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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 05/19/2025 to 05/23/2025

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 96.0 86.7 82.9 82.7 96.4 98.8 98.4 2.2 3.8 5.7 10.1 5.6 * *
Weighted Avg. Price 96.4 85.5 88.8 88.4 99.6 97.9 98.6 1.8 2.3 6.5 4.6 6.4 * *
Avg. Price Bottom 5 Trades 80.6 71.7 69.4 49.4 86.4 91.7 92.8 0.4 1.5 2.8 2.9 4.0 * *
2nd Quartile Price 95.5 81.6 73.7 83.7 96.2 97.7 97.7 0.8 2.8 3.3 4.6 5.4 * *
3rd Quartile Price 97.6 87.3 85.1 86.9 99.5 99.0 99.0 2.4 3.8 6.1 5.2 6.6 * *
4th Quartile Price 98.4 97.5 92.1 89.5 101.4 100.6 99.7 4.0 6.3 8.9 5.2 6.6 * *
Avg. Price Top 5 Trades 100.0 98.5 95.1 96.2 101.8 102.7 101.1 4.4 6.1 8.9 13.2 7.0 * *
Standard Deviation 4.4 9.2 9.6 13.8 8.1 3.1 2.4 1.8 2.3 2.4 20.2 2.2 * *
VOLUME OF TRADES (000'S) 497,786.0 247,043.8 262,982.7 336,015.3 144,315.9 55,717.4 337,845.0 36,428.4 1,096,605.1 497,955.4 159,585.0 580,020.8 * *
Customer Buy 211,116.0 42,593.9 139,791.8 177,151.9 79,686.2 40,919.7 116,219.5 4,767.7 320,300.6 222,930.6 * 336,406.5 * -
Customer Sell 171,665.6 183,857.6 80,155.4 76,018.9 27,838.4 5,577.0 70,866.0 31,660.7 352,690.3 275,024.8 114,510.2 * * *
Dealer to Dealer 115,004.4 20,592.4 43,035.6 82,844.6 36,791.4 9,220.7 150,759.5 - * - - - * -
<= $1MM 24,638.3 3,094.5 4,223.2 7,387.2 1,881.4 2,075.0 2,944.7 2,064.5 * * * - - -
<= $10MM 155,932.5 48,949.3 52,184.2 42,847.7 51,554.6 53,642.4 107,681.2 21,075.1 30,880.6 54,712.4 25,409.9 * * -
> $10MM 317,215.2 * 206,575.3 285,780.5 * - 227,219.1 * 1,065,364.5 442,483.3 * 569,057.6 * *
NUMBER OF TRADES 149 44 41 43 20 80 65 18 16 23 11 10 * *
Customer Buy 67 15 21 12 8 20 27 6 5 9 * 6 * -
Customer Sell 55 18 7 22 7 34 16 12 7 14 7 * * *
Dealer to Dealer 27 11 13 9 5 26 22 - * - - - * -
<= $1MM 86 27 17 22 7 64 23 11 * * * - - -
<= $10MM 49 15 15 13 9 16 32 6 5 14 8 * * -
> $10MM 14 * 9 8 * - 10 * 10 8 * 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 96.3 87.8 85.8 92.6 104.7 99.7 99.6
Weighted Avg. Price 96.7 86.5 85.6 89.4 105.8 100.3 102.0
Avg. Price Bottom 5 Trades 87.6 85.2 84.5 88.2 101.5 96.8 96.8
2nd Quartile Price 96.2 86.7 85.0 89.6 103.4 97.6 97.6
3rd Quartile Price 97.5 87.8 85.9 92.4 104.8 100.1 101.9
4th Quartile Price 98.5 89.9 86.8 100.1 109.7 102.0 102.0
Avg. Price Top 5 Trades 99.7 90.4 87.1 98.7 108.0 102.6 102.2
Standard Deviation 3.3 2.0 1.3 5.5 3.7 2.2 3.2
VOLUME OF TRADES (000'S) 301,290.1 25,764.8 9,430.0 21,100.0 38,390.0 265,503.0 12,899.0
Customer Buy 145,584.4 19,516.0 * * * 88,509.0 *
Customer Sell 139,155.8 6,248.8 5,975.0 12,800.0 20,990.0 175,914.0 7,859.0
Dealer to Dealer 16,550.0 - - - * * *
<= $1MM 24,716.3 6,477.0 4,155.0 4,135.0 2,990.0 2,003.0 1,774.0
<= $10MM 136,657.1 * * 16,965.0 21,400.0 88,500.0 *
> $10MM 139,916.7 * - - * 175,000.0 -
NUMBER OF TRADES 110 24 15 15 12 33 13
Customer Buy 41 9 * * * 13 *
Customer Sell 59 15 11 12 9 16 8
Dealer to Dealer 10 - - - * * *
<= $1MM 69 21 11 10 6 12 10
<= $10MM 33 * * 5 5 14 *
> $10MM 8 * - - * 7 -

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 96.9 92.7 102.5 2.0 3.1 * 88.9 * 95.8 1.1 - - 69.5 63.1 91.1 - * -
Weighted Avg. Price 97.2 93.9 103.2 2.0 2.3 * 86.9 * 95.6 1.3 - - 52.3 65.7 90.4 - * -
Avg. Price Bottom 5 Trades 88.8 88.8 98.4 1.2 3.1 * 59.1 * 86.6 1.0 - - 3.1 63.1 88.4 - * -
2nd Quartile Price 95.5 92.5 101.9 1.9 * * 86.0 * 86.5 1.4 - - 58.3 * 89.8 - * -
3rd Quartile Price 97.8 93.9 102.9 2.0 * * 91.0 * 102.0 1.4 - - 85.3 * 94.3 - * -
4th Quartile Price 98.7 95.7 103.7 2.9 * * 94.5 * 102.5 1.4 - - 91.3 * 101.3 - * -
Avg. Price Top 5 Trades 99.6 95.8 105.3 2.7 3.1 * 99.8 * 102.4 1.2 - - 97.4 63.1 94.1 - * -
Standard Deviation 2.8 4.0 1.9 1.3 2.1 * 9.2 * 9.1 0.5 - - 31.3 26.6 6.3 - * -
VOLUME OF TRADES (000'S) 219,258.5 26,370.2 408,875.7 147,519.3 282,387.7 * 166,361.8 * 28,312.0 111,634.2 - - 354,767.9 9,963.3 10,219.3 - * -
Customer Buy 119,356.6 19,074.5 237,138.2 54,256.5 * - 94,410.2 * 12,241.0 * - - 120,577.5 * * - * -
Customer Sell 84,494.3 * 171,647.5 * * * 71,951.5 * * * - - 154,024.6 * * - - -
Dealer to Dealer 15,407.6 * 90.0 * * - - - * * - - 80,165.9 - - - - -
<= $1MM 13,382.4 3,611.9 10,813.7 * - - 10,909.1 - * * - - 7,712.9 * * - - -
<= $10MM 177,588.4 * 118,675.5 9,683.7 * * 155,452.6 * 27,972.0 * - - 262,503.4 * * - - -
> $10MM * * 279,386.5 * 279,297.7 - - - - 91,898.7 - - * - - - * -
NUMBER OF TRADES 96 14 81 11 7 * 92 * 12 10 - - 108 5 7 - * -
Customer Buy 46 8 33 7 * - 45 * 6 * - - 42 * * - * -
Customer Sell 36 * 39 * * * 47 * * * - - 50 * * - - -
Dealer to Dealer 14 * 9 * * - - - * * - - 16 - - - - -
<= $1MM 52 9 42 * - - 52 - * * - - 41 * * - - -
<= $10MM 42 * 26 5 * * 40 * 11 * - - 64 * * - - -
> $10MM * * 13 * 6 - - - - 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 - - - 95.2 97.9 100.0 - * - 93.3 96.5 99.8 - - * 69.3 90.7 99.7 * 65.4 *
Weighted Avg. Price - - - 96.0 98.1 99.6 - * - 92.3 96.5 99.7 - - * 53.6 95.0 99.5 * 72.2 *
Avg. Price Bottom 5 Trades - - - 92.4 87.1 95.6 - * - 77.2 84.7 95.0 - - * 0.6 24.6 91.4 * 51.4 *
2nd Quartile Price - - - 94.5 98.2 99.7 - * - 92.2 95.8 99.2 - - * 76.3 94.0 99.3 * 78.1 *
3rd Quartile Price - - - 95.3 99.6 100.2 - * - 96.6 98.2 100.0 - - * 86.0 96.5 99.9 * 85.3 *
4th Quartile Price - - - 97.0 99.9 100.4 - * - 97.8 99.7 100.3 - - * 92.3 98.6 100.5 * 90.2 *
Avg. Price Top 5 Trades - - - 97.8 100.2 103.2 - * - 98.6 100.8 104.5 - - * 96.9 100.4 104.8 * 86.2 *
Standard Deviation - - - 2.1 3.8 1.4 - * - 7.5 4.6 2.0 - - * 34.4 17.8 2.8 * 36.2 *
VOLUME OF TRADES (000'S) - - - 64,550.7 167,412.3 383,985.5 - * - 80,474.2 182,691.0 310,553.8 - - * 440,197.6 603,953.7 486,587.8 * 58,860.0 *
Customer Buy - - - 28,418.9 89,170.6 183,457.3 - - - 46,349.3 71,463.1 128,374.6 - - * 192,332.6 222,209.1 227,181.5 * * *
Customer Sell - - - 31,931.8 69,841.5 195,556.3 - * - 29,201.3 80,849.6 151,899.2 - - * 200,055.1 242,835.6 222,256.3 - * *
Dealer to Dealer - - - * * 4,971.9 - * - * 30,378.3 30,280.0 - - * 47,809.9 138,908.9 37,150.0 - * -
<= $1MM - - - 6,657.5 10,462.4 30,341.6 - * - 7,417.8 18,413.5 9,755.1 - - - 4,864.6 9,529.6 5,168.0 - - *
<= $10MM - - - 33,066.2 115,069.1 207,110.9 - - - 73,056.4 123,247.5 267,498.6 - - - 244,600.0 314,042.0 369,589.8 - 58,860.0 *
> $10MM - - - * * 146,533.0 - - - - * * - - * 190,733.0 280,382.0 111,830.0 * - -
NUMBER OF TRADES - - - 26 57 119 - * - 38 73 88 - - * 97 109 94 * 8 *
Customer Buy - - - 11 27 45 - - - 19 36 41 - - * 49 37 47 * * *
Customer Sell - - - 13 27 69 - * - 16 30 40 - - * 37 45 40 - * *
Dealer to Dealer - - - * * 5 - * - * 7 7 - - * 11 27 7 - * -
<= $1MM - - - 9 24 62 - * - 15 37 21 - - - 29 22 10 - - *
<= $10MM - - - 15 30 48 - - - 23 33 65 - - - 60 69 77 - 8 *
> $10MM - - - * * 9 - - - - * * - - * 8 18 7 * - -

* 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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