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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 04/28/2025 to 05/02/2025

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 96.1 87.7 82.3 84.4 98.2 99.7 97.9 18.9 * * 18.1 * * *
Weighted Avg. Price 97.6 87.9 86.0 89.7 100.7 101.4 98.1 8.5 * * 3.4 * * *
Avg. Price Bottom 5 Trades 77.7 79.2 67.1 54.2 91.2 92.6 86.9 4.9 * * 0.6 * * *
2nd Quartile Price 95.1 85.5 77.5 86.7 97.4 97.7 98.6 2.5 * * 0.3 * * *
3rd Quartile Price 98.0 87.4 85.9 88.3 100.0 100.6 100.0 18.5 * * 1.8 * * *
4th Quartile Price 98.8 92.3 90.0 93.5 101.1 102.2 100.4 19.9 * * 69.8 * * *
Avg. Price Top 5 Trades 99.8 94.5 93.9 96.0 101.7 104.3 101.7 27.7 * * 28.8 * * *
Standard Deviation 4.7 5.3 9.3 16.0 4.4 3.3 4.8 27.1 * * 32.1 * * *
VOLUME OF TRADES (000'S) 466,621.7 51,261.4 64,346.5 131,294.4 50,308.1 184,640.4 198,152.6 377,260.1 * * 2,298,816.5 * * *
Customer Buy 286,104.6 29,762.3 33,641.0 40,716.9 27,693.7 132,497.4 135,785.6 374,083.8 * * * * * *
Customer Sell 98,973.0 12,243.6 20,517.2 13,180.1 21,473.5 38,336.7 52,361.0 * * * * * - *
Dealer to Dealer 81,544.1 9,255.5 10,188.3 77,397.5 * 13,806.3 * - - - - - * -
<= $1MM 54,499.0 5,080.5 8,841.5 2,860.1 5,488.4 8,936.0 6,779.7 - - - - - - -
<= $10MM 261,682.1 26,007.9 33,810.0 58,516.4 27,815.7 70,323.7 88,272.9 13,482.0 * * - - - -
> $10MM 150,440.5 * * * * * 103,100.0 * - * 2,298,816.5 * * *
NUMBER OF TRADES 259 41 30 29 24 85 42 9 * * 8 * * *
Customer Buy 124 21 13 11 11 31 31 7 * * * * * *
Customer Sell 76 7 9 10 9 27 8 * * * * * - *
Dealer to Dealer 59 13 8 8 * 27 * - - - - - * -
<= $1MM 170 29 17 13 15 64 15 - - - - - - -
<= $10MM 78 11 12 13 8 17 22 6 * * - - - -
> $10MM 11 * * * * * 5 * - * 8 * * *

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 97.1 89.1 86.7 93.9 104.0 101.9 102.8
Weighted Avg. Price 96.9 89.8 86.3 95.5 103.7 103.2 104.2
Avg. Price Bottom 5 Trades 91.4 85.9 85.7 90.6 101.0 99.5 101.0
2nd Quartile Price 96.5 89.2 86.4 91.3 102.5 99.9 102.8
3rd Quartile Price 97.8 89.9 86.8 95.7 104.6 102.4 103.8
4th Quartile Price 98.9 90.6 87.3 95.9 106.2 104.1 104.0
Avg. Price Top 5 Trades 99.7 91.1 87.8 96.7 106.5 104.4 104.2
Standard Deviation 2.4 2.0 1.1 2.8 2.2 2.0 2.0
VOLUME OF TRADES (000'S) 585,376.7 46,594.0 24,633.0 102,271.0 54,758.5 84,887.0 48,424.0
Customer Buy 267,805.5 * 11,685.0 51,932.0 26,716.5 6,602.0 11,870.0
Customer Sell 291,408.2 39,842.0 9,948.0 33,839.0 26,742.0 70,461.0 36,478.0
Dealer to Dealer 26,163.0 * * * * 7,824.0 *
<= $1MM 31,835.2 5,468.0 2,951.0 2,792.0 5,132.0 1,700.0 589.0
<= $10MM 258,646.5 29,696.0 21,682.0 26,425.0 39,471.5 21,208.0 28,052.0
> $10MM 294,895.0 * - * * * *
NUMBER OF TRADES 152 22 14 18 21 21 17
Customer Buy 62 * 6 8 10 6 5
Customer Sell 75 16 7 6 9 10 9
Dealer to Dealer 15 * * * * 5 *
<= $1MM 64 13 5 6 12 10 9
<= $10MM 76 8 9 9 8 9 7
> $10MM 12 * - * * * *

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 97.7 88.9 103.7 * * 74.7 90.0 81.0 101.4 - - - 74.2 89.5 98.3 4.2 7.2 6.7
Weighted Avg. Price 98.0 89.1 104.2 * * 6.1 91.4 78.6 102.2 - - - 74.2 91.5 85.2 3.4 6.8 5.6
Avg. Price Bottom 5 Trades 94.8 83.9 100.5 * * 63.0 80.2 77.5 94.9 - - - 23.5 87.9 87.2 4.2 6.5 6.7
2nd Quartile Price 97.1 85.8 102.9 * * 103.7 87.0 80.3 100.5 - - - 72.8 93.2 100.6 * 6.1 *
3rd Quartile Price 97.8 87.9 103.9 * * 104.0 91.5 82.2 102.1 - - - 81.3 97.5 103.3 * 7.8 *
4th Quartile Price 98.7 90.9 104.5 * * 104.0 93.4 96.9 104.0 - - - 88.0 97.6 103.4 * 8.3 *
Avg. Price Top 5 Trades 99.5 98.6 107.3 * * 103.9 96.3 84.5 105.9 - - - 95.8 92.1 103.5 4.2 8.2 6.7
Standard Deviation 1.3 5.0 1.6 * * 49.9 4.6 8.3 4.8 - - - 22.6 9.4 12.2 2.2 1.0 2.5
VOLUME OF TRADES (000'S) 102,519.0 75,941.8 749,740.2 * * 467,402.0 83,241.0 22,006.0 49,979.9 - - - 77,646.4 14,549.0 69,386.0 102,600.8 135,363.0 607,182.0
Customer Buy 56,381.8 31,247.0 350,323.0 * - * 39,065.7 * 20,795.4 - - - 39,373.0 * 27,999.0 * * 589,933.0
Customer Sell 39,313.4 37,479.8 379,159.2 - - * 38,362.6 * 28,964.4 - - - 32,754.8 * 41,387.0 76,904.5 86,688.6 *
Dealer to Dealer 6,823.8 7,215.0 20,258.0 - * - 5,812.7 - * - - - 5,518.5 - - - - -
<= $1MM 15,280.7 5,510.8 11,173.0 - - - 16,164.7 * 4,522.9 - - - 8,238.1 * * - - -
<= $10MM 47,521.6 70,431.0 189,523.2 - - 20,180.0 67,076.3 21,006.0 45,457.0 - - - 69,408.3 * 31,888.0 * 31,302.0 -
> $10MM * - 549,044.0 * * * - - - - - - - - * * 104,061.0 607,182.0
NUMBER OF TRADES 68 34 99 * * 7 61 7 24 - - - 48 6 16 6 12 11
Customer Buy 29 10 46 * - * 28 * 12 - - - 20 * 5 * * 10
Customer Sell 30 16 45 - - * 21 * 10 - - - 16 * 11 5 8 *
Dealer to Dealer 9 8 8 - * - 12 - * - - - 12 - - - - -
<= $1MM 46 13 35 - - - 37 * 8 - - - 30 * * - - -
<= $10MM 19 21 42 - - 5 24 6 16 - - - 18 * 11 * 6 -
> $10MM * - 22 * * * - - - - - - - - * * 6 11

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 - - - 94.7 96.7 100.1 - - - 94.7 95.5 99.9 - - - 68.1 89.4 100.5 - * -
Weighted Avg. Price - - - 96.6 96.5 99.1 - - - 96.2 95.6 100.4 - - - 72.0 88.6 101.3 - * -
Avg. Price Bottom 5 Trades - - - 86.4 85.2 93.1 - - - 87.2 79.8 95.4 - - - 0.3 18.6 93.6 - * -
2nd Quartile Price - - - 92.2 95.3 99.3 - - - 92.5 95.4 99.0 - - - 64.9 90.1 98.8 - * -
3rd Quartile Price - - - 95.6 98.8 100.0 - - - 95.9 97.4 99.8 - - - 74.0 96.5 100.9 - * -
4th Quartile Price - - - 98.0 99.6 101.7 - - - 97.5 99.2 100.5 - - - 90.2 99.0 102.9 - * -
Avg. Price Top 5 Trades - - - 99.2 100.3 104.3 - - - 99.8 99.8 104.1 - - - 98.7 99.9 105.1 - * -
Standard Deviation - - - 4.0 4.4 2.3 - - - 4.2 5.3 1.9 - - - 28.7 18.0 3.3 - * -
VOLUME OF TRADES (000'S) - - - 159,267.2 437,490.9 603,598.0 - - - 98,617.4 193,687.3 342,095.8 - - - 248,000.6 455,784.8 149,706.3 - * -
Customer Buy - - - 65,214.0 226,079.2 233,936.6 - - - 59,928.3 82,778.8 181,699.8 - - - 104,116.5 244,067.9 74,837.1 - - -
Customer Sell - - - 87,033.1 201,310.3 359,399.4 - - - 38,189.1 98,978.5 160,396.0 - - - 139,025.9 195,716.9 63,329.2 - * -
Dealer to Dealer - - - * * * - - - * * - - - - 4,858.3 16,000.0 * - - -
<= $1MM - - - 7,912.6 16,203.6 18,707.8 - - - 3,791.3 21,469.6 15,083.5 - - - 20,676.9 23,252.3 9,601.8 - - -
<= $10MM - - - 106,365.5 239,523.3 275,718.7 - - - 74,736.1 159,723.7 187,580.6 - - - 198,453.7 358,312.8 140,104.5 - * -
> $10MM - - - * 181,764.0 309,171.5 - - - * * 139,431.8 - - - * 74,219.7 - - - -
NUMBER OF TRADES - - - 50 101 141 - - - 39 92 98 - - - 123 145 56 - * -
Customer Buy - - - 19 48 63 - - - 23 34 53 - - - 50 78 31 - - -
Customer Sell - - - 29 50 75 - - - 14 55 45 - - - 67 62 21 - * -
Dealer to Dealer - - - * * * - - - * * - - - - 6 5 * - - -
<= $1MM - - - 19 37 56 - - - 10 41 34 - - - 70 39 20 - - -
<= $10MM - - - 29 54 67 - - - 27 50 57 - - - 52 101 36 - * -
> $10MM - - - * 10 18 - - - * * 7 - - - * 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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