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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 04/07/2025 to 04/11/2025

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 97.3 90.0 88.9 86.2 88.6 99.7 98.8 2.7 * 7.7 - * * -
Weighted Avg. Price 97.9 92.7 88.4 91.3 97.1 100.5 99.5 2.7 * 7.4 - * * -
Avg. Price Bottom 5 Trades 77.2 84.6 76.7 65.5 75.1 92.6 96.1 2.2 * 7.2 - * * -
2nd Quartile Price 97.6 86.3 86.3 86.1 75.8 99.5 98.0 2.3 * 7.4 - * * -
3rd Quartile Price 98.1 89.4 92.4 90.5 96.7 100.2 99.0 2.6 * 8.2 - * * -
4th Quartile Price 98.9 93.8 93.0 93.3 99.2 101.0 99.8 3.6 * 9.1 - * * -
Avg. Price Top 5 Trades 99.9 98.6 96.0 94.5 100.4 103.7 100.4 3.1 * 8.3 - * * -
Standard Deviation 4.6 5.4 7.7 12.9 11.7 3.6 1.5 0.7 * 1.3 - * * -
VOLUME OF TRADES (000'S) 959,777.1 85,022.8 100,218.8 304,016.7 95,462.4 416,960.5 643,569.0 78,776.3 * 344,573.2 - * * -
Customer Buy 414,151.5 71,785.0 45,144.4 146,438.2 74,751.1 208,737.8 204,627.9 46,274.0 * * - - * -
Customer Sell 494,324.2 8,222.3 37,824.5 155,234.7 16,890.0 102,692.3 217,495.8 * - * - * * -
Dealer to Dealer 51,301.3 * * * 3,821.3 105,530.4 221,445.3 - - - - - - -
<= $1MM 35,981.9 5,727.7 7,604.9 3,309.4 3,326.2 10,973.6 5,161.6 - - - - - - -
<= $10MM 197,778.2 * 22,188.9 58,407.3 28,136.2 116,553.0 138,150.7 * * * - * - -
> $10MM 726,017.1 * * 242,300.0 * 289,433.9 500,256.7 63,724.8 - 336,496.3 - - * -
NUMBER OF TRADES 163 23 23 29 22 65 45 8 * 7 - * * -
Customer Buy 63 11 13 16 9 21 25 5 * * - - * -
Customer Sell 80 8 6 12 6 24 7 * - * - * * -
Dealer to Dealer 20 * * * 7 20 13 - - - - - - -
<= $1MM 87 17 12 9 13 37 9 - - - - - - -
<= $10MM 46 * 7 14 8 20 22 * * * - * - -
> $10MM 30 * * 6 * 8 14 5 - 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 96.6 87.7 86.2 94.4 103.4 102.5 103.2
Weighted Avg. Price 95.6 86.9 86.7 95.6 103.1 103.3 103.6
Avg. Price Bottom 5 Trades 87.9 86.5 86.0 89.2 100.1 99.0 102.0
2nd Quartile Price 96.3 86.5 86.1 90.5 101.3 101.6 101.9
3rd Quartile Price 97.4 88.8 86.8 95.2 103.4 103.5 104.3
4th Quartile Price 98.7 90.9 86.8 99.7 105.8 103.8 104.5
Avg. Price Top 5 Trades 99.5 89.0 86.5 100.4 107.2 104.4 104.6
Standard Deviation 2.8 2.6 0.6 5.7 3.3 2.1 1.8
VOLUME OF TRADES (000'S) 200,604.1 7,419.0 8,040.0 32,618.0 62,700.6 168,531.0 73,374.0
Customer Buy 101,817.1 * * 30,553.0 47,356.6 79,787.0 47,918.0
Customer Sell 98,077.0 * 7,840.0 1,565.0 15,344.0 88,744.0 *
Dealer to Dealer * - - * - - -
<= $1MM 32,385.2 1,894.0 1,535.0 2,065.0 2,254.0 3,233.0 *
<= $10MM 142,192.8 * * 30,553.0 35,106.6 83,000.0 38,910.0
> $10MM * - - - * * *
NUMBER OF TRADES 136 7 7 13 15 24 9
Customer Buy 49 * * 6 8 11 5
Customer Sell 85 * 6 5 7 13 *
Dealer to Dealer * - - * - - -
<= $1MM 99 6 5 7 7 5 *
<= $10MM 35 * * 6 6 15 6
> $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 97.2 91.4 103.4 0.8 * * 88.2 89.8 97.2 0.2 - - 73.8 72.6 * * - -
Weighted Avg. Price 97.1 89.0 103.7 0.8 * * 89.4 90.3 97.9 0.3 - - 76.3 73.0 * * - -
Avg. Price Bottom 5 Trades 90.4 87.8 100.3 0.1 * * 79.3 89.8 85.3 0.2 - - 44.1 72.6 * * - -
2nd Quartile Price 96.6 88.6 102.2 0.1 * * 86.1 * 97.3 * - - 70.0 * * * - -
3rd Quartile Price 98.0 91.8 103.4 0.4 * * 88.4 * 99.2 * - - 74.0 * * * - -
4th Quartile Price 98.7 97.5 104.6 1.4 * * 91.5 * 100.7 * - - 93.1 * * * - -
Avg. Price Top 5 Trades 99.2 94.7 107.0 2.4 * * 96.2 89.8 101.7 0.2 - - 94.8 72.6 * * - -
Standard Deviation 2.4 4.9 1.7 0.9 * * 5.7 3.3 5.9 0.1 - - 19.5 2.9 * * - -
VOLUME OF TRADES (000'S) 105,544.7 7,744.2 383,786.8 54,604.8 * * 56,345.8 18,119.8 152,164.9 21,614.5 - - 81,259.1 12,774.3 * * - -
Customer Buy 48,552.5 5,693.2 189,387.2 23,846.5 - * 30,600.9 * 74,014.5 * - - 38,865.2 * * * - -
Customer Sell 56,887.5 * 194,399.6 29,940.0 * * 25,744.9 * 76,800.4 * - - 35,678.8 * * * - -
Dealer to Dealer * - - * - - - - * - - - 6,715.1 - * - - -
<= $1MM 13,458.2 907.2 13,408.4 4,991.2 - - 5,552.8 - 6,310.0 * - - 3,547.1 - - - - -
<= $10MM 92,086.4 * 347,378.4 49,613.6 * - 50,793.0 18,119.8 115,698.9 * - - 77,712.0 12,774.3 * * - -
> $10MM - - * - - * - - * - - - - - * - - -
NUMBER OF TRADES 77 9 105 30 * * 29 5 34 7 - - 39 5 * * - -
Customer Buy 26 6 49 17 - * 15 * 21 * - - 15 * * * - -
Customer Sell 48 * 56 12 * * 14 * 11 * - - 18 * * * - -
Dealer to Dealer * - - * - - - - * - - - 6 - * - - -
<= $1MM 44 5 37 9 - - 14 - 8 * - - 15 - - - - -
<= $10MM 33 * 67 21 * - 15 5 24 * - - 24 5 * * - -
> $10MM - - * - - * - - * - - - - - * - - -

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 98.0 99.2 - - - 95.7 96.4 98.2 - - - 80.8 92.9 98.6 - * *
Weighted Avg. Price * - - 95.8 98.8 99.3 - - - 95.9 97.3 98.4 - - - 88.7 90.8 98.4 - * *
Avg. Price Bottom 5 Trades * - - 89.0 90.9 92.9 - - - 93.6 85.2 94.8 - - - 49.6 42.3 95.3 - * *
2nd Quartile Price * - - 95.5 98.2 98.7 - - - 95.0 96.4 97.4 - - - 71.4 96.4 97.8 - * *
3rd Quartile Price * - - 96.8 98.7 99.3 - - - 96.5 98.3 98.5 - - - 88.3 97.8 98.8 - * *
4th Quartile Price * - - 99.6 99.0 100.0 - - - 97.0 99.4 99.6 - - - 93.0 98.2 99.5 - * *
Avg. Price Top 5 Trades * - - 99.4 99.9 102.9 - - - 97.4 101.1 100.6 - - - 98.4 99.6 102.0 - * *
Standard Deviation * - - 4.2 2.6 1.7 - - - 1.6 5.0 1.6 - - - 17.3 15.7 2.0 - * *
VOLUME OF TRADES (000'S) * - - 90,618.1 168,884.4 544,984.3 - - - 24,732.9 113,910.0 339,406.6 - - - 110,355.0 357,487.2 276,360.0 - * *
Customer Buy - - - 36,772.1 66,928.1 320,054.4 - - - 11,159.5 32,705.5 171,587.6 - - - 50,447.0 138,082.1 138,300.0 - - *
Customer Sell * - - 53,846.0 101,956.3 222,429.8 - - - 13,573.4 62,188.5 162,019.0 - - - 51,590.5 197,695.0 132,009.0 - * *
Dealer to Dealer - - - - - * - - - - 19,016.0 * - - - 8,317.5 * * - - -
<= $1MM * - - 2,211.4 12,110.0 28,667.9 - - - 5,993.5 5,430.0 1,645.0 - - - 4,522.6 10,327.8 * - - -
<= $10MM - - - 40,138.7 86,874.8 324,212.8 - - - 18,739.3 83,492.0 278,971.6 - - - 92,432.5 227,644.4 161,780.0 - * *
> $10MM - - - * 69,899.6 192,103.6 - - - - * 58,790.0 - - - * 119,515.0 114,050.0 - - -
NUMBER OF TRADES * - - 19 61 150 - - - 18 42 65 - - - 40 77 45 - * *
Customer Buy - - - 7 28 78 - - - 9 13 34 - - - 15 33 23 - - *
Customer Sell * - - 12 33 71 - - - 9 24 29 - - - 20 41 21 - * *
Dealer to Dealer - - - - - * - - - - 5 * - - - 5 * * - - -
<= $1MM * - - 7 32 63 - - - 13 14 7 - - - 14 15 * - - -
<= $10MM - - - 8 24 73 - - - 5 26 53 - - - 25 55 37 - * *
> $10MM - - - * 5 14 - - - - * 5 - - - * 7 6 - - -

* 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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