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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 07/07/2025 to 07/11/2025

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 96.7 92.4 85.3 90.5 94.5 99.1 97.2 4.1 5.2 6.0 * - * *
Weighted Avg. Price 97.6 94.2 89.9 88.9 85.7 95.7 98.1 4.3 6.6 6.0 * - * *
Avg. Price Bottom 5 Trades 81.1 80.4 62.4 85.7 72.0 89.3 84.7 4.1 3.7 6.0 * - * *
2nd Quartile Price 96.7 86.9 77.6 87.4 96.3 98.3 95.6 * 3.7 * * - * *
3rd Quartile Price 98.1 92.1 87.6 90.7 99.6 100.3 99.0 * 6.2 * * - * *
4th Quartile Price 98.9 99.1 98.8 93.9 100.4 101.3 99.7 * 7.3 * * - * *
Avg. Price Top 5 Trades 99.9 100.2 99.8 95.8 101.5 103.3 101.5 4.1 6.7 6.0 * - * *
Standard Deviation 4.0 7.5 12.2 4.4 11.4 4.6 4.3 1.2 1.7 0.1 * - * *
VOLUME OF TRADES (000'S) 643,592.3 59,857.6 192,486.8 283,374.7 113,110.1 115,818.3 625,147.1 165,428.2 302,511.1 385,299.0 * - * *
Customer Buy 313,032.5 27,261.7 77,464.8 160,011.1 66,625.9 88,529.6 384,905.2 * * * * - * *
Customer Sell 178,019.3 14,931.3 77,085.1 3,316.2 2,754.6 5,695.0 15,174.0 * 168,781.2 * * - * -
Dealer to Dealer 152,540.5 17,664.6 37,936.9 * 43,729.5 21,593.7 225,067.9 - - - - - - -
<= $1MM 21,656.0 5,476.9 6,955.3 3,063.2 5,433.8 3,530.0 13,447.5 - - - - - - -
<= $10MM 226,088.6 54,380.7 95,381.4 12,311.6 27,526.2 51,611.4 196,431.1 * 15,574.1 * * - - *
> $10MM 395,847.7 - * * * * 415,268.5 * 286,937.0 * * - * *
NUMBER OF TRADES 189 42 50 20 30 60 92 5 10 5 * - * *
Customer Buy 76 9 20 11 16 19 43 * * * * - * *
Customer Sell 78 18 14 6 7 22 11 * 6 * * - * -
Dealer to Dealer 35 15 16 * 7 19 38 - - - - - - -
<= $1MM 115 27 20 12 18 44 32 - - - - - - -
<= $10MM 58 15 26 5 8 14 46 * 5 * * - - *
> $10MM 16 - * * * * 14 * 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 97.6 87.7 87.3 95.5 106.7 102.8 103.3
Weighted Avg. Price 98.1 86.4 87.4 96.1 109.1 103.3 104.1
Avg. Price Bottom 5 Trades 92.1 86.4 86.1 95.3 103.7 101.7 101.4
2nd Quartile Price 97.2 86.2 86.9 95.9 105.9 102.4 103.3
3rd Quartile Price 98.2 87.9 87.2 96.0 110.5 103.0 103.8
4th Quartile Price 98.7 90.3 88.1 96.6 110.6 103.8 104.4
Avg. Price Top 5 Trades 99.5 89.0 88.6 96.0 109.8 104.0 104.5
Standard Deviation 1.8 1.9 1.1 1.3 3.9 1.4 1.4
VOLUME OF TRADES (000'S) 285,358.6 63,711.0 24,203.7 40,275.0 51,623.0 29,113.0 39,026.0
Customer Buy 121,636.8 * 18,139.7 * 30,931.0 19,800.0 28,289.0
Customer Sell 137,497.1 35,481.0 6,064.0 * * * 10,561.0
Dealer to Dealer 26,224.8 - - - * * *
<= $1MM 26,481.3 3,131.0 3,809.0 * * 1,163.0 4,062.0
<= $10MM 99,541.0 * 20,394.7 * 35,138.0 27,950.0 34,964.0
> $10MM 159,336.3 * - * * - -
NUMBER OF TRADES 96 10 16 6 10 13 22
Customer Buy 39 * 7 * 7 7 12
Customer Sell 45 6 9 * * * 8
Dealer to Dealer 12 - - - * * *
<= $1MM 59 5 10 * * 5 14
<= $10MM 29 * 6 * 7 8 8
> $10MM 8 * - * * - -

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 97.6 91.0 103.7 * * * 88.0 76.6 100.2 - - - 61.9 54.2 99.0 1.5 7.7 94.4
Weighted Avg. Price 97.0 89.0 104.0 * * * 84.5 76.6 97.8 - - - 68.2 60.0 97.3 1.5 7.6 98.8
Avg. Price Bottom 5 Trades 92.8 86.6 100.4 * * * 60.8 71.4 88.5 - - - 8.8 54.2 93.6 1.5 7.6 92.7
2nd Quartile Price 96.9 88.3 103.0 * * * 85.8 77.9 101.5 - - - 12.3 * 99.8 * 7.2 96.6
3rd Quartile Price 97.9 91.8 103.9 * * * 92.2 79.9 103.3 - - - 82.1 * 101.3 * 7.8 97.6
4th Quartile Price 99.0 92.9 104.4 * * * 95.5 80.6 104.3 - - - 92.0 * 103.1 * 8.3 102.6
Avg. Price Top 5 Trades 99.7 97.7 106.7 * * * 97.9 80.5 105.3 - - - 94.9 54.2 102.5 1.5 7.8 96.1
Standard Deviation 1.8 4.3 1.5 * * * 12.1 7.4 6.4 - - - 34.9 25.7 4.7 - 0.5 6.9
VOLUME OF TRADES (000'S) 294,593.5 147,144.6 751,449.0 * * * 87,664.6 28,900.0 48,854.0 - - - 210,040.1 6,579.5 89,647.9 142,917.0 79,334.0 29,283.0
Customer Buy 155,387.6 44,594.6 384,760.6 * - - 36,625.4 * 26,117.0 - - - 83,128.1 * 40,324.4 53,639.0 * *
Customer Sell 136,424.3 101,020.0 331,206.4 * * * 43,233.1 * 22,041.0 - - - 106,348.1 * 49,323.5 * * *
Dealer to Dealer 2,781.6 * 35,482.0 - - - 7,806.0 * * - - - 20,563.9 - - * - *
<= $1MM 17,226.2 3,625.0 13,894.9 - - - 9,909.6 - 4,131.0 - - - 13,717.8 - * - - *
<= $10MM 120,665.7 40,519.6 195,268.2 * * * 77,755.0 28,900.0 44,723.0 - - - 131,188.8 6,579.5 56,214.1 53,639.0 * *
> $10MM 156,701.5 * 542,286.0 - - * - - - - - - 65,133.5 - * * * *
NUMBER OF TRADES 88 25 114 * * * 53 12 29 - - - 75 5 14 10 7 6
Customer Buy 43 11 56 * - - 26 * 13 - - - 29 * 6 5 * *
Customer Sell 37 10 46 * * * 21 * 15 - - - 38 * 8 * * *
Dealer to Dealer 8 * 12 - - - 6 * * - - - 8 - - * - *
<= $1MM 45 9 57 - - - 31 - 10 - - - 37 - * - - *
<= $10MM 36 12 36 * * * 22 12 19 - - - 33 5 9 7 * *
> $10MM 7 * 21 - - * - - - - - - 5 - * * * *

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 - - - 93.9 96.5 100.3 - - - 91.1 96.3 100.5 - - - 74.2 87.5 100.1 - - *
Weighted Avg. Price - - - 93.7 97.2 100.3 - - - 92.3 97.5 100.3 - - - 65.8 79.0 99.9 - - *
Avg. Price Bottom 5 Trades - - - 88.0 87.7 93.6 - - - 81.8 83.7 94.5 - - - 28.1 30.2 95.0 - - *
2nd Quartile Price - - - 92.3 96.1 99.9 - - - 89.5 95.6 99.9 - - - 60.4 84.8 99.8 - - *
3rd Quartile Price - - - 95.0 98.5 100.3 - - - 92.5 98.6 100.3 - - - 83.0 96.4 100.1 - - *
4th Quartile Price - - - 97.6 99.8 101.8 - - - 94.2 99.9 101.1 - - - 92.4 99.9 100.5 - - *
Avg. Price Top 5 Trades - - - 98.9 100.0 104.5 - - - 98.2 100.2 104.8 - - - 97.6 100.4 104.6 - - *
Standard Deviation - - - 4.2 4.2 2.2 - - - 5.4 5.0 2.1 - - - 22.3 22.4 2.1 - - *
VOLUME OF TRADES (000'S) - - - 42,491.8 202,975.9 625,658.8 - - - 144,865.6 253,356.1 299,887.3 - - - 228,969.6 330,373.3 376,162.5 - - *
Customer Buy - - - 27,326.5 110,755.8 295,589.7 - - - 64,927.0 111,275.3 179,169.3 - - - 122,879.2 146,850.0 180,960.2 - - *
Customer Sell - - - 10,380.3 91,400.0 329,224.2 - - - 72,438.6 140,330.8 91,960.0 - - - 92,363.9 165,048.2 164,962.2 - - -
Dealer to Dealer - - - 4,785.0 * * - - - * * 28,758.0 - - - * 18,475.0 * - - *
<= $1MM - - - 8,762.5 9,843.3 30,353.5 - - - 7,112.0 22,209.8 23,530.3 - - - 3,815.0 5,795.8 12,935.0 - - *
<= $10MM - - - 21,791.3 91,184.5 383,152.2 - - - 87,753.6 124,766.3 223,117.0 - - - 140,102.0 240,873.5 258,397.5 - - *
> $10MM - - - * 101,948.0 212,153.2 - - - * * * - - - * 83,704.0 104,830.0 - - -
NUMBER OF TRADES - - - 30 44 172 - - - 35 80 117 - - - 47 80 98 - - *
Customer Buy - - - 13 22 92 - - - 18 37 64 - - - 26 38 54 - - *
Customer Sell - - - 12 21 78 - - - 13 40 43 - - - 18 37 40 - - -
Dealer to Dealer - - - 5 * * - - - * * 10 - - - * 5 * - - *
<= $1MM - - - 20 18 65 - - - 15 39 48 - - - 15 13 20 - - *
<= $10MM - - - 9 20 95 - - - 18 37 66 - - - 29 61 73 - - *
> $10MM - - - * 6 12 - - - * * * - - - * 6 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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