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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 05/26/2025 to 05/30/2025

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 96.8 88.7 82.0 88.8 96.4 99.1 98.2 2.0 * * * * * *
Weighted Avg. Price 97.2 96.5 80.9 89.9 99.2 99.7 98.1 3.8 * * * * * *
Avg. Price Bottom 5 Trades 88.8 80.3 69.8 69.0 85.1 94.5 92.0 1.3 * * * * * *
2nd Quartile Price 95.9 84.8 76.3 86.9 96.3 97.2 97.9 1.4 * * * * * *
3rd Quartile Price 97.8 88.3 83.3 91.9 98.6 99.3 98.9 1.8 * * * * * *
4th Quartile Price 98.5 95.7 84.4 97.0 99.7 101.3 99.5 3.8 * * * * * *
Avg. Price Top 5 Trades 99.6 97.7 97.9 99.7 102.1 103.2 100.9 3.1 * * * * * *
Standard Deviation 2.7 5.9 7.9 11.1 6.3 2.7 3.0 1.3 * * * * * *
VOLUME OF TRADES (000'S) 760,693.7 815,665.3 41,996.7 168,400.1 319,637.1 246,022.5 423,645.2 215,074.9 * * * * * *
Customer Buy 131,780.7 272,475.9 29,008.3 111,560.4 119,574.5 58,837.3 259,234.7 * * - * * - *
Customer Sell 572,176.6 536,823.1 3,046.8 29,679.7 148,559.3 186,955.2 98,811.0 212,579.0 * * * * * *
Dealer to Dealer 56,736.4 6,366.2 9,941.6 27,159.9 51,503.2 230.0 65,599.4 * - - - - - -
<= $1MM 23,609.3 4,672.2 9,547.8 4,053.7 8,357.1 2,776.0 2,076.7 3,824.4 - - * - - *
<= $10MM 111,987.6 17,796.5 32,448.9 77,722.4 62,757.7 48,769.8 90,311.1 * - - - - - *
> $10MM 625,096.7 793,196.5 - * 248,522.2 194,476.7 331,257.4 * * * * * * *
NUMBER OF TRADES 163 43 49 38 53 74 45 12 * * * * * *
Customer Buy 59 13 36 23 22 19 28 * * - * * - *
Customer Sell 67 18 7 10 23 33 6 7 * * * * * *
Dealer to Dealer 37 12 6 5 8 22 11 * - - - - - -
<= $1MM 108 28 40 16 32 58 14 8 - - * - - *
<= $10MM 37 5 9 18 14 11 20 * - - - - - *
> $10MM 18 10 - * 7 5 11 * * * * * * *

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 97.4 88.3 86.4 94.4 106.1 101.9 103.4
Weighted Avg. Price 97.8 88.3 86.9 95.6 107.8 103.0 103.4
Avg. Price Bottom 5 Trades 90.3 86.9 86.4 91.9 105.2 99.2 102.6
2nd Quartile Price 97.3 87.7 * 92.9 105.3 101.5 102.9
3rd Quartile Price 98.0 89.6 * 95.0 109.9 102.6 103.3
4th Quartile Price 99.3 89.8 * 95.3 110.4 103.4 104.0
Avg. Price Top 5 Trades 99.7 89.8 86.4 97.0 107.0 103.8 104.2
Standard Deviation 2.6 2.0 0.6 3.1 3.5 1.9 0.7
VOLUME OF TRADES (000'S) 336,767.0 21,227.8 43,455.7 58,530.0 47,430.0 44,328.0 186,831.0
Customer Buy 137,400.5 13,327.8 * 14,190.0 * 34,078.0 101,231.0
Customer Sell 188,420.5 * * 43,800.0 * * *
Dealer to Dealer * - - * - * *
<= $1MM 9,108.6 * * 2,575.0 * 3,828.0 2,400.0
<= $10MM 104,884.9 * * 43,455.0 * * 43,230.0
> $10MM 222,773.6 * * * * * 141,201.0
NUMBER OF TRADES 54 9 5 15 6 17 21
Customer Buy 21 5 * 6 * 14 15
Customer Sell 31 * * 7 * * *
Dealer to Dealer * - - * - * *
<= $1MM 21 * * 5 * 13 9
<= $10MM 19 * * 9 * * 7
> $10MM 14 * * * * * 5

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 97.1 88.9 103.6 1.5 * * 91.7 77.8 98.9 * - - 83.5 54.7 101.7 - - 62.0
Weighted Avg. Price 97.6 88.4 103.8 1.5 * * 91.5 82.5 98.4 * - - 86.3 62.8 102.0 - - 11.1
Avg. Price Bottom 5 Trades 89.8 86.2 101.6 0.7 * * 86.5 74.4 88.2 * - - 28.9 54.7 101.1 - - 62.0
2nd Quartile Price 96.8 87.2 103.2 0.6 * * 89.5 72.5 97.4 * - - 80.3 * 101.1 - - *
3rd Quartile Price 97.9 88.2 103.5 1.5 * * 91.1 81.4 103.0 * - - 89.7 * 101.5 - - *
4th Quartile Price 98.8 91.2 104.1 2.3 * * 95.3 84.2 103.5 * - - 92.6 * 104.4 - - *
Avg. Price Top 5 Trades 99.4 92.3 105.7 2.4 * * 98.0 82.6 104.1 * - - 97.9 54.7 101.9 - - 62.0
Standard Deviation 3.0 2.5 1.0 1.4 * * 3.8 6.9 7.0 * - - 17.0 22.7 1.4 - - 51.4
VOLUME OF TRADES (000'S) 134,040.3 110,158.1 590,920.6 482,346.1 * * 84,974.1 27,102.0 47,246.0 * - - 330,107.0 9,662.1 10,186.0 - - 126,430.0
Customer Buy 52,942.0 29,070.5 337,350.6 * * - 40,295.8 * 20,754.0 * - - 161,396.9 * * - - *
Customer Sell 73,231.1 81,087.6 253,570.0 191,387.9 * * 43,476.5 * 18,492.0 * - - 166,125.1 * * - - *
Dealer to Dealer * - - 170,815.8 - - * * * - - - 2,585.0 * - - - -
<= $1MM 10,638.0 2,142.6 7,044.0 - - - 3,941.2 * 4,120.0 - - - 3,677.9 * * - - -
<= $10MM 92,573.7 29,970.5 178,094.8 - - - 81,032.9 26,086.0 43,126.0 - - - 243,483.3 * 9,686.0 - - *
> $10MM * 78,045.0 405,781.8 482,346.1 * * - - - * - - * - - - - *
NUMBER OF TRADES 55 20 81 13 * * 41 8 20 * - - 78 6 6 - - 5
Customer Buy 25 7 58 * * - 19 * 9 * - - 39 * * - - *
Customer Sell 26 13 23 5 * * 20 * 7 * - - 34 * * - - *
Dealer to Dealer * - - 5 - - * * * - - - 5 * - - - -
<= $1MM 27 5 21 - - - 13 * 6 - - - 22 * * - - -
<= $10MM 26 10 41 - - - 28 5 14 - - - 52 * 5 - - *
> $10MM * 5 19 13 * * - - - * - - * - - - - *

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 - - - 93.4 97.4 99.9 - - - 90.2 97.9 99.6 - - - 79.5 93.3 99.4 * * 100.3
Weighted Avg. Price - - - 94.6 96.5 100.7 - - - 91.9 97.9 99.9 - - - 84.6 93.4 99.6 * * 100.3
Avg. Price Bottom 5 Trades - - - 84.7 86.6 92.8 - - - 72.2 91.9 96.5 - - - 21.5 71.9 92.2 * * 100.2
2nd Quartile Price - - - 93.4 96.8 99.6 - - - 89.5 97.1 98.6 - - - 87.0 92.0 99.1 * * 100.2
3rd Quartile Price - - - 94.3 99.6 100.1 - - - 96.4 99.3 100.0 - - - 93.5 97.3 100.1 * * 100.3
4th Quartile Price - - - 97.2 100.0 100.8 - - - 97.4 99.7 100.3 - - - 95.5 99.5 100.4 * * 100.4
Avg. Price Top 5 Trades - - - 99.6 100.4 103.2 - - - 98.2 100.3 102.9 - - - 99.7 100.1 103.2 * * 100.5
Standard Deviation - - - 5.3 4.2 2.1 - - - 10.4 3.0 1.6 - - - 29.4 8.7 2.9 * * 0.2
VOLUME OF TRADES (000'S) - - - 70,222.5 201,793.0 391,069.9 - - - 76,927.8 102,561.8 227,439.8 - - - 139,895.1 379,846.7 253,599.0 * * 57,099.0
Customer Buy - - - 34,423.0 105,627.2 173,185.1 - - - 35,633.6 44,339.0 102,488.4 - - - 67,210.0 202,030.3 138,590.0 * - 26,520.5
Customer Sell - - - 35,799.5 96,165.8 217,784.7 - - - 40,749.3 47,222.8 124,751.4 - - - 72,685.1 177,273.3 95,709.0 * * 30,578.5
Dealer to Dealer - - - - - * - - - * * * - - - - * 19,300.0 * * -
<= $1MM - - - 2,250.0 13,710.1 21,519.8 - - - 4,690.0 5,254.0 8,967.4 - - - 3,656.6 4,323.1 11,059.0 * - *
<= $10MM - - - 56,692.5 116,753.0 156,837.1 - - - 72,237.8 75,307.8 134,738.6 - - - 136,238.5 208,456.5 170,740.0 - * 56,349.0
> $10MM - - - * * 212,713.0 - - - - * 83,733.9 - - - - 167,067.1 * - * -
NUMBER OF TRADES - - - 25 62 94 - - - 29 39 63 - - - 53 75 55 * * 16
Customer Buy - - - 12 29 45 - - - 13 15 31 - - - 24 38 28 * - 8
Customer Sell - - - 13 33 48 - - - 15 23 30 - - - 29 34 22 * * 8
Dealer to Dealer - - - - - * - - - * * * - - - - * 5 * * -
<= $1MM - - - 8 27 50 - - - 8 13 25 - - - 18 12 19 * - *
<= $10MM - - - 16 32 35 - - - 21 24 33 - - - 35 52 34 - * 15
> $10MM - - - * * 9 - - - - * 5 - - - - 11 * - * -

* 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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