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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 01/27/2025 to 01/31/2025

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 96.3 82.8 79.6 81.1 95.9 98.4 94.3 7.1 10.3 7.0 * 3.9 * *
Weighted Avg. Price 95.9 75.4 80.3 92.1 98.9 99.9 94.7 6.7 3.8 6.9 * 4.1 * *
Avg. Price Bottom 5 Trades 85.0 69.6 69.6 49.6 78.0 92.7 92.0 1.9 4.4 7.0 * 3.9 * *
2nd Quartile Price 95.7 70.6 71.1 66.7 96.9 97.3 93.8 4.4 6.9 * * * * *
3rd Quartile Price 97.5 84.4 84.0 86.6 100.0 98.7 96.4 5.7 9.1 * * * * *
4th Quartile Price 98.5 92.6 84.8 93.4 100.6 99.7 98.2 6.8 9.5 * * * * *
Avg. Price Top 5 Trades 100.4 97.3 92.8 98.0 101.3 101.8 97.7 16.4 16.2 7.0 * 3.9 * *
Standard Deviation 3.6 10.6 8.7 16.0 8.7 2.5 5.4 9.9 12.4 0.6 * 1.4 * *
VOLUME OF TRADES (000'S) 840,260.6 130,536.1 292,837.2 146,526.2 281,088.2 594,219.9 225,135.7 368,833.3 1,057,732.2 197,237.6 * 308,359.9 * *
Customer Buy 356,978.6 12,288.8 96,129.3 20,143.3 84,843.1 294,684.0 91,344.0 90,037.3 1,053,363.2 * * * * *
Customer Sell 400,486.2 64,708.7 101,517.8 45,239.7 5,577.1 276,546.5 * 278,795.9 * * * * * -
Dealer to Dealer 82,795.9 53,538.6 95,190.1 81,143.2 190,668.0 22,989.4 * - - - - - - -
<= $1MM 35,136.7 4,203.4 1,941.0 8,151.4 6,538.6 12,829.4 * 1,969.2 * - * - - -
<= $10MM 167,133.7 115,102.7 95,080.2 21,622.2 24,549.6 69,157.8 - * * * - * - *
> $10MM 637,990.3 * 195,816.0 * * 512,232.7 224,785.7 360,414.4 * * * * * *
NUMBER OF TRADES 233 35 34 38 31 83 11 22 10 5 * 5 * *
Customer Buy 99 14 11 16 11 35 5 9 7 * * * * *
Customer Sell 78 15 16 14 9 32 * 13 * * * * * -
Dealer to Dealer 56 6 7 8 11 16 * - - - - - - -
<= $1MM 137 17 8 27 19 50 * 5 * - * - - -
<= $10MM 71 17 17 8 8 19 - * * * - * - *
> $10MM 25 * 9 * * 14 10 16 * * * * * *

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 96.5 86.2 85.0 94.1 103.9 102.5 103.8
Weighted Avg. Price 97.0 85.9 85.2 94.2 101.8 102.8 103.8
Avg. Price Bottom 5 Trades 88.7 84.4 84.3 87.5 101.8 100.5 103.7
2nd Quartile Price 95.6 85.2 84.6 89.2 103.5 100.9 103.8
3rd Quartile Price 97.1 85.9 85.1 95.3 103.7 103.2 103.8
4th Quartile Price 98.3 88.0 85.3 98.2 105.4 104.0 103.9
Avg. Price Top 5 Trades 99.5 88.6 86.0 101.9 106.5 104.4 103.9
Standard Deviation 2.6 2.0 0.7 6.0 2.3 1.7 0.1
VOLUME OF TRADES (000'S) 306,466.9 66,519.1 46,072.0 53,055.0 74,526.0 53,701.0 68,206.0
Customer Buy 168,705.9 36,409.0 21,145.0 * * 47,791.0 *
Customer Sell 133,318.7 29,910.1 24,252.0 44,394.0 56,701.0 5,635.0 43,353.0
Dealer to Dealer 4,442.3 * * 4,166.0 * * -
<= $1MM 19,582.4 3,200.5 3,491.0 4,612.0 1,050.0 2,681.0 *
<= $10MM 221,178.5 25,594.5 42,581.0 36,193.0 30,800.0 21,020.0 27,474.0
> $10MM * * - * * * *
NUMBER OF TRADES 136 17 24 22 17 19 10
Customer Buy 59 8 10 * * 11 *
Customer Sell 65 8 11 14 9 7 6
Dealer to Dealer 12 * * 5 * * -
<= $1MM 72 9 11 11 6 12 *
<= $10MM 60 5 13 10 10 6 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 97.0 95.5 103.3 * * * 88.6 75.6 90.8 - - - 72.8 77.6 85.9 - - 59.8
Weighted Avg. Price 96.7 95.7 103.3 * * * 89.1 71.5 86.5 - - - 69.7 79.1 77.9 - - 31.1
Avg. Price Bottom 5 Trades 93.2 93.1 98.9 * * * 60.7 69.9 77.3 - - - 5.9 64.5 72.5 - - 13.6
2nd Quartile Price 96.2 95.0 102.3 * * * 87.6 68.3 84.1 - - - 70.3 80.0 76.8 - - 16.2
3rd Quartile Price 97.0 95.3 103.6 * * * 90.0 78.6 88.7 - - - 79.5 86.3 83.3 - - 94.6
4th Quartile Price 98.1 98.7 104.3 * * * 93.4 80.4 103.6 - - - 89.5 95.0 100.9 - - 104.0
Avg. Price Top 5 Trades 99.3 98.2 106.1 * * * 98.4 80.2 104.0 - - - 95.4 87.5 102.7 - - 101.8
Standard Deviation 1.6 2.7 1.8 * * * 9.2 5.8 10.4 - - - 24.5 17.6 11.6 - - 42.2
VOLUME OF TRADES (000'S) 161,187.5 64,436.4 504,481.6 * * * 165,604.6 40,416.0 79,594.0 - - - 328,070.4 52,953.2 128,882.4 - - 168,572.0
Customer Buy 112,299.3 44,831.3 259,840.6 * * - 71,275.7 20,313.0 34,821.0 - - - 169,323.9 24,660.2 48,825.0 - - 74,877.0
Customer Sell 48,888.2 19,355.1 234,020.1 * * * 88,865.9 20,103.0 43,633.0 - - - 153,696.6 28,292.9 80,057.4 - - 93,695.0
Dealer to Dealer - * 10,621.0 - - - * - * - - - 5,050.0 - - - - -
<= $1MM 12,985.6 1,611.6 11,297.1 - - - 13,873.1 * 5,859.0 - - - 4,712.2 - * - - *
<= $10MM 121,368.2 26,233.5 262,961.0 * - * 151,731.5 38,520.0 73,735.0 - - - 226,827.8 22,427.5 37,003.1 - - 21,090.0
> $10MM * * 230,223.5 - * - - - - - - - 96,530.4 * 88,879.3 - - 146,664.0
NUMBER OF TRADES 72 19 94 * * * 74 12 27 - - - 82 11 20 - - 14
Customer Buy 41 12 49 * * - 31 6 12 - - - 37 6 6 - - 6
Customer Sell 31 6 36 * * * 40 6 13 - - - 33 5 14 - - 8
Dealer to Dealer - * 9 - - - * - * - - - 12 - - - - -
<= $1MM 37 8 32 - - - 32 * 10 - - - 30 - * - - *
<= $10MM 33 8 50 * - * 42 9 17 - - - 47 8 12 - - 6
> $10MM * * 12 - * - - - - - - - 5 * 5 - - 7

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 - - - 95.8 96.3 100.3 - - - 90.6 95.9 100.7 - - - 79.6 94.9 101.5 - 89.0 -
Weighted Avg. Price - - - 96.2 97.0 99.2 - - - 87.9 95.8 100.7 - - - 72.3 96.6 101.3 - 91.3 -
Avg. Price Bottom 5 Trades - - - 88.6 84.9 92.3 - - - 71.1 80.4 94.5 - - - 9.6 64.8 92.3 - 89.0 -
2nd Quartile Price - - - 94.6 92.5 100.2 - - - 88.3 94.8 100.0 - - - 74.9 95.1 100.5 - * -
3rd Quartile Price - - - 96.5 98.3 100.4 - - - 92.5 97.1 100.5 - - - 89.6 99.0 101.1 - * -
4th Quartile Price - - - 99.2 99.9 100.8 - - - 96.1 99.6 101.3 - - - 96.7 99.9 102.5 - * -
Avg. Price Top 5 Trades - - - 99.7 100.6 104.5 - - - 99.7 100.8 105.7 - - - 99.8 100.9 107.7 - 89.0 -
Standard Deviation - - - 3.5 4.5 2.3 - - - 8.0 5.2 2.4 - - - 25.8 9.2 2.7 - 5.4 -
VOLUME OF TRADES (000'S) - - - 173,608.6 514,663.5 761,297.2 - - - 150,270.9 271,644.6 243,149.6 - - - 285,310.2 438,651.5 488,715.0 - 70,320.0 -
Customer Buy - - - 81,872.0 224,993.0 344,034.7 - - - 89,401.0 120,866.5 110,594.7 - - - 143,226.5 180,030.8 230,612.5 - * -
Customer Sell - - - 74,186.7 269,541.1 370,841.9 - - - 49,269.9 129,660.9 130,219.9 - - - 127,645.7 237,448.1 252,761.5 - * -
Dealer to Dealer - - - 17,550.0 20,129.4 46,420.5 - - - 11,600.0 21,117.3 2,335.0 - - - 14,438.0 * * - * -
<= $1MM - - - 7,510.0 24,959.0 36,685.0 - - - 8,597.6 15,376.7 12,284.6 - - - 15,597.3 9,097.7 13,553.0 - - -
<= $10MM - - - 138,418.6 250,228.0 384,889.3 - - - 117,973.3 234,267.9 214,165.0 - - - 204,695.9 214,367.3 423,846.0 - * -
> $10MM - - - * 239,476.5 339,723.0 - - - * * * - - - 65,017.0 215,186.6 * - * -
NUMBER OF TRADES - - - 61 150 199 - - - 60 91 87 - - - 94 85 133 - 5 -
Customer Buy - - - 25 57 85 - - - 29 39 36 - - - 44 39 63 - * -
Customer Sell - - - 29 79 87 - - - 26 47 42 - - - 43 42 68 - * -
Dealer to Dealer - - - 7 14 27 - - - 5 5 9 - - - 7 * * - * -
<= $1MM - - - 23 73 79 - - - 27 37 38 - - - 30 19 25 - - -
<= $10MM - - - 36 63 103 - - - 31 53 48 - - - 59 51 104 - * -
> $10MM - - - * 14 17 - - - * * * - - - 5 15 * - * -

* 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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