MM 41 7 * * * 11 11
<= $10MM 32 * * - * * *
> $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 96.7 88.8 103.8 0.6 - - 90.7 78.5 97.2 * - - 81.0 * 101.7 * - 81.0
Weighted Avg. Price 95.7 90.1 104.1 0.8 - - 90.0 78.2 95.2 * - - 84.3 * 102.2 * - 60.3
Avg. Price Bottom 5 Trades 92.0 85.3 100.7 0.6 - - 72.6 66.1 88.0 * - - 11.4 * 101.7 * - 53.3
2nd Quartile Price 95.7 86.8 103.4 * - - 87.4 69.5 89.2 * - - 81.9 * * * - 67.5
3rd Quartile Price 97.9 89.0 104.0 * - - 92.6 84.8 102.7 * - - 87.4 * * * - 100.9
4th Quartile Price 98.4 91.4 104.5 * - - 96.3 86.1 104.3 * - - 93.0 * * * - 102.9
Avg. Price Top 5 Trades 99.1 92.4 106.1 0.6 - - 98.2 88.3 105.2 * - - 98.2 * 101.7 * - 102.9
Standard Deviation 2.5 2.6 1.3 0.6 - - 7.1 9.9 8.2 * - - 21.6 * 1.2 * - 33.1
VOLUME OF TRADES (000'S) 161,050.1 126,154.1 460,719.1 19,812.1 - - 86,900.5 95,142.0 25,958.0 * - - 224,265.0 * 32,846.5 * - 83,499.0
Customer Buy 83,577.1 52,951.0 251,353.8 * - - 43,282.2 43,225.0 13,283.0 * - - 109,744.9 - * - - 38,533.0
Customer Sell 77,453.0 73,203.1 179,225.3 * - - 33,096.9 38,115.0 12,675.0 * - - 113,449.1 * * * - 44,566.0
Dealer to Dealer * - * - - - 10,521.4 * - - - - 1,071.0 - - - - *
<= $1MM 9,636.2 5,492.0 14,032.7 * - - 11,710.2 * 2,658.0 - - - 6,357.0 - * * - *
<= $10MM 59,053.9 30,292.8 145,088.0 19,728.3 - - 75,190.3 61,502.0 23,300.0 * - - 217,908.0 * * - - 28,000.0
> $10MM 92,360.0 90,369.3 301,598.4 - - - - * - - - - - - - - - *
NUMBER OF TRADES 43 28 93 6 - - 60 18 16 * - - 105 * 5 * - 14
Customer Buy 13 14 54 * - - 25 9 7 * - - 36 - * - - 6
Customer Sell 29 14 36 * - - 27 7 9 * - - 47 * * * - 6
Dealer to Dealer * - * - - - 8 * - - - - 22 - - - - *
<= $1MM 23 14 45 * - - 37 * 5 - - - 53 - * * - *
<= $10MM 15 7 30 5 - - 23 12 11 * - - 52 * * - - 7
> $10MM 5 7 18 - - - - * - - - - - - - - - *

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 98.8 100.8 - - - 94.5 91.8 100.4 - - - 71.9 90.0 100.5 - - *
Weighted Avg. Price * - - 95.4 98.5 100.7 - - - 95.1 86.9 100.4 - - - 81.5 90.7 101.0 - - *
Avg. Price Bottom 5 Trades * - - 92.9 92.9 98.4 - - - 88.5 78.7 97.1 - - - 21.7 31.7 91.7 - - *
2nd Quartile Price * - - 94.0 98.9 100.0 - - - 92.8 85.0 99.9 - - - 60.7 88.7 99.7 - - *
3rd Quartile Price * - - 96.3 99.8 100.3 - - - 97.0 93.9 100.3 - - - 76.9 97.5 100.2 - - *
4th Quartile Price * - - 97.2 100.1 101.7 - - - 98.4 100.0 101.1 - - - 90.3 99.5 102.0 - - *
Avg. Price Top 5 Trades * - - 97.8 100.8 104.9 - - - 98.6 100.8 104.0 - - - 97.8 100.4 106.3 - - *
Standard Deviation * - - 1.9 2.4 1.4 - - - 4.7 7.9 1.7 - - - 24.1 17.7 4.0 - - *
VOLUME OF TRADES (000'S) * - - 64,447.7 245,707.2 611,455.3 - - - 35,306.7 395,855.3 263,641.7 - - - 178,201.0 447,288.2 230,365.0 - - *
Customer Buy * - - 25,607.2 95,639.7 328,491.5 - - - 16,287.4 159,257.2 140,562.0 - - - 72,125.0 191,234.8 129,820.0 - - *
Customer Sell - - - 34,345.6 144,256.0 271,863.8 - - - 15,019.4 231,098.2 107,079.7 - - - 77,808.3 246,453.4 74,547.0 - - *
Dealer to Dealer - - - * * * - - - * * * - - - 28,267.7 * * - - -
<= $1MM * - - 4,740.1 10,866.7 23,590.6 - - - 3,159.7 9,880.7 15,311.2 - - - 8,791.7 14,726.7 11,881.0 - - *
<= $10MM - - - 59,707.6 125,323.9 350,186.8 - - - 32,147.0 193,499.9 182,830.5 - - - 169,409.4 295,415.5 180,486.0 - - *
> $10MM - - - - 109,516.6 237,678.0 - - - - 192,474.8 65,500.0 - - - - 137,146.0 * - - -
NUMBER OF TRADES * - - 27 58 131 - - - 18 81 83 - - - 67 103 63 - - *
Customer Buy * - - 10 21 64 - - - 11 29 44 - - - 28 46 38 - - *
Customer Sell - - - 13 36 64 - - - 5 51 37 - - - 33 53 21 - - *
Dealer to Dealer - - - * * * - - - * * * - - - 6 * * - - -
<= $1MM * - - 13 24 49 - - - 8 24 33 - - - 35 29 17 - - *
<= $10MM - - - 14 28 67 - - - 10 48 45 - - - 32 67 43 - - *
> $10MM - - - - 6 15 - - - - 9 5 - - - - 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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