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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 05/05/2025 to 05/09/2025

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 96.3 91.0 77.7 89.0 96.7 100.3 96.5 8.9 - 8.3 - - * *
Weighted Avg. Price 97.0 88.3 85.0 90.1 97.9 100.8 94.8 11.2 - 7.4 - - * *
Avg. Price Bottom 5 Trades 87.0 78.3 70.3 62.3 78.6 92.1 84.7 1.1 - 7.1 - - * *
2nd Quartile Price 94.9 89.4 71.8 90.1 97.5 99.0 97.1 1.1 - 7.0 - - * *
3rd Quartile Price 97.8 93.2 75.5 93.2 99.1 100.9 98.6 1.2 - 8.9 - - * *
4th Quartile Price 98.5 96.3 84.8 95.3 101.1 102.1 99.8 2.6 - 13.6 - - * *
Avg. Price Top 5 Trades 99.8 98.9 89.8 98.9 102.0 104.1 100.5 15.2 - 9.1 - - * *
Standard Deviation 3.3 7.3 7.7 11.8 7.5 3.3 5.4 22.4 - 2.6 - - * *
VOLUME OF TRADES (000'S) 423,145.3 61,613.5 46,468.4 167,381.1 111,661.4 200,658.6 171,578.7 639,834.9 - 358,516.8 - - * *
Customer Buy 269,318.7 20,735.5 41,526.6 77,432.7 37,232.9 132,558.2 108,914.5 * - 237,066.1 - - * *
Customer Sell 113,826.6 33,406.6 * 72,234.0 48,756.5 65,613.9 2,527.0 367,413.0 - * - - - *
Dealer to Dealer 40,000.0 7,471.4 3,878.6 17,714.4 25,672.0 2,486.5 60,137.2 - - - - - - -
<= $1MM 25,157.6 5,055.3 4,031.6 6,509.3 4,791.0 9,020.2 3,472.7 - - - - - - -
<= $10MM 190,860.0 15,672.6 12,372.9 54,916.7 95,275.4 73,982.1 100,004.7 * - * - - - *
> $10MM 207,127.7 * * * * 117,656.3 68,101.3 632,016.7 - 352,516.8 - - * *
NUMBER OF TRADES 156 34 33 37 41 77 35 9 - 7 - - * *
Customer Buy 76 15 16 17 15 30 21 * - 5 - - * *
Customer Sell 56 11 * 13 17 29 5 5 - * - - - *
Dealer to Dealer 24 8 13 7 9 18 9 - - - - - - -
<= $1MM 91 24 27 18 15 55 9 - - - - - - -
<= $10MM 59 8 5 16 25 15 21 * - * - - - *
> $10MM 6 * * * * 7 5 7 - 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 96.6 87.5 86.5 93.9 104.3 102.8 103.3
Weighted Avg. Price 97.2 87.4 86.4 94.4 103.3 103.0 103.4
Avg. Price Bottom 5 Trades 90.7 85.9 85.7 89.7 101.5 100.2 102.8
2nd Quartile Price 95.5 86.5 85.9 90.1 103.1 102.0 102.9
3rd Quartile Price 97.3 87.2 86.8 95.0 104.7 103.0 103.4
4th Quartile Price 98.6 89.8 88.0 99.3 105.7 104.1 103.8
Avg. Price Top 5 Trades 99.6 89.5 87.3 99.1 107.0 104.6 104.0
Standard Deviation 2.6 1.7 1.1 4.9 2.3 1.5 0.5
VOLUME OF TRADES (000'S) 366,391.8 21,028.0 22,910.0 28,481.0 90,756.0 135,746.0 89,855.0
Customer Buy 184,236.4 17,397.0 15,369.0 22,635.0 55,946.0 111,385.0 73,194.0
Customer Sell 177,641.7 * * * 26,310.0 24,361.0 *
Dealer to Dealer 4,513.7 * - * * - -
<= $1MM 27,875.1 4,171.0 2,341.0 4,040.0 1,780.0 3,819.0 3,465.0
<= $10MM 174,273.1 16,857.0 20,569.0 24,441.0 53,976.0 98,927.0 45,557.0
> $10MM 164,243.5 - - - * * *
NUMBER OF TRADES 128 14 10 14 22 33 20
Customer Buy 60 7 6 9 13 24 16
Customer Sell 62 * * * 5 9 *
Dealer to Dealer 6 * - * * - -
<= $1MM 71 9 5 6 7 11 7
<= $10MM 51 5 5 8 13 20 10
> $10MM 6 - - - * * *

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 96.2 89.5 103.7 1.9 5.2 - 89.6 75.5 94.9 3.5 - - 77.3 48.1 102.0 2.4 * -
Weighted Avg. Price 96.9 90.1 104.0 1.9 5.4 - 89.3 66.9 94.5 3.9 - - 73.2 26.0 102.4 1.4 * -
Avg. Price Bottom 5 Trades 90.5 84.1 100.6 1.9 4.9 - 69.0 62.2 84.0 3.5 - - 37.1 18.9 100.4 0.6 * -
2nd Quartile Price 95.0 87.3 103.0 * 4.2 - 86.1 67.7 97.2 * - - 69.0 18.6 100.9 0.1 * -
3rd Quartile Price 97.1 89.1 103.7 * 6.6 - 91.6 79.0 100.3 * - - 83.0 63.5 102.9 3.0 * -
4th Quartile Price 97.9 91.1 104.8 * 6.6 - 94.9 82.7 102.2 * - - 93.0 65.0 103.2 4.4 * -
Avg. Price Top 5 Trades 99.3 97.0 107.2 1.9 5.4 - 98.5 86.2 102.5 3.5 - - 97.2 75.2 103.3 4.7 * -
Standard Deviation 2.6 5.2 1.7 0.7 1.2 - 7.1 9.5 9.6 1.3 - - 17.7 33.5 1.4 2.0 * -
VOLUME OF TRADES (000'S) 151,731.1 44,702.4 247,552.5 52,374.0 32,157.1 - 151,547.1 39,719.5 35,682.0 29,024.3 - - 181,032.1 139,414.5 40,765.0 271,006.5 * -
Customer Buy 74,698.8 24,583.8 137,360.8 * * - 79,616.5 20,591.9 22,426.0 29,024.3 - - 76,973.1 33,318.5 24,220.0 271,006.5 * -
Customer Sell 70,244.3 19,208.6 102,191.7 * * - 69,137.0 18,518.0 * - - - 92,920.5 57,577.7 16,545.0 - * -
Dealer to Dealer 6,788.0 * * - * - 2,793.6 609.7 * - - - 11,138.5 * - - - -
<= $1MM 13,514.3 3,914.8 12,207.9 - - - 26,932.3 2,720.5 5,117.0 * - - 11,446.7 * 4,685.0 5,902.0 * -
<= $10MM 113,281.0 40,787.6 161,678.6 * 16,051.7 - 124,614.8 23,999.0 30,565.0 * - - 169,585.4 17,043.3 24,972.0 105,781.5 - -
> $10MM * - 73,666.0 * * - - * - * - - - * * 159,323.0 * -
NUMBER OF TRADES 80 22 74 5 6 - 102 20 14 6 - - 95 13 16 34 * -
Customer Buy 35 11 37 * * - 51 8 8 6 - - 35 6 9 34 * -
Customer Sell 40 9 33 * * - 39 7 * - - - 44 6 7 - * -
Dealer to Dealer 5 * * - * - 12 5 * - - - 16 * - - - -
<= $1MM 40 9 32 - - - 69 12 6 * - - 47 * 7 8 * -
<= $10MM 38 13 36 * 5 - 33 7 8 * - - 48 6 8 18 - -
> $10MM * - 6 * * - - * - * - - - * * 8 * -

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 - - - 94.4 97.5 100.2 - * * 92.2 95.4 99.5 0.4 * - 72.2 92.1 99.3 * * -
Weighted Avg. Price - - - 92.9 97.8 100.2 - * * 89.3 96.0 99.5 0.5 * - 75.3 94.3 99.1 * * -
Avg. Price Bottom 5 Trades - - - 85.0 86.0 93.5 - * * 72.5 75.2 94.0 0.3 * - 4.7 62.5 90.9 * * -
2nd Quartile Price - - - 93.0 97.9 99.7 - * * 91.8 94.1 97.8 0.2 * - 58.0 92.0 99.4 * * -
3rd Quartile Price - - - 95.1 99.4 100.2 - * * 93.5 98.3 99.9 0.5 * - 86.6 98.4 99.8 * * -
4th Quartile Price - - - 97.2 99.9 101.1 - * * 96.4 99.7 100.8 0.8 * - 92.0 99.3 100.6 * * -
Avg. Price Top 5 Trades - - - 99.7 100.7 104.5 - * * 99.5 100.3 103.8 0.5 * - 100.0 100.1 103.4 * * -
Standard Deviation - - - 4.3 4.0 2.0 - * * 6.9 6.5 2.5 0.3 * - 28.1 11.2 3.3 * * -
VOLUME OF TRADES (000'S) - - - 122,202.3 219,142.7 332,425.9 - * * 424,097.0 314,546.9 174,701.7 59,611.0 * - 350,488.7 555,425.5 307,191.8 * * -
Customer Buy - - - 79,832.8 132,145.1 161,905.0 - * - 199,744.3 108,431.6 90,244.9 40,072.0 - - 154,872.4 248,142.5 130,861.0 * * -
Customer Sell - - - 42,369.5 83,689.2 146,920.9 - - * 199,352.7 200,745.2 70,699.8 * * - 160,395.8 293,050.0 153,204.8 - - -
Dealer to Dealer - - - - * 23,600.0 - - - * * 13,757.0 - - - 35,220.5 * * - - -
<= $1MM - - - 11,889.8 20,183.6 27,407.8 - - * 6,882.5 17,022.6 15,290.2 * - - 11,390.0 10,748.4 8,189.0 - - -
<= $10MM - - - 81,899.3 127,593.1 268,918.2 - * - 211,314.5 217,260.4 159,411.5 18,533.0 - - 220,060.7 340,543.9 200,602.8 - * -
> $10MM - - - * 71,366.1 * - - - 205,900.0 * - * * - 119,038.0 204,133.2 98,400.0 * * -
NUMBER OF TRADES - - - 48 97 113 - * * 86 91 72 10 * - 95 112 59 * * -
Customer Buy - - - 30 50 56 - * - 47 44 46 9 - - 38 56 29 * * -
Customer Sell - - - 18 44 50 - - * 38 44 20 * * - 48 52 26 - - -
Dealer to Dealer - - - - * 7 - - - * * 6 - - - 9 * * - - -
<= $1MM - - - 25 50 57 - - * 18 30 31 * - - 33 19 15 - - -
<= $10MM - - - 21 42 53 - * - 57 57 41 6 - - 55 79 38 - * -
> $10MM - - - * 5 * - - - 11 * - * * - 7 14 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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