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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 07/21/2025 to 07/25/2025

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 87.7 72.7 84.1 95.3 100.0 98.5 1.2 6.3 * - * - 3.7
Weighted Avg. Price 97.4 97.7 70.4 88.3 97.6 98.5 97.2 2.3 4.4 * - * - 1.6
Avg. Price Bottom 5 Trades 79.3 72.7 69.0 71.4 78.7 95.0 90.3 0.3 4.1 * - * - 2.6
2nd Quartile Price 94.5 83.7 70.0 76.5 95.4 99.1 97.8 0.4 5.7 * - * - 0.7
3rd Quartile Price 97.8 90.6 72.0 87.0 98.3 100.0 99.3 1.1 6.4 * - * - 5.8
4th Quartile Price 98.6 94.5 73.4 91.2 101.6 101.5 100.0 3.0 11.1 * - * - 7.1
Avg. Price Top 5 Trades 100.0 99.3 81.1 96.7 102.0 103.5 101.9 2.1 8.3 * - * - 5.0
Standard Deviation 4.9 9.0 5.1 8.3 8.1 2.3 2.8 1.2 3.3 * - * - 3.1
VOLUME OF TRADES (000'S) 457,142.2 92,014.4 18,464.4 191,431.3 68,516.3 133,573.1 300,209.8 239,201.0 210,493.0 * - * - 2,129,900.3
Customer Buy 247,966.2 11,818.4 14,113.6 110,682.0 6,184.1 51,752.4 162,009.2 * 29,474.7 * - - - 1,316,168.7
Customer Sell 121,951.1 68,611.7 3,431.9 13,801.7 30,970.3 5,770.1 61,169.2 165,992.5 * - - * - *
Dealer to Dealer 87,225.0 11,584.2 919.0 66,947.6 31,361.9 76,050.6 77,031.5 - * - - * - -
<= $1MM 45,982.5 1,120.8 3,584.7 7,162.7 5,741.6 780.6 9,164.2 * 2,575.0 - - - - -
<= $10MM 240,409.5 23,040.2 * 38,353.2 33,774.7 25,474.8 141,546.2 * - - - * - -
> $10MM 170,750.2 * * 145,915.3 * 107,317.7 149,499.4 226,809.6 * * - * - 2,129,900.3
NUMBER OF TRADES 268 38 25 49 32 67 87 10 9 * - * - 7
Customer Buy 107 7 6 11 8 16 38 * 5 * - - - 5
Customer Sell 95 17 7 21 18 30 22 7 * - - * - *
Dealer to Dealer 66 14 12 17 6 21 27 - * - - * - -
<= $1MM 183 29 23 33 19 52 53 * 5 - - - - -
<= $10MM 73 6 * 11 12 9 28 * - - - * - -
> $10MM 12 * * 5 * 6 6 5 * * - * - 7

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 96.8 88.6 87.9 * 104.5 102.9 103.7
Weighted Avg. Price 96.3 89.3 87.7 * 104.8 104.1 103.8
Avg. Price Bottom 5 Trades 92.3 85.9 87.6 * 103.4 101.1 103.4
2nd Quartile Price 96.0 87.1 87.7 * 103.4 101.5 103.6
3rd Quartile Price 97.6 88.5 88.2 * 105.9 103.6 103.7
4th Quartile Price 98.5 91.6 89.4 * 106.4 105.5 103.9
Avg. Price Top 5 Trades 99.7 91.7 88.1 * 105.9 104.8 104.0
Standard Deviation 2.4 2.5 0.9 * 2.2 2.1 0.3
VOLUME OF TRADES (000'S) 186,595.3 50,228.6 12,369.0 * 10,452.5 15,025.0 65,041.0
Customer Buy 67,542.8 19,287.0 * * * 14,110.0 51,391.0
Customer Sell 87,475.6 30,941.6 * * * * 13,650.0
Dealer to Dealer 31,576.8 - - - - - -
<= $1MM 18,622.0 1,792.0 * * 740.0 2,265.0 *
<= $10MM 58,740.2 37,245.0 * * * * 46,534.0
> $10MM 109,233.1 * - - - - *
NUMBER OF TRADES 77 17 6 * 8 11 16
Customer Buy 36 10 * * * 7 11
Customer Sell 34 7 * * * * 5
Dealer to Dealer 7 - - - - - -
<= $1MM 51 6 * * 5 8 *
<= $10MM 20 10 * * * * 13
> $10MM 6 * - - - - *

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 97.5 87.9 104.1 1.3 - - 90.2 85.5 97.6 * - - 75.6 75.9 95.2 * * 49.6
Weighted Avg. Price 96.4 88.3 104.6 1.6 - - 89.8 89.7 98.9 * - - 81.7 80.0 94.7 * * 11.6
Avg. Price Bottom 5 Trades 94.2 83.5 101.4 0.7 - - 76.8 79.4 82.3 * - - 37.8 72.6 78.0 * * 7.8
2nd Quartile Price 96.9 85.1 103.6 1.1 - - 87.4 81.6 97.7 * - - 71.0 83.7 100.7 * * 7.3
3rd Quartile Price 97.7 88.5 104.1 1.1 - - 93.6 87.0 100.6 * - - 79.8 90.4 103.1 * * 15.4
4th Quartile Price 98.5 90.3 104.7 1.3 - - 95.0 98.8 103.1 * - - 87.0 92.0 103.4 * * 103.6
Avg. Price Top 5 Trades 99.5 93.2 106.3 1.9 - - 98.0 91.0 104.7 * - - 96.5 81.5 103.7 * * 103.7
Standard Deviation 1.4 4.0 1.2 1.0 - - 6.8 8.7 7.8 * - - 17.5 19.0 17.2 * * 48.1
VOLUME OF TRADES (000'S) 88,244.9 138,904.3 323,704.3 430,870.2 - - 85,213.2 38,172.4 116,444.0 * - - 140,826.6 21,320.9 126,113.8 * * 680,908.5
Customer Buy 25,573.5 41,235.3 116,324.0 215,435.1 - - 45,239.0 20,586.2 48,616.0 * - - 81,255.9 * 67,104.9 * - 578,511.5
Customer Sell 61,618.4 97,669.0 207,380.3 215,435.1 - - 39,120.1 * 67,828.0 * - - 59,084.9 * 57,008.9 * * 102,397.0
Dealer to Dealer 1,053.1 - - - - - 854.1 - - - - - 485.9 - * - - -
<= $1MM 22,483.0 1,720.0 17,723.3 * - - 7,416.4 - 12,594.0 - - - 5,712.6 - * - - *
<= $10MM 39,569.9 43,091.4 96,031.0 29,965.8 - - 77,796.8 38,172.4 103,850.0 * - - 135,114.0 21,320.9 79,200.7 * - 42,297.5
> $10MM * 94,092.8 209,950.0 * - - - - - - - - - - * * * 637,239.0
NUMBER OF TRADES 88 21 73 13 - - 57 9 50 * - - 63 6 26 * * 21
Customer Buy 24 8 30 8 - - 21 5 20 * - - 32 * 10 * - 14
Customer Sell 59 13 43 5 - - 30 * 30 * - - 24 * 15 * * 7
Dealer to Dealer 5 - - - - - 6 - - - - - 7 - * - - -
<= $1MM 71 7 42 * - - 33 - 26 - - - 28 - * - - *
<= $10MM 15 8 23 7 - - 24 9 24 * - - 35 6 20 * - 9
> $10MM * 6 8 * - - - - - - - - - - * * * 9

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 - - - 96.5 98.1 100.5 - - - 95.6 92.2 99.9 - - - 79.5 88.5 101.4 - - -
Weighted Avg. Price - - - 97.8 98.8 100.3 - - - 97.2 86.2 99.6 - - - 76.1 86.3 101.5 - - -
Avg. Price Bottom 5 Trades - - - 92.5 86.9 93.7 - - - 89.2 78.2 92.5 - - - 60.6 11.1 96.1 - - -
2nd Quartile Price - - - 93.8 98.9 100.1 - - - 95.0 83.4 99.6 - - - 68.5 88.8 100.0 - - -
3rd Quartile Price - - - 96.5 99.8 100.3 - - - 97.9 97.5 100.3 - - - 78.0 97.6 100.4 - - -
4th Quartile Price - - - 99.2 100.0 101.6 - - - 98.9 100.0 100.8 - - - 95.9 99.8 103.3 - - -
Avg. Price Top 5 Trades - - - 99.5 100.2 104.5 - - - 99.1 101.1 104.2 - - - 98.1 100.3 107.9 - - -
Standard Deviation - - - 2.8 3.8 1.8 - - - 6.2 8.8 2.2 - - - 13.7 21.7 2.9 - - -
VOLUME OF TRADES (000'S) - - - 39,909.0 109,997.9 571,235.7 - - - 39,589.4 453,748.2 414,486.6 - - - 68,890.0 546,849.0 385,748.0 - - -
Customer Buy - - - 18,309.8 17,568.3 291,990.3 - - - 17,060.2 206,542.1 215,226.2 - - - 30,645.1 259,907.7 133,156.0 - - -
Customer Sell - - - 20,295.2 92,231.6 264,664.3 - - - 20,895.5 230,106.1 182,760.4 - - - 36,744.8 267,899.9 193,716.0 - - -
Dealer to Dealer - - - * * 14,581.0 - - - * * * - - - * 19,041.3 58,876.0 - - -
<= $1MM - - - 4,019.5 17,263.9 37,191.8 - - - 3,394.6 14,218.7 21,457.4 - - - 11,584.4 8,175.4 6,521.0 - - -
<= $10MM - - - 24,301.8 80,496.4 365,183.9 - - - 36,194.8 224,819.5 270,540.2 - - - 46,977.5 278,214.0 281,491.0 - - -
> $10MM - - - * * 168,859.9 - - - - 214,710.0 122,489.0 - - - * 260,459.6 97,736.0 - - -
NUMBER OF TRADES - - - 24 71 178 - - - 20 97 120 - - - 34 102 76 - - -
Customer Buy - - - 8 16 81 - - - 8 48 63 - - - 14 49 28 - - -
Customer Sell - - - 14 53 89 - - - 11 45 55 - - - 18 47 40 - - -
Dealer to Dealer - - - * * 8 - - - * * * - - - * 6 8 - - -
<= $1MM - - - 13 46 83 - - - 7 34 48 - - - 18 21 13 - - -
<= $10MM - - - 10 24 85 - - - 13 56 63 - - - 15 63 55 - - -
> $10MM - - - * * 10 - - - - 7 9 - - - * 18 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 [email protected].
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