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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 03/10/2025 to 03/14/2025

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 97.2 84.0 79.5 87.3 91.5 99.4 96.9 6.3 5.9 6.2 2.0 * 2.9 *
Weighted Avg. Price 97.0 90.2 86.3 87.1 98.8 100.0 98.7 8.9 5.3 4.6 0.7 * 3.2 *
Avg. Price Bottom 5 Trades 83.6 67.1 63.5 64.4 70.8 90.4 89.6 0.2 3.2 3.3 2.0 * 2.5 *
2nd Quartile Price 96.9 77.1 70.8 86.9 85.5 99.0 97.1 1.1 4.3 5.4 * * 2.5 *
3rd Quartile Price 98.1 85.7 75.8 90.4 98.7 100.0 97.8 1.6 6.0 6.7 * * 2.8 *
4th Quartile Price 99.0 91.4 90.8 92.9 99.2 100.9 99.9 4.1 7.3 7.4 * * 4.8 *
Avg. Price Top 5 Trades 100.4 100.1 99.8 96.3 101.5 103.2 100.7 34.1 9.4 8.0 2.0 * 3.1 *
Standard Deviation 3.2 10.3 12.2 9.8 13.5 3.3 5.3 17.7 2.5 1.8 1.6 * 0.9 *
VOLUME OF TRADES (000'S) 879,093.3 27,300.3 87,324.0 840,377.8 142,136.5 359,443.4 501,600.9 772,943.3 1,003,965.2 286,544.1 670,699.5 * 414,648.2 *
Customer Buy 335,336.2 3,746.8 47,596.9 505,055.7 23,459.7 189,769.3 238,732.1 375,275.9 * 216,624.3 * * * *
Customer Sell 416,533.4 16,933.5 12,070.3 35,712.9 82,895.2 100,513.1 - 394,967.4 521,497.5 69,919.8 * - * -
Dealer to Dealer 127,223.6 6,620.1 27,656.8 299,609.2 35,781.5 69,161.1 262,868.7 * 370,143.2 - * * * -
<= $1MM 28,966.3 2,507.4 6,695.4 5,457.7 7,588.0 7,904.0 - 1,502.7 * - * - - -
<= $10MM 406,777.0 24,793.0 80,628.6 116,120.4 64,050.4 48,289.6 70,837.5 25,158.5 * 105,475.6 * - * -
> $10MM 443,350.0 - - 718,799.7 * 303,249.8 430,763.3 746,282.1 982,093.5 * * * 406,649.0 *
NUMBER OF TRADES 249 54 65 49 42 68 24 36 24 24 5 * 7 *
Customer Buy 103 19 32 25 12 27 13 13 * 11 * * * *
Customer Sell 101 18 13 7 17 24 - 22 14 13 * - * -
Dealer to Dealer 45 17 20 17 13 17 11 * 6 - * * * -
<= $1MM 124 47 39 14 27 43 - 5 * - * - - -
<= $10MM 97 7 26 28 11 12 14 7 * 21 * - * -
> $10MM 28 - - 7 * 13 10 24 19 * * * 6 *

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 97.0 * 85.9 91.4 104.1 101.9 104.1
Weighted Avg. Price 97.4 * 86.0 91.5 104.4 102.2 104.1
Avg. Price Bottom 5 Trades 89.9 * 85.0 91.4 103.3 101.2 103.8
2nd Quartile Price 96.4 * 85.4 * 103.9 101.1 103.9
3rd Quartile Price 97.6 * 86.0 * 104.1 102.6 104.2
4th Quartile Price 98.6 * 87.3 * 105.7 103.0 104.3
Avg. Price Top 5 Trades 99.6 * 87.0 91.4 104.9 102.8 104.4
Standard Deviation 2.4 * 1.0 3.9 1.1 1.1 0.5
VOLUME OF TRADES (000'S) 215,350.1 * 14,495.7 7,650.0 4,598.1 51,080.1 86,450.0
Customer Buy 108,091.0 * 11,235.7 * 4,248.1 20,580.1 42,650.0
Customer Sell 97,931.1 * 2,510.0 * * * *
Dealer to Dealer 9,328.0 - * - * * -
<= $1MM 20,021.3 * 2,990.0 * 3,206.1 * *
<= $10MM 148,508.9 * * * * 50,990.1 *
> $10MM * - - - - - *
NUMBER OF TRADES 109 * 14 5 9 11 9
Customer Buy 46 * 6 * 6 6 6
Customer Sell 52 * 6 * * * *
Dealer to Dealer 11 - * - * * -
<= $1MM 70 * 10 * 8 * *
<= $10MM 36 * * * * 10 *
> $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 92.9 104.0 3.1 4.6 6.1 89.3 83.0 100.0 - * - 71.4 48.3 99.9 - - 5.8
Weighted Avg. Price 97.2 92.4 104.4 3.0 5.0 6.2 87.8 82.8 96.4 - * - 64.6 66.1 102.0 - - 4.6
Avg. Price Bottom 5 Trades 88.6 87.3 101.3 3.1 3.1 6.1 73.5 79.9 94.2 - * - 9.9 48.3 98.1 - - 5.8
2nd Quartile Price 96.0 91.8 102.7 * 4.2 * 87.8 81.1 100.8 - * - 56.5 * 100.1 - - *
3rd Quartile Price 97.5 94.6 103.8 * 4.9 * 90.2 81.9 102.3 - * - 84.1 * 104.0 - - *
4th Quartile Price 98.8 95.6 105.2 * 5.3 * 94.6 85.1 103.6 - * - 90.5 * 104.5 - - *
Avg. Price Top 5 Trades 99.7 96.1 107.1 3.1 5.9 6.1 98.4 87.1 103.8 - * - 96.3 48.3 102.7 - - 5.8
Standard Deviation 2.5 3.5 1.6 1.2 1.5 1.8 6.9 5.2 6.5 - * - 24.5 36.9 6.3 - - 3.0
VOLUME OF TRADES (000'S) 405,440.6 92,691.4 132,503.0 47,941.3 171,583.6 41,633.4 149,182.7 49,447.2 36,147.8 - * - 283,602.0 3,970.9 59,091.4 - - 941,345.0
Customer Buy 192,607.0 54,896.9 68,788.0 - * - 74,233.9 32,098.6 32,967.8 - - - 124,339.5 * * - - 863,345.0
Customer Sell 205,223.7 37,749.5 54,665.0 47,941.3 131,908.2 * 74,768.8 17,348.6 * - * - 128,665.5 * * - - *
Dealer to Dealer 7,609.9 * 9,050.0 - * * * - * - - - 30,597.0 * - - - -
<= $1MM 18,892.4 4,463.5 21,745.0 - - - 7,038.0 * 1,190.8 - - - 9,313.1 * * - - *
<= $10MM 162,413.6 47,227.9 110,758.0 * 41,192.3 41,633.4 118,144.7 48,438.0 34,957.0 - * - 252,658.9 * * - - *
> $10MM 224,134.5 * - * 130,391.3 - * - - - - - * - * - - 935,801.0
NUMBER OF TRADES 125 27 76 5 15 5 67 14 15 - * - 95 6 7 - - 16
Customer Buy 46 15 45 - * - 31 9 11 - - - 40 * * - - 15
Customer Sell 72 11 26 5 10 * 34 5 * - * - 39 * * - - *
Dealer to Dealer 7 * 5 - * * * - * - - - 16 * - - - -
<= $1MM 60 12 47 - - - 32 * 6 - - - 35 * * - - *
<= $10MM 53 12 29 * 8 5 33 12 9 - * - 58 * * - - *
> $10MM 12 * - * 7 - * - - - - - * - * - - 14

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 * - - 95.4 97.2 100.3 - - - 90.7 96.4 99.9 - - * 70.1 91.4 101.2 - - 99.7
Weighted Avg. Price * - - 94.8 97.9 100.6 - - - 92.1 95.4 100.2 - - * 69.3 89.5 100.6 - - 99.5
Avg. Price Bottom 5 Trades * - - 89.3 85.4 94.3 - - - 74.0 85.4 94.1 - - * 22.4 63.1 94.5 - - 99.5
2nd Quartile Price * - - 92.4 97.6 99.8 - - - 87.5 95.4 99.6 - - * 65.8 90.7 99.9 - - 99.9
3rd Quartile Price * - - 95.8 98.7 100.1 - - - 92.8 98.0 100.0 - - * 70.0 96.4 100.5 - - 99.9
4th Quartile Price * - - 98.9 99.7 101.3 - - - 94.9 99.2 100.8 - - * 87.0 98.8 104.3 - - 100.0
Avg. Price Top 5 Trades * - - 99.8 100.2 104.8 - - - 99.6 100.0 104.0 - - * 99.2 100.4 105.4 - - 99.9
Standard Deviation * - - 3.5 4.0 1.9 - - - 7.3 4.0 2.0 - - * 22.6 10.9 3.1 - - 0.7
VOLUME OF TRADES (000'S) * - - 89,711.1 255,505.0 780,997.8 - - - 102,287.2 214,913.4 398,179.4 - - * 218,005.0 266,446.3 283,217.2 - - 45,000.0
Customer Buy * - - 38,727.2 107,757.5 389,670.7 - - - 42,254.2 98,320.6 179,533.6 - - * 104,110.0 134,799.3 103,977.2 - - *
Customer Sell * - - 50,983.9 147,747.5 378,989.5 - - - 58,061.6 111,852.8 218,645.8 - - * 96,895.0 131,646.9 179,240.0 - - 26,250.0
Dealer to Dealer - - - - - 12,337.5 - - - * 4,740.0 - - - - * - - - - -
<= $1MM * - - 12,466.2 17,663.6 23,962.3 - - - 10,931.4 12,958.3 12,446.0 - - - 8,273.6 15,223.5 11,311.9 - - -
<= $10MM - - - 64,454.9 121,373.7 452,668.7 - - - 91,355.8 124,049.0 306,608.3 - - * 188,805.3 227,132.2 213,075.3 - - 45,000.0
> $10MM - - - * 116,467.7 304,366.8 - - - - * 79,125.0 - - - * * * - - -
NUMBER OF TRADES * - - 55 81 163 - - - 47 73 93 - - * 59 87 69 - - 9
Customer Buy * - - 26 37 84 - - - 23 31 44 - - * 25 43 30 - - *
Customer Sell * - - 29 44 71 - - - 21 37 49 - - * 30 44 39 - - 5
Dealer to Dealer - - - - - 8 - - - * 5 - - - - * - - - - -
<= $1MM * - - 30 40 52 - - - 24 31 27 - - - 16 25 19 - - -
<= $10MM - - - 24 35 91 - - - 23 38 60 - - * 41 60 46 - - 9
> $10MM - - - * 6 20 - - - - * 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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