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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 05/12/2025 to 05/16/2025

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 94.6 85.6 74.4 85.9 98.3 99.1 98.8 50.7 6.1 4.3 11.5 - - *
Weighted Avg. Price 96.7 90.0 71.6 86.0 98.5 99.5 99.7 72.2 6.4 4.3 5.1 - - *
Avg. Price Bottom 5 Trades 69.4 68.1 67.2 65.8 95.3 90.6 95.4 50.7 6.1 3.5 2.1 - - *
2nd Quartile Price 94.5 82.0 69.0 86.9 97.6 98.4 98.5 * 6.0 1.8 1.9 - - *
3rd Quartile Price 97.5 87.4 69.5 89.5 98.4 99.5 98.8 * 6.5 6.3 5.9 - - *
4th Quartile Price 98.7 93.9 87.0 92.7 99.8 100.9 99.5 * 6.6 8.9 5.9 - - *
Avg. Price Top 5 Trades 100.3 100.4 92.2 94.1 100.7 103.0 101.1 50.7 6.2 4.7 15.3 - - *
Standard Deviation 7.8 10.6 9.7 10.3 1.9 3.0 1.8 46.6 0.3 3.0 23.7 - - *
VOLUME OF TRADES (000'S) 577,104.6 105,159.0 131,248.4 138,591.2 212,496.3 818,213.3 728,632.7 110,747.6 405,596.0 329,906.5 383,687.9 - - *
Customer Buy 320,581.1 55,830.1 23,268.9 66,732.5 136,165.8 458,101.3 142,340.0 * * * * - - *
Customer Sell 128,550.9 14,718.7 52,345.5 23,594.6 3,566.2 170,940.8 152,588.6 * * * * - - -
Dealer to Dealer 127,972.6 34,610.2 55,633.9 48,264.1 72,764.3 189,171.3 433,704.0 * - * - - - -
<= $1MM 47,059.8 10,057.2 1,555.0 9,119.0 5,985.0 3,466.2 6,155.8 * * - - - - -
<= $10MM 238,602.7 66,316.2 129,693.4 62,875.7 40,222.0 74,547.1 80,247.4 * - - * - - *
> $10MM 291,442.1 * - * 166,289.3 740,200.0 642,229.4 * 404,794.3 329,906.5 372,810.5 - - *
NUMBER OF TRADES 250 44 47 34 27 85 51 5 6 7 8 - - *
Customer Buy 94 18 9 15 14 31 25 * * * * - - *
Customer Sell 97 12 19 11 6 26 7 * * * * - - -
Dealer to Dealer 59 14 19 8 7 28 19 * - * - - - -
<= $1MM 169 24 7 15 13 59 18 * * - - - - -
<= $10MM 71 19 40 16 8 17 20 * - - * - - *
> $10MM 10 * - * 6 9 13 * 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 88.6 86.1 95.2 104.0 102.1 102.6
Weighted Avg. Price 97.5 89.4 85.2 96.4 104.6 102.2 102.7
Avg. Price Bottom 5 Trades 90.8 88.2 85.4 90.9 102.2 100.5 102.1
2nd Quartile Price 96.2 88.6 85.9 93.2 102.8 101.6 102.4
3rd Quartile Price 97.4 89.7 86.1 95.3 103.8 102.1 102.6
4th Quartile Price 98.0 90.4 87.7 99.1 105.1 103.8 102.9
Avg. Price Top 5 Trades 99.5 89.2 86.9 99.5 105.9 103.6 103.0
Standard Deviation 2.5 1.7 1.1 4.6 2.5 1.5 0.4
VOLUME OF TRADES (000'S) 235,152.4 14,915.0 25,241.0 26,739.0 80,845.0 109,467.0 187,652.0
Customer Buy 108,161.6 * 24,495.0 22,354.0 24,194.0 * 54,633.0
Customer Sell 118,807.8 * * 4,385.0 56,651.0 102,627.0 132,374.0
Dealer to Dealer 8,183.0 - - - - * *
<= $1MM 9,228.0 * 3,141.0 2,375.0 * * *
<= $10MM 152,331.6 * * 24,364.0 * 31,415.0 *
> $10MM 73,592.8 - - - * * 164,838.0
NUMBER OF TRADES 83 6 11 12 12 15 15
Customer Buy 27 * 7 7 6 * 6
Customer Sell 43 * * 5 6 11 8
Dealer to Dealer 13 - - - - * *
<= $1MM 36 * 8 7 * * *
<= $10MM 41 * * 5 * 8 *
> $10MM 6 - - - * * 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 97.4 91.8 103.5 1.2 * - 90.3 77.1 99.5 1.1 - - 82.5 88.2 101.1 2.1 - -
Weighted Avg. Price 98.4 91.0 103.9 1.1 * - 91.4 79.1 100.3 1.1 - - 81.7 90.3 102.0 1.8 - -
Avg. Price Bottom 5 Trades 83.7 86.0 100.7 0.1 * - 68.1 63.9 91.5 0.1 - - 45.9 77.3 99.8 1.6 - -
2nd Quartile Price 97.8 89.1 102.8 0.8 * - 89.7 72.5 101.6 0.6 - - 78.3 78.0 102.5 1.8 - -
3rd Quartile Price 98.6 92.2 103.4 1.3 * - 92.5 80.0 102.4 1.2 - - 89.0 97.2 102.6 4.3 - -
4th Quartile Price 99.0 94.7 104.3 1.6 * - 95.0 83.6 102.9 1.7 - - 92.5 97.4 102.7 4.4 - -
Avg. Price Top 5 Trades 99.5 97.9 106.7 2.9 * - 98.3 85.1 103.5 2.2 - - 96.1 97.0 102.6 2.5 - -
Standard Deviation 3.7 4.0 1.5 0.7 * - 7.6 8.2 7.6 0.7 - - 15.0 9.9 4.2 1.9 - -
VOLUME OF TRADES (000'S) 188,508.3 40,464.3 389,637.9 2,095,722.6 * - 216,311.4 49,401.7 54,355.0 710,731.7 - - 159,550.9 16,655.3 58,250.9 120,896.8 - -
Customer Buy 69,548.8 22,470.4 147,021.9 779,121.0 - - 99,271.7 24,307.7 43,486.0 356,813.7 - - 75,495.9 * * * - -
Customer Sell 114,734.8 12,252.9 240,646.0 1,231,743.1 * - 115,039.7 24,004.0 * 353,918.0 - - 65,113.4 * 41,600.0 * - -
Dealer to Dealer 4,224.7 5,741.0 * * - - * * - - - - 18,941.6 7,850.5 - * - -
<= $1MM 30,172.1 4,865.3 3,511.7 6,928.3 - - 14,210.6 2,565.0 * * - - 9,922.2 2,929.0 * - - -
<= $10MM 158,336.2 35,599.0 163,082.4 240,645.6 * - 155,525.9 46,836.7 42,461.0 97,635.7 - - 125,972.7 13,726.3 22,350.9 * - -
> $10MM - - 223,043.8 1,848,148.7 - - * - * 610,830.6 - - * - * * - -
NUMBER OF TRADES 174 30 64 119 * - 97 23 17 43 - - 70 14 9 6 - -
Customer Buy 57 13 30 61 - - 36 9 14 22 - - 29 * * * - -
Customer Sell 101 10 32 56 * - 59 11 * 21 - - 32 * 5 * - -
Dealer to Dealer 16 7 * * - - * * - - - - 9 6 - * - -
<= $1MM 113 20 16 11 - - 49 6 * * - - 35 7 * - - -
<= $10MM 61 10 36 56 * - 45 17 14 19 - - 33 7 5 * - -
> $10MM - - 12 52 - - * - * 20 - - * - * * - -

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 - - - 94.2 96.8 99.9 - - - 90.4 95.5 99.7 0.4 - - 77.7 90.5 100.0 * 87.0 *
Weighted Avg. Price - - - 94.7 96.6 99.9 - - - 91.5 93.8 99.8 0.3 - - 70.7 88.7 99.1 * 86.9 *
Avg. Price Bottom 5 Trades - - - 85.4 85.2 92.7 - - - 73.4 80.7 95.1 0.3 - - 18.9 42.4 95.6 * 86.3 *
2nd Quartile Price - - - 89.9 95.8 99.6 - - - 89.6 92.7 99.0 0.3 - - 74.8 87.5 99.1 * 88.9 *
3rd Quartile Price - - - 96.1 99.5 100.1 - - - 92.6 97.9 100.0 0.3 - - 82.0 97.0 100.0 * 90.3 *
4th Quartile Price - - - 98.3 100.0 100.5 - - - 94.1 99.7 100.5 0.9 - - 92.1 99.1 100.7 * 90.4 *
Avg. Price Top 5 Trades - - - 99.4 100.7 104.2 - - - 97.8 100.8 104.6 0.5 - - 98.4 100.0 104.8 * 88.3 *
Standard Deviation - - - 4.7 5.0 1.8 - - - 6.7 5.8 2.1 0.4 - - 20.0 14.1 2.1 * 4.5 *
VOLUME OF TRADES (000'S) - - - 210,306.9 232,107.3 728,480.7 - - - 198,172.3 360,875.4 276,864.4 456,348.6 - - 524,489.9 844,114.2 329,134.0 * 67,040.0 *
Customer Buy - - - 94,307.2 109,118.3 280,298.5 - - - 60,744.9 172,030.7 117,782.5 * - - 196,948.6 342,868.5 140,007.2 * * *
Customer Sell - - - 77,291.8 104,780.5 402,833.2 - - - 92,880.4 130,104.7 134,470.9 * - - 237,197.3 365,826.8 143,546.8 * * *
Dealer to Dealer - - - 38,707.9 18,208.5 45,349.0 - - - 44,547.0 58,740.0 24,611.0 - - - 90,344.0 135,419.0 45,580.0 - - -
<= $1MM - - - 5,374.6 13,113.9 29,599.2 - - - 7,435.3 19,994.0 12,852.4 - - - 8,970.9 8,845.5 8,447.0 - - -
<= $10MM - - - 156,062.3 196,583.7 475,155.0 - - - 178,237.0 256,225.4 204,243.8 - - - 393,411.9 567,202.0 234,524.5 * * *
> $10MM - - - * * 223,726.4 - - - * 84,656.0 59,768.2 456,348.6 - - 122,107.0 268,066.8 * * * -
NUMBER OF TRADES - - - 51 82 173 - - - 62 118 90 7 - - 121 163 78 * 6 *
Customer Buy - - - 22 39 70 - - - 22 61 37 * - - 53 69 39 * * *
Customer Sell - - - 19 36 96 - - - 33 44 45 * - - 51 72 34 * * *
Dealer to Dealer - - - 10 7 7 - - - 7 13 8 - - - 17 22 5 - - -
<= $1MM - - - 13 31 61 - - - 17 44 32 - - - 28 17 18 - - -
<= $10MM - - - 35 49 97 - - - 44 68 53 - - - 85 130 56 * * *
> $10MM - - - * * 15 - - - * 6 5 7 - - 8 16 * * * -

* 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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