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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 02/24/2025 to 02/28/2025

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 95.9 86.8 80.8 79.6 97.8 99.1 98.5 3.9 * * * 4.2 17.2 65.2
Weighted Avg. Price 97.2 97.2 88.4 90.9 100.0 100.3 99.2 3.6 * * * 4.1 10.8 13.0
Avg. Price Bottom 5 Trades 75.9 68.0 64.6 57.2 91.1 87.8 96.3 3.2 * * * 4.2 12.6 53.3
2nd Quartile Price 96.3 75.9 72.3 75.0 97.5 98.6 98.1 3.6 * * * * 4.9 7.0
3rd Quartile Price 97.9 90.8 78.1 77.0 100.1 99.8 99.0 4.0 * * * * 27.0 100.1
4th Quartile Price 98.6 99.0 92.3 90.9 101.1 100.9 99.6 6.7 * * * * 28.6 100.4
Avg. Price Top 5 Trades 100.5 100.0 99.6 96.4 101.7 103.1 100.2 4.8 * * * 4.2 23.2 84.8
Standard Deviation 5.4 12.6 12.0 13.7 6.1 4.5 1.6 1.7 * * * 0.8 13.3 48.6
VOLUME OF TRADES (000'S) 975,093.7 55,275.2 316,296.3 423,687.9 64,489.3 382,168.2 272,272.9 652,901.8 * * * 511,164.8 105,668.1 152,964.6
Customer Buy 387,108.3 7,200.5 174,348.3 6,795.6 50,800.1 230,270.3 192,755.7 * - - - - * 147,957.6
Customer Sell 336,478.3 25,262.2 67,492.7 203,063.0 9,645.3 123,167.9 - * * * * - * *
Dealer to Dealer 251,507.1 22,812.5 74,455.4 213,829.3 * 28,730.0 79,517.2 * * - - 511,164.8 * *
<= $1MM 40,275.4 4,703.9 5,626.4 1,702.1 3,847.1 5,732.5 * - - * - - - *
<= $10MM 191,316.5 19,191.3 86,726.3 33,508.0 13,107.3 100,335.7 * * - * - - 39,719.5 19,367.3
> $10MM 743,501.9 * 223,943.7 * * 276,100.0 251,829.8 650,449.1 * - * 511,164.8 * *
NUMBER OF TRADES 215 51 47 29 19 58 19 11 * * * 5 7 8
Customer Buy 72 17 22 11 9 23 14 * - - - - * 5
Customer Sell 77 23 10 8 7 22 - * * * * - * *
Dealer to Dealer 66 11 15 10 * 13 5 * * - - 5 * *
<= $1MM 135 42 18 18 10 27 * - - * - - - *
<= $10MM 65 7 21 8 7 24 * * - * - - 5 5
> $10MM 15 * 8 * * 7 11 10 * - * 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 96.3 87.4 86.0 97.1 106.0 103.0 *
Weighted Avg. Price 95.9 86.7 86.2 93.4 106.6 103.6 *
Avg. Price Bottom 5 Trades 88.3 84.5 84.8 91.2 105.4 100.8 *
2nd Quartile Price 95.6 85.4 85.4 93.0 106.6 102.0 *
3rd Quartile Price 97.1 87.5 86.2 96.0 106.7 103.5 *
4th Quartile Price 98.4 91.5 87.0 105.1 108.1 105.6 *
Avg. Price Top 5 Trades 99.6 90.8 86.9 103.6 107.1 105.0 *
Standard Deviation 2.9 3.0 0.9 6.5 2.3 2.4 *
VOLUME OF TRADES (000'S) 135,472.6 38,169.6 51,360.0 31,450.0 29,524.5 31,052.0 *
Customer Buy 71,212.6 24,213.1 30,240.0 26,350.0 22,332.5 24,504.0 *
Customer Sell 60,326.7 12,956.5 21,120.0 * * 6,548.0 *
Dealer to Dealer 3,933.4 * - * - - -
<= $1MM 20,971.6 * 3,060.0 * * 2,060.0 *
<= $10MM 81,883.8 35,844.6 48,300.0 19,255.0 29,324.5 * *
> $10MM * - - * - * -
NUMBER OF TRADES 113 14 19 12 7 11 *
Customer Buy 45 8 11 7 5 5 *
Customer Sell 54 5 8 * * 6 *
Dealer to Dealer 14 * - * - - -
<= $1MM 86 * 7 * * 6 *
<= $10MM 25 10 12 7 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 96.9 94.6 103.7 2.7 4.3 7.0 90.2 73.3 100.3 1.6 - - 77.2 82.9 94.2 * * *
Weighted Avg. Price 97.6 94.6 104.6 2.6 4.6 7.3 91.9 76.0 98.9 1.6 - - 63.1 82.6 89.7 * * *
Avg. Price Bottom 5 Trades 91.1 89.9 99.8 1.9 3.9 6.5 69.6 61.1 98.5 1.6 - - 8.6 80.3 94.2 * * *
2nd Quartile Price 96.3 91.5 102.9 3.1 4.1 7.3 88.3 62.0 100.3 * - - 72.0 83.8 * * * *
3rd Quartile Price 97.2 93.9 103.9 3.3 4.8 7.4 92.6 81.9 103.1 * - - 85.6 84.3 * * * *
4th Quartile Price 98.6 99.4 104.8 3.8 4.9 8.4 95.0 83.6 105.5 * - - 92.0 86.0 * * * *
Avg. Price Top 5 Trades 99.5 101.0 107.9 3.5 4.8 7.8 98.9 84.9 102.7 1.6 - - 97.1 85.2 94.2 * * *
Standard Deviation 2.2 4.2 2.0 1.2 0.9 1.7 7.4 12.1 5.7 0.2 - - 21.9 4.2 8.5 * * *
VOLUME OF TRADES (000'S) 233,334.8 40,977.1 151,563.6 107,352.7 149,962.6 26,569.1 518,987.4 102,619.7 23,515.0 41,019.5 - - 428,629.1 12,015.3 21,982.3 * * *
Customer Buy 115,503.1 9,833.3 93,114.3 * * * 257,458.0 46,359.4 * * - - 212,214.9 * * - * -
Customer Sell 114,165.8 31,068.7 57,539.3 34,913.9 70,960.6 * 252,599.4 56,260.4 14,500.0 * - - 201,825.1 * * * * *
Dealer to Dealer 3,665.9 * * * - - 8,930.0 - - * - - 14,589.1 * - - - -
<= $1MM 16,211.5 1,968.6 11,573.1 - - - 14,154.7 * * - - - 7,069.6 1,701.2 * - - *
<= $10MM 123,013.7 39,008.4 129,815.5 17,849.7 * 26,569.1 408,123.7 50,549.7 22,815.0 * - - 276,848.0 * * - * -
> $10MM 94,109.5 - * 89,503.0 * - 96,709.0 * - * - - 144,711.5 - - * - -
NUMBER OF TRADES 115 26 73 10 8 7 172 16 7 6 - - 121 10 5 * * *
Customer Buy 43 7 36 * * * 76 7 * * - - 55 * * - * -
Customer Sell 61 16 34 6 6 * 83 9 5 * - - 52 * * * * *
Dealer to Dealer 11 * * * - - 13 - - * - - 14 * - - - -
<= $1MM 65 16 34 - - - 74 * * - - - 38 6 * - - *
<= $10MM 44 10 38 5 * 7 90 11 5 * - - 77 * * - * -
> $10MM 6 - * 5 * - 8 * - * - - 6 - - * - -

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 - - - 96.3 96.7 100.3 - - - 94.1 94.4 100.4 - - - 81.4 89.7 101.5 - - *
Weighted Avg. Price - - - 95.8 96.5 99.6 - - - 92.9 93.6 100.5 - - - 81.9 93.7 101.3 - - *
Avg. Price Bottom 5 Trades - - - 93.2 83.8 92.8 - - - 87.5 84.7 97.2 - - - 24.8 43.5 98.6 - - *
2nd Quartile Price - - - 95.3 96.0 99.8 - - - 91.0 91.7 99.8 - - - 73.5 89.0 99.8 - - *
3rd Quartile Price - - - 95.8 98.8 100.4 - - - 93.8 95.3 100.5 - - - 91.3 96.3 100.3 - - *
4th Quartile Price - - - 97.7 99.6 101.8 - - - 97.6 98.4 100.9 - - - 96.2 99.9 104.3 - - *
Avg. Price Top 5 Trades - - - 100.0 100.3 105.4 - - - 99.6 100.0 103.6 - - - 99.6 100.8 105.6 - - *
Standard Deviation - - - 2.0 4.6 2.7 - - - 4.2 4.8 1.5 - - - 20.5 16.6 2.3 - - *
VOLUME OF TRADES (000'S) - - - 222,132.9 256,058.6 541,204.4 - - - 461,325.8 172,679.5 223,904.6 - - - 441,716.9 342,326.3 328,090.0 - - *
Customer Buy - - - 118,025.5 112,621.8 260,746.5 - - - 195,854.0 79,561.1 112,541.3 - - - 218,280.1 134,410.6 140,775.0 - - *
Customer Sell - - - 104,007.4 77,458.2 271,037.9 - - - 262,531.8 88,002.9 100,102.3 - - - 221,120.1 197,594.5 182,315.0 - - -
Dealer to Dealer - - - * 65,978.6 9,420.0 - - - * 5,115.5 11,261.0 - - - * 10,321.2 * - - -
<= $1MM - - - 4,871.6 23,013.2 27,282.4 - - - 3,538.8 11,949.9 13,050.6 - - - 6,506.4 6,376.3 8,540.0 - - -
<= $10MM - - - 140,274.3 186,789.7 313,537.0 - - - 116,626.0 90,729.6 137,304.0 - - - 174,372.1 198,450.0 235,450.0 - - *
> $10MM - - - * * 200,385.1 - - - 341,161.0 * 73,550.0 - - - 260,838.4 * 84,100.0 - - -
NUMBER OF TRADES - - - 48 106 141 - - - 48 68 72 - - - 81 59 72 - - *
Customer Buy - - - 27 44 65 - - - 26 28 29 - - - 44 28 34 - - *
Customer Sell - - - 19 46 70 - - - 20 31 31 - - - 33 26 37 - - -
Dealer to Dealer - - - * 16 6 - - - * 9 12 - - - * 5 * - - -
<= $1MM - - - 14 62 71 - - - 9 39 31 - - - 18 7 10 - - -
<= $10MM - - - 30 40 61 - - - 28 25 36 - - - 51 48 56 - - *
> $10MM - - - * * 9 - - - 11 * 5 - - - 12 * 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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