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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 06/02/2025 to 06/06/2025

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 96.1 90.6 82.6 88.3 91.0 99.2 96.9 1.0 * 4.2 - * 10.2 *
Weighted Avg. Price 96.8 91.6 86.5 93.9 86.8 98.7 95.8 1.2 * 3.4 - * 3.4 *
Avg. Price Bottom 5 Trades 77.6 76.0 73.7 76.0 72.7 91.9 80.5 0.4 * 2.7 - * 7.0 *
2nd Quartile Price 95.1 86.5 75.3 87.3 94.7 98.2 96.4 0.3 * 2.6 - * 2.4 *
3rd Quartile Price 97.7 90.4 85.4 91.4 97.2 99.7 98.1 1.4 * 4.6 - * 26.1 *
4th Quartile Price 98.4 97.6 91.9 93.4 99.0 101.3 99.2 1.6 * 6.7 - * 26.2 *
Avg. Price Top 5 Trades 99.8 99.5 91.5 95.6 100.2 103.4 101.2 1.6 * 6.1 - * 11.9 *
Standard Deviation 4.0 7.6 8.2 7.9 11.9 3.3 4.8 0.6 * 1.9 - * 12.3 *
VOLUME OF TRADES (000'S) 1,429,218.1 318,559.1 22,478.1 68,391.0 178,542.3 483,629.3 555,008.5 293,559.6 * 330,622.8 - * 335,053.9 *
Customer Buy 514,896.9 215,059.2 7,830.3 17,850.7 118,162.0 271,272.3 373,753.0 * - 201,805.5 - * * *
Customer Sell 681,126.6 76,702.1 * 50,463.0 * 191,942.1 12,643.8 110,632.8 * 128,817.4 - - * -
Dealer to Dealer 233,194.6 26,797.7 * * 47,377.6 20,415.0 168,611.7 110,632.8 - - - - * -
<= $1MM 49,757.5 7,773.8 3,359.9 3,839.3 * 1,733.0 12,914.1 - - - - - - -
<= $10MM 510,190.3 36,289.7 19,118.2 20,696.6 39,311.3 38,728.6 218,055.8 * * 33,965.5 - * * -
> $10MM 869,270.4 274,495.6 - * 139,200.9 443,167.7 324,038.6 279,862.4 - 296,657.4 - - * *
NUMBER OF TRADES 305 42 15 22 21 69 80 12 * 13 - * 6 *
Customer Buy 100 20 7 11 11 20 50 * - 7 - * * *
Customer Sell 125 13 * 7 * 29 5 5 * 6 - - * -
Dealer to Dealer 80 9 * * 6 20 25 5 - - - - * -
<= $1MM 137 24 6 11 * 50 21 - - - - - - -
<= $10MM 134 13 9 9 13 8 46 * * 7 - * * -
> $10MM 34 5 - * 6 11 13 10 - 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 97.1 88.7 86.8 93.8 105.8 102.6 103.1
Weighted Avg. Price 97.0 87.6 85.9 91.9 105.3 103.6 103.0
Avg. Price Bottom 5 Trades 91.3 86.3 86.1 91.8 104.8 101.3 102.6
2nd Quartile Price 97.0 86.3 86.3 91.1 105.9 102.5 102.9
3rd Quartile Price 97.6 89.9 86.6 95.7 106.0 103.5 103.0
4th Quartile Price 98.5 90.8 88.4 101.0 110.3 104.0 103.4
Avg. Price Top 5 Trades 99.6 90.7 87.6 95.9 106.9 104.1 103.9
Standard Deviation 2.1 2.3 1.0 4.6 2.4 2.0 0.5
VOLUME OF TRADES (000'S) 225,609.8 47,430.0 32,239.8 54,625.0 43,226.4 55,835.0 152,567.0
Customer Buy 137,138.7 34,127.0 5,671.0 19,625.0 * 45,810.0 65,504.0
Customer Sell 81,197.2 * * * * * 87,063.0
Dealer to Dealer 7,273.9 - - - * - -
<= $1MM 14,982.0 1,556.0 1,596.0 * * 1,642.0 3,188.0
<= $10MM 103,857.8 33,942.0 10,643.8 * * 29,193.0 83,379.0
> $10MM * * * * * * *
NUMBER OF TRADES 89 12 11 7 7 12 21
Customer Buy 41 8 7 5 * 10 11
Customer Sell 34 * * * * * 10
Dealer to Dealer 14 - - - * - -
<= $1MM 61 5 5 * * 5 7
<= $10MM 25 6 5 * * 6 11
> $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 97.5 89.9 103.7 1.2 - * 90.5 79.9 89.5 * - - 77.3 72.8 100.4 * - *
Weighted Avg. Price 97.5 87.8 103.3 2.2 - * 88.8 79.2 88.3 * - - 61.3 72.2 100.3 * - *
Avg. Price Bottom 5 Trades 90.8 84.8 100.6 0.2 - * 79.2 68.0 83.8 * - - 15.7 69.4 99.8 * - *
2nd Quartile Price 97.0 86.0 103.0 0.5 - * 87.4 76.5 85.4 * - - 72.3 69.3 100.1 * - *
3rd Quartile Price 98.6 88.8 103.5 1.4 - * 91.6 81.4 87.5 * - - 89.0 77.0 100.8 * - *
4th Quartile Price 98.9 92.7 104.4 1.8 - * 95.3 84.7 97.3 * - - 92.8 77.5 101.3 * - *
Avg. Price Top 5 Trades 99.6 98.4 106.4 2.7 - * 97.0 88.1 99.4 * - - 97.2 74.6 101.1 * - *
Standard Deviation 2.3 4.9 1.3 1.2 - * 5.2 7.7 7.6 * - - 23.7 4.1 0.9 * - *
VOLUME OF TRADES (000'S) 194,211.2 234,566.3 662,644.7 40,989.3 - * 129,907.7 41,436.0 40,716.0 * - - 324,456.0 10,989.6 13,594.7 * - *
Customer Buy 149,205.1 104,635.1 318,838.3 7,105.0 - * 45,481.6 23,190.0 25,622.0 * - - 158,953.0 5,494.8 6,894.4 * - *
Customer Sell 42,563.0 129,931.2 334,256.4 33,884.3 - - 74,533.7 17,739.0 15,094.0 * - - 165,153.0 * 6,700.3 * - *
Dealer to Dealer * - * - - - 9,892.4 * - - - - * - - - - -
<= $1MM 16,235.4 3,168.4 19,214.2 2,465.2 - * 11,740.4 4,193.0 * * - - 3,538.2 * 4,302.8 * - -
<= $10MM 147,975.8 75,758.9 192,775.5 27,863.1 - * 118,167.2 37,243.0 39,586.0 - - - 197,152.5 9,806.6 9,292.0 * - *
> $10MM * 155,639.0 450,655.0 * - * - - - * - - 123,765.3 - - - - -
NUMBER OF TRADES 97 32 109 19 - * 71 24 17 * - - 69 10 11 * - *
Customer Buy 66 20 74 6 - * 24 10 10 * - - 34 6 5 * - *
Customer Sell 28 12 33 13 - - 36 13 7 * - - 34 * 6 * - *
Dealer to Dealer * - * - - - 11 * - - - - * - - - - -
<= $1MM 42 7 52 5 - * 35 10 * * - - 13 * 6 * - -
<= $10MM 53 18 36 13 - * 36 14 14 - - - 49 6 5 * - *
> $10MM * 7 21 * - * - - - * - - 7 - - - - -

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 * - - 95.7 97.2 100.1 * - - 91.8 96.5 99.8 * - - 78.6 90.1 100.1 * * 100.2
Weighted Avg. Price * - - 94.9 93.5 100.1 * - - 91.7 95.6 100.0 * - - 68.6 89.4 100.1 * * 100.2
Avg. Price Bottom 5 Trades * - - 91.3 86.1 94.4 * - - 79.7 86.5 93.3 * - - 24.4 58.1 93.7 * * 100.2
2nd Quartile Price * - - 94.0 96.1 99.6 * - - 89.0 94.5 99.0 * - - 69.0 82.4 99.9 * * *
3rd Quartile Price * - - 96.8 99.0 100.1 * - - 92.9 97.1 100.1 * - - 90.4 96.5 100.1 * * *
4th Quartile Price * - - 99.1 99.8 100.7 * - - 97.0 99.7 100.6 * - - 93.9 99.6 100.6 * * *
Avg. Price Top 5 Trades * - - 99.5 100.0 104.5 * - - 99.0 102.2 105.9 * - - 97.9 100.2 103.8 * * 100.2
Standard Deviation * - - 3.1 4.0 2.0 * - - 5.8 4.0 2.6 * - - 21.2 12.7 2.0 * * -
VOLUME OF TRADES (000'S) * - - 91,851.0 268,455.4 419,887.7 * - - 110,319.4 234,928.5 467,159.5 * - - 393,254.1 530,110.6 456,254.4 * * 19,250.0
Customer Buy * - - 33,135.5 140,147.6 209,805.2 * - - 41,456.7 118,933.9 227,257.3 * - - 206,825.6 279,353.5 162,738.8 * * *
Customer Sell * - - 58,715.5 112,741.6 197,825.5 * - - 65,941.6 76,727.6 239,902.3 * - - 180,934.3 250,757.2 277,205.6 * - *
Dealer to Dealer - - - - * * - - - * 39,267.0 - - - - * - * - - -
<= $1MM - - - 3,140.0 16,885.0 7,223.6 * - - 6,431.4 16,446.4 10,523.4 - - - 4,378.9 8,035.0 8,357.6 * - -
<= $10MM * - - 62,111.0 165,195.4 263,382.5 - - - 81,910.0 138,189.1 252,181.1 - - - 233,850.5 424,344.6 323,248.8 - * 19,250.0
> $10MM - - - * * 149,281.6 - - - * 80,293.0 204,455.0 * - - 155,024.7 97,731.0 124,648.0 - - -
NUMBER OF TRADES * - - 26 75 93 * - - 45 85 88 * - - 74 120 100 * * 5
Customer Buy * - - 15 40 52 * - - 17 41 46 * - - 36 69 51 * * *
Customer Sell * - - 11 32 37 * - - 26 38 42 * - - 34 51 45 * - *
Dealer to Dealer - - - - * * - - - * 6 - - - - * - * - - -
<= $1MM - - - 6 32 19 * - - 18 38 23 - - - 15 13 15 * - -
<= $10MM * - - 19 40 65 - - - 25 42 56 - - - 53 101 79 - * 5
> $10MM - - - * * 9 - - - * 5 9 * - - 6 6 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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