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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 12/01/2025 to 12/05/2025

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 97.7 88.3 88.9 89.4 98.1 100.9 98.3 16.7 11.7 * 13.9 - - *
Weighted Avg. Price 98.1 94.2 96.2 88.6 99.2 102.1 99.1 10.9 5.7 * 3.3 - - *
Avg. Price Bottom 5 Trades 78.9 72.6 69.5 81.5 88.3 91.7 67.3 0.9 0.9 * 13.9 - - *
2nd Quartile Price 97.6 86.3 86.7 87.7 98.0 100.3 98.9 1.7 1.9 * * - - *
3rd Quartile Price 99.0 90.2 91.0 88.5 99.1 101.7 100.2 4.9 4.3 * * - - *
4th Quartile Price 99.5 93.8 95.0 91.2 101.6 102.9 100.9 74.9 5.3 * * - - *
Avg. Price Top 5 Trades 100.7 98.5 99.4 98.3 102.8 104.8 103.2 35.2 37.4 * 13.9 - - *
Standard Deviation 3.9 8.4 9.2 4.2 4.8 3.4 6.9 31.2 26.2 * 7.9 - - *
VOLUME OF TRADES (000'S) 1,429,209.8 80,087.5 120,636.2 248,279.2 82,212.9 112,348.2 1,110,618.6 1,521,033.8 3,447,830.1 * 111,245.8 - - *
Customer Buy 584,681.4 54,489.0 46,028.5 117,768.7 27,917.7 22,052.9 568,920.9 106,542.8 1,768,579.6 * * - - *
Customer Sell 362,228.4 6,182.0 30,646.9 66,978.3 38,080.4 77,409.1 347,660.0 1,414,491.0 1,580,531.5 * * - - *
Dealer to Dealer 482,300.0 19,416.5 43,960.8 63,532.1 16,214.9 12,886.3 194,037.7 - * - - - - -
<= $1MM 34,309.5 4,014.6 8,362.6 7,416.9 7,899.9 5,556.0 16,845.7 - - - - - - -
<= $10MM 377,538.4 37,310.6 48,715.8 80,898.8 62,378.0 29,230.2 284,595.9 * * - * - - *
> $10MM 1,017,361.9 * * 159,963.5 * * 809,177.1 1,512,184.4 3,411,015.6 * * - - -
NUMBER OF TRADES 253 40 48 55 37 88 163 11 19 * 5 - - *
Customer Buy 107 18 16 29 11 16 72 5 10 * * - - *
Customer Sell 83 11 13 8 19 41 43 6 7 * * - - *
Dealer to Dealer 63 11 19 18 7 31 48 - * - - - - -
<= $1MM 134 24 26 17 22 74 76 - - - - - - -
<= $10MM 89 14 19 29 14 10 56 * * - * - - *
> $10MM 30 * * 9 * * 31 10 15 * * - - -

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 98.1 89.7 90.5 94.5 105.3 105.4 105.5
Weighted Avg. Price 98.1 88.7 91.2 95.6 106.1 105.6 106.1
Avg. Price Bottom 5 Trades 93.9 88.5 89.5 92.2 104.4 103.9 105.5
2nd Quartile Price 97.6 88.3 89.8 93.6 103.3 103.8 *
3rd Quartile Price 98.8 89.8 90.4 94.1 106.6 106.8 *
4th Quartile Price 99.1 91.4 92.5 98.3 108.3 107.5 *
Avg. Price Top 5 Trades 99.9 90.7 91.6 96.9 106.3 107.0 105.5
Standard Deviation 1.6 1.9 1.3 3.0 2.3 1.8 1.1
VOLUME OF TRADES (000'S) 235,457.0 38,619.0 18,181.0 16,535.0 19,190.0 9,065.4 42,593.0
Customer Buy 146,360.5 * * 13,810.0 * 2,165.4 *
Customer Sell 84,111.2 * 14,066.0 2,725.0 * * *
Dealer to Dealer 4,985.4 - - - - - -
<= $1MM 20,711.8 * 2,950.0 2,985.0 * 3,065.4 *
<= $10MM 174,958.2 * 15,231.0 * * * -
> $10MM * * - - - - *
NUMBER OF TRADES 107 8 11 11 7 10 5
Customer Buy 51 * * 5 * 6 *
Customer Sell 49 * 9 6 * * *
Dealer to Dealer 7 - - - - - -
<= $1MM 60 * 6 8 * 9 *
<= $10MM 44 * 5 * * * -
> $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 98.4 92.0 104.0 * * 25.5 93.1 83.6 102.3 * - - 77.6 * 101.0 * - *
Weighted Avg. Price 98.7 93.6 104.4 * * 8.3 93.6 82.2 98.3 * - - 84.3 * 101.1 * - *
Avg. Price Bottom 5 Trades 95.3 87.9 100.4 * * 25.5 80.4 76.8 98.4 * - - 15.4 * 100.7 * - *
2nd Quartile Price 98.3 89.2 103.3 * * * 92.4 84.2 101.5 * - - 71.5 * 100.8 * - *
3rd Quartile Price 98.8 91.4 104.3 * * * 94.8 84.8 104.0 * - - 82.4 * 101.8 * - *
4th Quartile Price 99.1 95.6 104.9 * * * 96.8 87.5 104.5 * - - 91.8 * 102.5 * - *
Avg. Price Top 5 Trades 99.6 96.4 106.1 * * 25.5 99.1 88.8 105.0 * - - 98.5 * 101.3 * - *
Standard Deviation 1.2 3.7 1.4 * * 43.6 5.7 5.7 3.6 * - - 21.8 * 1.0 * - *
VOLUME OF TRADES (000'S) 101,653.8 65,350.3 300,229.1 * * 201,116.7 97,682.5 38,925.0 20,551.0 * - - 149,151.0 * 15,915.1 * - *
Customer Buy 41,455.1 23,031.2 119,523.4 * * * 51,268.7 14,580.0 14,238.0 - - - 76,752.7 - * * - *
Customer Sell 59,622.5 42,319.2 180,459.7 * * * 46,333.8 24,345.0 6,313.0 * - - 72,169.7 * * * - -
Dealer to Dealer * - 246.0 - - - * - - - - - 228.5 * - * - -
<= $1MM 6,858.5 2,244.0 19,775.0 - - * 8,430.6 2,858.0 4,751.0 - - - 6,732.3 - - - - *
<= $10MM 94,795.3 39,168.0 132,762.1 * - * 89,251.9 36,067.0 15,800.0 * - - 130,784.2 * 15,915.1 * - *
> $10MM - * 147,692.0 * * * - - - - - - * - - - - -
NUMBER OF TRADES 54 19 92 * * 5 50 16 18 * - - 72 * 6 * - *
Customer Buy 18 8 46 * * * 23 6 10 - - - 26 - * * - *
Customer Sell 33 11 39 * * * 25 10 8 * - - 33 * * * - -
Dealer to Dealer * - 7 - - - * - - - - - 13 * - * - -
<= $1MM 32 6 55 - - * 24 7 13 - - - 36 - - - - *
<= $10MM 22 11 29 * - * 26 9 5 * - - 35 * 6 * - *
> $10MM - * 8 * * * - - - - - - * - - - - -

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 - - - 97.4 97.2 100.7 - - - 93.5 95.3 100.4 - - - 78.8 94.1 100.5 - * 71.8
Weighted Avg. Price - - - 96.9 96.7 100.7 - - - 90.6 96.1 100.4 - - - 80.8 94.3 100.4 - * 4.3
Avg. Price Bottom 5 Trades - - - 95.0 88.3 95.9 - - - 84.0 74.1 95.1 - - - 27.2 79.5 93.4 - * 71.8
2nd Quartile Price - - - 96.5 95.8 100.0 - - - 90.5 95.8 99.8 - - - 78.0 90.8 100.0 - * *
3rd Quartile Price - - - 98.7 99.6 100.2 - - - 96.3 97.0 100.4 - - - 86.8 97.8 100.2 - * *
4th Quartile Price - - - 99.4 99.9 101.8 - - - 98.5 99.9 101.2 - - - 95.5 99.3 100.9 - * *
Avg. Price Top 5 Trades - - - 99.4 100.1 103.8 - - - 99.2 100.1 104.5 - - - 98.6 100.2 105.9 - * 71.8
Standard Deviation - - - 2.2 3.9 1.6 - - - 6.1 7.4 1.8 - - - 22.6 7.2 2.1 - * 48.3
VOLUME OF TRADES (000'S) - - - 25,561.9 114,957.0 390,452.5 - - - 65,189.3 322,752.2 630,927.5 - - - 184,745.5 203,905.9 546,768.5 - * 403,400.0
Customer Buy - - - 16,941.2 36,053.7 214,648.4 - - - 20,855.0 169,726.1 321,005.8 - - - 98,888.3 96,734.7 295,871.9 - * *
Customer Sell - - - 8,620.7 74,437.3 172,430.5 - - - 44,279.3 153,026.1 279,291.7 - - - 85,857.2 66,338.4 241,046.5 - * *
Dealer to Dealer - - - - * * - - - * - 30,630.0 - - - - 40,832.7 * - - -
<= $1MM - - - 3,022.7 7,194.7 22,814.2 - - - 5,939.3 13,220.2 16,790.0 - - - 2,607.2 4,281.0 15,065.0 - - *
<= $10MM - - - 22,539.2 63,910.3 302,182.6 - - - 37,100.0 155,582.0 304,174.5 - - - 159,373.3 114,201.7 466,403.5 - * *
> $10MM - - - - * 65,455.7 - - - * 153,950.0 309,963.0 - - - * 85,423.1 * - * *
NUMBER OF TRADES - - - 13 48 126 - - - 25 65 134 - - - 49 40 135 - * 7
Customer Buy - - - 6 25 63 - - - 9 34 72 - - - 27 20 72 - * *
Customer Sell - - - 7 21 62 - - - 15 31 56 - - - 22 14 60 - * *
Dealer to Dealer - - - - * * - - - * - 6 - - - - 6 * - - -
<= $1MM - - - 8 23 54 - - - 12 29 46 - - - 7 11 29 - - *
<= $10MM - - - 5 23 67 - - - 11 31 73 - - - 40 24 102 - * *
> $10MM - - - - * 5 - - - * 5 15 - - - * 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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