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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 07/28/2025 to 08/01/2025

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 83.3 79.2 82.9 94.1 98.2 98.5 2.9 16.2 10.2 * 3.1 - *
Weighted Avg. Price 98.0 84.3 95.3 87.1 100.6 101.0 98.5 3.0 5.1 4.8 * 2.7 - *
Avg. Price Bottom 5 Trades 83.1 63.9 67.6 62.6 81.8 87.3 85.6 2.1 1.8 0.6 * 3.1 - *
2nd Quartile Price 96.0 72.4 72.7 77.1 88.5 97.4 98.3 2.6 0.4 0.4 * * - *
3rd Quartile Price 98.0 86.6 75.1 87.8 97.4 99.9 99.4 3.0 9.0 2.5 * * - *
4th Quartile Price 98.7 92.0 88.3 92.3 101.7 101.3 100.0 4.0 64.6 7.3 * * - *
Avg. Price Top 5 Trades 99.8 98.9 100.5 97.5 102.8 103.6 101.5 3.8 32.0 25.4 * 3.1 - *
Standard Deviation 3.9 11.7 11.2 11.5 8.2 5.0 3.8 1.5 24.5 20.7 * 0.7 - *
VOLUME OF TRADES (000'S) 320,573.3 97,913.7 107,335.7 99,109.4 103,099.3 460,569.8 635,870.8 587,302.1 1,281,522.9 2,828,363.0 * 40,082.0 - *
Customer Buy 174,218.6 67,289.8 55,963.7 51,176.2 13,764.2 64,306.0 155,207.9 * 657,464.2 1,375,016.2 - * - *
Customer Sell 94,262.5 17,497.0 38,819.1 14,327.2 52,642.3 155,031.4 300,349.0 365,454.6 624,058.8 1,453,346.7 * * - -
Dealer to Dealer 52,092.2 13,126.9 12,552.9 33,606.0 36,692.8 241,232.4 180,313.9 - - - - - - -
<= $1MM 29,063.0 2,030.5 4,194.3 6,476.6 9,244.2 8,977.9 12,654.4 * - - * - - -
<= $10MM 173,775.0 52,356.2 34,562.1 51,020.0 19,202.2 82,433.0 111,546.9 * * 24,667.9 * * - -
> $10MM 117,735.4 * * * * 369,158.9 511,669.6 * 1,254,996.0 2,803,695.1 - * - *
NUMBER OF TRADES 183 40 36 54 27 95 99 8 11 16 * 5 - *
Customer Buy 89 20 17 28 10 30 35 * 6 5 - * - *
Customer Sell 61 12 11 17 10 36 30 6 5 11 * * - -
Dealer to Dealer 33 8 8 9 7 29 34 - - - - - - -
<= $1MM 121 22 27 39 15 70 52 * - - * - - -
<= $10MM 54 16 7 12 9 16 29 * * 6 * * - -
> $10MM 8 * * * * 9 18 * 7 10 - * - *

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 97.6 89.7 87.4 93.4 106.5 * 104.2
Weighted Avg. Price 97.8 89.6 87.5 92.3 105.9 * 104.0
Avg. Price Bottom 5 Trades 93.1 87.2 87.1 91.8 105.4 * 103.7
2nd Quartile Price 97.4 88.3 87.2 91.5 105.3 * 103.9
3rd Quartile Price 98.0 90.9 87.5 96.9 106.4 * 104.0
4th Quartile Price 98.8 91.8 88.5 98.3 106.9 * 104.8
Avg. Price Top 5 Trades 99.7 92.0 87.7 95.9 107.5 * 104.7
Standard Deviation 1.9 2.3 0.7 4.7 2.1 * 0.6
VOLUME OF TRADES (000'S) 161,477.8 106,983.9 10,635.0 10,380.0 40,410.0 * 19,267.0
Customer Buy 91,165.7 51,243.6 * * 28,810.0 * 12,257.0
Customer Sell 68,381.0 55,740.3 * * * - *
Dealer to Dealer 1,931.1 - - - - - -
<= $1MM 9,365.4 * * 1,550.0 * * 5,267.0
<= $10MM 108,322.0 32,078.3 * * * - *
> $10MM * * - - * - -
NUMBER OF TRADES 70 14 7 7 8 * 12
Customer Buy 31 5 * * 7 * 8
Customer Sell 32 9 * * * - *
Dealer to Dealer 7 - - - - - -
<= $1MM 35 * * 5 * * 9
<= $10MM 32 7 * * * - *
> $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 97.2 90.8 104.1 2.2 4.8 * 92.4 * 92.1 2.0 * - 84.1 - 640.6 * - 88.5
Weighted Avg. Price 96.0 90.5 104.2 2.4 5.3 * 89.5 * 93.9 2.4 * - 82.9 - 102.6 * - 25.2
Avg. Price Bottom 5 Trades 93.4 84.2 102.3 0.9 4.4 * 78.1 * 85.0 2.0 * - 55.3 - 102.1 * - 74.4
2nd Quartile Price 97.0 88.3 103.6 2.1 4.3 * 91.2 * 86.1 * * - 77.8 - 101.7 * - 100.1
3rd Quartile Price 97.9 91.6 104.0 2.6 4.8 * 93.4 * 89.4 * * - 88.2 - 103.3 * - 101.4
4th Quartile Price 98.3 92.4 104.7 3.1 6.6 * 96.1 * 103.2 * * - 93.6 - 2,255.7 * - 103.0
Avg. Price Top 5 Trades 99.3 96.1 105.8 3.0 5.1 * 97.9 * 104.6 2.0 * - 96.8 - 820.5 * - 103.2
Standard Deviation 1.8 4.2 0.9 1.0 0.9 * 5.3 * 8.1 1.4 * - 11.5 - 996.9 * - 33.4
VOLUME OF TRADES (000'S) 61,996.1 79,770.3 513,876.8 102,896.6 13,907.4 * 131,117.6 * 93,601.0 17,943.9 * - 202,668.3 - 11,279.0 * - 125,259.8
Customer Buy 50,290.0 43,338.4 277,180.4 16,270.7 * - 62,874.9 * 44,478.0 * - - 97,106.4 - * * - 66,660.9
Customer Sell 10,876.5 35,672.0 235,426.3 53,290.7 11,619.3 * 61,394.7 * 49,123.0 * * - 99,823.3 - * * - 58,598.9
Dealer to Dealer * * * * - - 6,848.0 - - - - - 5,738.5 - - - - -
<= $1MM 14,491.8 3,169.3 11,651.0 * * - 9,965.2 * * * - - 5,115.1 - 3,936.5 - - 5,704.0
<= $10MM 19,349.0 50,727.1 251,774.8 14,474.3 11,915.1 * 121,152.4 * 91,651.0 * * - 197,553.2 - * * - 15,380.0
> $10MM * * 250,451.0 86,629.8 - - - - - * - - - - - * - *
NUMBER OF TRADES 55 28 85 17 7 * 71 * 31 5 * - 83 - 8 * - 14
Customer Buy 29 11 54 6 * - 35 * 13 * - - 39 - * * - 8
Customer Sell 25 15 29 9 5 * 29 * 18 * * - 35 - * * - 6
Dealer to Dealer * * * * - - 7 - - - - - 9 - - - - -
<= $1MM 45 9 21 * * - 37 * * * - - 30 - 6 - - 7
<= $10MM 9 17 52 9 5 * 34 * 29 * * - 53 - * * - 5
> $10MM * * 12 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 - - - 96.7 98.6 100.3 - - * 96.5 94.6 100.3 - - - 72.5 96.1 99.9 * - *
Weighted Avg. Price - - - 96.8 99.1 100.4 - - * 96.6 95.1 100.4 - - - 71.0 95.1 100.2 * - *
Avg. Price Bottom 5 Trades - - - 93.5 90.8 97.1 - - * 91.5 81.4 94.9 - - - 19.8 81.6 91.7 * - *
2nd Quartile Price - - - 95.4 99.0 99.9 - - * 95.0 90.2 99.8 - - - 64.8 96.4 99.8 * - *
3rd Quartile Price - - - 97.0 100.0 100.2 - - * 97.6 97.4 100.3 - - - 87.5 99.4 100.5 * - *
4th Quartile Price - - - 98.8 100.0 100.5 - - * 98.7 99.8 100.9 - - - 92.1 99.9 101.3 * - *
Avg. Price Top 5 Trades - - - 99.7 100.3 104.1 - - * 99.2 100.0 103.4 - - - 98.3 100.1 105.6 * - *
Standard Deviation - - - 2.5 2.8 1.3 - - * 2.7 6.5 1.6 - - - 25.9 6.0 4.0 * - *
VOLUME OF TRADES (000'S) - - - 47,733.5 245,641.7 576,601.7 - - * 122,801.7 223,606.4 386,033.6 - - - 411,629.0 335,884.6 150,605.7 * - *
Customer Buy - - - 19,240.3 107,052.3 282,764.9 - - - 72,124.5 109,640.1 181,586.3 - - - 202,770.3 132,723.5 67,756.8 - - -
Customer Sell - - - 15,493.2 124,054.8 242,086.8 - - * 27,827.1 113,866.3 178,247.3 - - - 205,274.1 162,075.1 74,848.8 * - *
Dealer to Dealer - - - * * 51,750.0 - - - 22,850.0 * 26,200.0 - - - * 41,086.0 * - - -
<= $1MM - - - 5,657.0 11,843.0 20,578.0 - - - 4,149.4 14,999.8 17,684.2 - - - * 4,083.1 3,720.0 - - -
<= $10MM - - - 42,076.6 133,675.4 382,217.6 - - * 118,652.3 169,752.6 296,299.4 - - - 162,826.0 258,256.0 92,553.0 * - *
> $10MM - - - - * 173,806.0 - - - - * 72,050.0 - - - 247,970.0 73,545.6 * - - -
NUMBER OF TRADES - - - 20 67 137 - - * 37 85 118 - - - 52 69 38 * - *
Customer Buy - - - 10 30 66 - - - 20 40 58 - - - 29 30 18 - - -
Customer Sell - - - 8 34 66 - - * 11 44 51 - - - 21 33 18 * - *
Dealer to Dealer - - - * * 5 - - - 6 * 9 - - - * 6 * - - -
<= $1MM - - - 10 26 45 - - - 7 35 40 - - - * 7 6 - - -
<= $10MM - - - 10 38 80 - - * 30 47 72 - - - 42 57 29 * - *
> $10MM - - - - * 12 - - - - * 6 - - - 8 5 * - - -

* 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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