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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 04/21/2025 to 04/25/2025

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 96.5 85.4 81.1 80.6 93.3 99.0 99.4 3.8 6.1 3.5 4.3 2.1 - -
Weighted Avg. Price 97.9 86.1 83.0 92.0 98.8 99.4 99.6 4.8 4.0 3.3 3.7 2.0 - -
Avg. Price Bottom 5 Trades 84.8 69.9 71.9 44.5 79.4 92.4 98.3 2.0 3.6 2.9 3.8 2.1 - -
2nd Quartile Price 96.0 80.0 77.1 79.0 92.2 98.0 98.8 2.4 3.9 3.3 4.0 * - -
3rd Quartile Price 97.8 86.0 82.0 87.9 98.5 99.6 99.3 4.3 5.6 3.4 4.5 * - -
4th Quartile Price 98.6 92.0 86.4 93.1 100.1 101.0 100.1 5.3 9.3 3.5 4.6 * - -
Avg. Price Top 5 Trades 100.8 98.2 92.5 98.9 101.9 103.5 100.4 5.4 9.5 4.0 5.1 2.1 - -
Standard Deviation 3.4 8.8 6.9 18.7 9.9 3.2 0.8 2.2 2.8 1.3 1.2 0.3 - -
VOLUME OF TRADES (000'S) 437,023.5 30,627.6 42,935.9 278,850.9 246,713.0 795,111.6 170,525.5 224,963.4 314,776.7 208,560.3 56,756.6 52,124.5 - -
Customer Buy 218,554.7 24,540.1 7,672.1 67,662.6 68,132.9 89,039.9 47,509.6 * 110,409.1 * * - - -
Customer Sell 108,149.7 3,239.8 29,146.7 162,941.3 118,946.9 444,837.4 68,551.0 196,477.9 48,155.9 * 20,043.5 * - -
Dealer to Dealer 110,319.1 2,847.7 6,117.1 48,247.0 59,633.2 261,234.4 54,464.9 * 156,211.7 159,931.1 * * - -
<= $1MM 46,664.5 7,358.3 11,820.9 4,700.6 8,298.8 6,296.5 4,725.7 - * - * - - -
<= $10MM 181,001.0 23,269.3 10,200.0 54,665.5 19,985.0 84,307.7 57,953.4 35,531.7 55,851.3 14,837.7 55,027.1 * - -
> $10MM 209,358.0 - * 219,484.8 218,429.2 704,507.4 * * 258,448.7 * - * - -
NUMBER OF TRADES 246 42 38 37 37 80 28 11 21 10 12 5 - -
Customer Buy 100 19 16 10 21 21 14 * 5 * * - - -
Customer Sell 80 12 11 17 11 40 7 7 8 * 6 * - -
Dealer to Dealer 66 11 11 10 5 19 7 * 8 5 * * - -
<= $1MM 176 36 32 15 23 48 11 - * - * - - -
<= $10MM 59 6 5 11 5 17 13 7 13 6 9 * - -
> $10MM 11 - * 11 9 15 * * 7 * - * - -

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 96.0 86.7 86.2 95.4 107.2 102.7 102.5
Weighted Avg. Price 96.3 86.2 86.5 95.2 108.8 103.2 102.5
Avg. Price Bottom 5 Trades 90.2 84.3 84.6 91.1 104.9 101.7 102.1
2nd Quartile Price 93.4 84.8 85.4 91.6 105.1 103.0 102.3
3rd Quartile Price 96.8 86.7 86.1 95.1 105.8 103.1 102.4
4th Quartile Price 98.2 88.6 87.4 97.8 110.9 103.3 102.8
Avg. Price Top 5 Trades 99.5 89.8 87.8 101.3 110.1 103.4 103.2
Standard Deviation 2.8 1.9 1.3 5.2 2.9 1.5 0.5
VOLUME OF TRADES (000'S) 1,034,696.7 145,416.0 64,589.0 38,396.0 83,333.5 166,181.0 199,306.0
Customer Buy 438,706.5 * 18,330.0 6,826.0 33,400.0 78,471.0 73,903.0
Customer Sell 520,457.6 67,873.0 41,534.0 21,245.0 49,933.5 81,960.0 125,403.0
Dealer to Dealer 75,532.6 61,188.0 * * - * -
<= $1MM 16,404.9 1,300.0 4,400.0 2,301.0 3,057.5 * *
<= $10MM 471,208.4 123,436.0 29,429.0 36,095.0 * 29,366.0 63,447.0
> $10MM 547,083.3 * * - * 135,590.0 135,403.0
NUMBER OF TRADES 187 37 21 16 14 16 20
Customer Buy 81 * 5 8 6 8 12
Customer Sell 83 20 14 6 8 7 8
Dealer to Dealer 23 13 * * - * -
<= $1MM 49 6 12 7 7 * *
<= $10MM 103 29 7 9 * 5 12
> $10MM 35 * * - * 7 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 107.3 92.3 103.6 * 5.3 * 87.3 79.1 98.5 1.7 - - 82.4 93.6 * - - *
Weighted Avg. Price 99.8 90.9 103.8 * 5.2 * 89.8 79.0 100.1 1.3 - - 78.9 93.3 * - - *
Avg. Price Bottom 5 Trades 90.9 85.9 100.2 * 5.3 * 67.1 66.8 95.0 0.8 - - 49.1 93.6 * - - *
2nd Quartile Price 96.9 90.4 103.0 * * * 86.5 76.4 97.5 0.7 - - 75.8 * * - - *
3rd Quartile Price 98.0 93.5 103.7 * * * 90.0 83.7 101.5 1.5 - - 84.8 * * - - *
4th Quartile Price 98.7 97.1 104.5 * * * 95.3 84.6 102.7 1.9 - - 93.3 * * - - *
Avg. Price Top 5 Trades 279.1 97.2 106.6 * 5.3 * 96.3 86.0 102.1 2.9 - - 96.1 93.6 * - - *
Standard Deviation 94.3 4.6 1.4 * 1.1 * 11.6 7.4 5.6 1.2 - - 13.6 2.4 * - - *
VOLUME OF TRADES (000'S) 331,229.3 81,432.7 1,965,940.1 * 40,563.1 * 77,506.0 48,751.1 18,581.0 199,363.2 - - 219,129.9 4,983.3 * - - *
Customer Buy 165,084.5 39,212.1 941,430.6 * - - 30,897.5 7,709.9 13,351.0 72,378.5 - - 96,238.2 * * - - -
Customer Sell 154,216.6 42,220.6 1,024,509.5 - 24,168.5 * 45,103.5 21,803.1 * * - - 113,075.0 * - - - *
Dealer to Dealer 11,928.2 - - - * - * 19,238.2 * 120,985.1 - - * - - - - -
<= $1MM 11,943.1 4,854.1 10,638.0 - - - 5,249.0 7,043.1 2,938.0 - - - 7,525.9 * - - - *
<= $10MM 129,016.4 31,578.5 284,324.3 - 40,563.1 * 72,257.0 41,708.0 15,643.0 92,128.2 - - 170,499.6 * * - - -
> $10MM 190,269.8 * 1,670,977.8 * - - - - - 107,235.0 - - * - - - - -
NUMBER OF TRADES 91 23 126 * 8 * 36 33 10 19 - - 66 5 * - - *
Customer Buy 40 13 65 * - - 15 6 5 7 - - 31 * * - - -
Customer Sell 46 10 61 - 5 * 19 14 * * - - 31 * - - - *
Dealer to Dealer 5 - - - * - * 13 * 11 - - * - - - - -
<= $1MM 42 16 23 - - - 13 14 5 - - - 19 * - - - *
<= $10MM 40 5 54 - 8 * 23 19 5 13 - - 44 * * - - -
> $10MM 9 * 49 * - - - - - 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 * - - 95.1 96.7 99.5 - - - 92.7 96.0 99.0 - - - 77.1 90.8 98.5 0.6 * -
Weighted Avg. Price * - - 96.2 95.3 99.2 - - - 92.1 95.9 98.8 - - - 84.8 92.3 98.9 0.5 * -
Avg. Price Bottom 5 Trades * - - 89.4 83.6 92.1 - - - 80.8 84.3 94.4 - - - 27.2 63.8 92.5 0.6 * -
2nd Quartile Price * - - 91.5 96.6 98.9 - - - 91.0 94.5 97.9 - - - 70.0 90.4 97.0 * * -
3rd Quartile Price * - - 96.9 98.8 99.7 - - - 94.5 96.8 99.3 - - - 80.0 95.7 98.9 * * -
4th Quartile Price * - - 98.0 99.6 100.7 - - - 98.5 99.0 100.4 - - - 95.2 97.7 100.4 * * -
Avg. Price Top 5 Trades * - - 99.4 100.4 104.2 - - - 99.7 100.6 102.4 - - - 98.9 99.3 103.3 0.6 * -
Standard Deviation * - - 3.7 4.7 2.2 - - - 8.0 4.3 2.0 - - - 20.3 10.9 3.0 0.1 * -
VOLUME OF TRADES (000'S) * - - 65,412.6 241,433.8 567,579.0 - - - 82,421.4 336,871.9 164,208.8 - - - 237,181.6 396,430.8 159,969.9 94,015.1 * -
Customer Buy * - - 39,878.5 89,217.6 264,034.8 - - - 31,935.4 134,302.4 83,395.6 - - - 114,718.7 157,387.6 72,244.7 * - -
Customer Sell * - - 22,981.5 130,880.9 288,158.5 - - - 49,145.0 177,547.2 69,176.2 - - - 111,819.8 209,783.2 87,725.2 * * -
Dealer to Dealer * - - 2,552.6 21,335.3 15,385.7 - - - * * * - - - 10,643.1 29,260.0 - * - -
<= $1MM * - - 9,363.6 26,013.7 25,911.8 - - - 8,430.1 11,075.8 13,362.8 - - - 10,930.5 12,481.3 9,301.8 - - -
<= $10MM - - - 31,120.0 192,450.1 332,795.0 - - - 73,991.3 165,726.1 150,846.0 - - - 156,763.1 290,800.5 150,668.0 * - -
> $10MM - - - * * 208,872.2 - - - - 160,070.0 - - - - * 93,149.0 - * * -
NUMBER OF TRADES * - - 33 119 158 - - - 40 85 79 - - - 69 105 57 5 * -
Customer Buy * - - 13 40 82 - - - 16 35 44 - - - 28 40 25 * - -
Customer Sell * - - 13 64 64 - - - 23 46 31 - - - 30 60 32 * * -
Dealer to Dealer * - - 7 15 12 - - - * * * - - - 11 5 - * - -
<= $1MM * - - 23 67 71 - - - 15 34 44 - - - 26 35 20 - - -
<= $10MM - - - 8 50 74 - - - 25 40 35 - - - 40 63 37 * - -
> $10MM - - - * * 13 - - - - 11 - - - - * 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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