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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 08/25/2025 to 08/29/2025

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 96.5 91.9 86.4 85.8 95.7 101.1 99.4 1.9 4.9 5.5 4.5 4.2 - *
Weighted Avg. Price 97.4 92.8 86.0 81.5 92.7 98.6 98.8 1.5 3.6 4.8 3.9 4.7 - *
Avg. Price Bottom 5 Trades 78.5 79.7 70.6 44.6 73.5 94.2 95.8 0.5 2.6 1.6 3.7 4.2 - *
2nd Quartile Price 95.6 88.7 84.6 87.1 95.0 100.1 98.8 1.0 4.2 3.4 4.3 * - *
3rd Quartile Price 98.4 92.6 87.1 94.3 100.1 101.8 99.8 2.0 5.6 6.6 5.0 * - *
4th Quartile Price 98.9 96.8 98.9 99.2 100.7 103.3 100.7 2.9 6.2 7.6 5.8 * - *
Avg. Price Top 5 Trades 100.1 99.1 99.3 99.6 102.6 104.4 101.7 3.6 6.6 8.5 5.5 4.2 - *
Standard Deviation 4.4 5.4 9.6 18.7 9.0 3.8 1.8 1.2 2.2 2.8 1.6 1.4 - *
VOLUME OF TRADES (000'S) 552,313.6 112,888.8 42,697.3 119,561.2 151,831.6 40,697.6 193,204.1 69,069.2 41,611.2 171,257.7 42,743.1 71,330.3 - *
Customer Buy 208,311.1 35,211.5 13,339.6 63,658.7 69,829.3 21,763.4 166,525.4 6,048.9 * 57,415.7 * * - *
Customer Sell 194,528.4 69,484.6 23,603.5 29,463.2 40,834.3 10,877.3 772.2 63,020.3 29,941.8 113,841.9 27,971.9 * - *
Dealer to Dealer 149,474.1 8,192.7 5,754.1 26,439.4 41,168.0 8,056.9 25,906.4 - - - - - - -
<= $1MM 48,238.1 8,039.8 13,818.0 10,603.4 7,353.4 3,027.3 1,919.2 4,482.3 * - - - - -
<= $10MM 214,053.2 38,596.0 28,879.2 51,718.5 81,718.7 37,670.3 85,704.9 36,397.5 40,514.9 83,145.3 31,446.0 * - -
> $10MM 290,022.4 * - * 62,759.5 - * * - * * * - *
NUMBER OF TRADES 211 52 38 41 45 83 83 25 15 21 8 5 - *
Customer Buy 80 18 10 12 24 19 22 5 * 5 * * - *
Customer Sell 87 24 22 20 12 38 35 20 11 16 6 * - *
Dealer to Dealer 44 10 6 9 9 26 26 - - - - - - -
<= $1MM 130 36 25 19 18 74 58 12 * - - - - -
<= $10MM 65 13 13 19 22 9 24 12 13 18 7 * - -
> $10MM 16 * - * 5 - * * - * * * - *

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 98.0 91.8 88.4 95.7 107.5 105.4 105.2
Weighted Avg. Price 98.3 90.8 88.6 98.5 106.5 104.8 105.0
Avg. Price Bottom 5 Trades 93.8 91.1 87.9 94.6 106.2 104.3 104.4
2nd Quartile Price 97.3 91.5 88.1 94.9 106.9 105.1 104.9
3rd Quartile Price 98.2 91.8 88.4 98.7 107.8 105.7 105.0
4th Quartile Price 98.9 93.3 89.0 101.1 108.1 106.3 105.8
Avg. Price Top 5 Trades 100.4 92.5 89.0 96.9 108.7 106.5 106.1
Standard Deviation 1.5 1.3 0.6 4.3 1.8 1.1 0.8
VOLUME OF TRADES (000'S) 1,008,917.5 22,454.0 24,339.8 13,596.4 14,150.4 57,324.7 36,873.0
Customer Buy 373,619.3 19,224.0 19,981.8 * 12,853.4 49,380.7 10,984.0
Customer Sell 635,298.2 * * * * * 25,889.0
Dealer to Dealer - - - - - * -
<= $1MM 20,105.1 * 2,050.0 * 2,174.0 1,445.0 2,563.0
<= $10MM 292,479.8 10,460.0 22,289.8 * * * *
> $10MM 696,332.6 * - - - * *
NUMBER OF TRADES 160 8 12 6 11 13 16
Customer Buy 56 6 8 * 8 8 8
Customer Sell 104 * * * * * 8
Dealer to Dealer - - - - - * -
<= $1MM 55 * 5 * 7 8 12
<= $10MM 74 5 7 * * * *
> $10MM 31 * - - - * *

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 97.3 91.9 104.9 0.9 4.0 - 90.4 80.7 99.6 1.0 - - 83.6 * 102.6 * - *
Weighted Avg. Price 97.8 91.2 105.0 1.3 3.9 - 91.2 88.5 99.7 0.5 - - 80.1 * 103.0 * - *
Avg. Price Bottom 5 Trades 85.1 87.3 102.4 0.3 3.7 - 79.4 72.1 91.0 1.0 - - 61.3 * 102.2 * - *
2nd Quartile Price 97.3 88.9 104.3 0.2 3.8 - 87.5 80.0 99.6 * - - 78.0 * 101.6 * - *
3rd Quartile Price 98.2 91.3 105.0 0.8 4.6 - 91.6 85.3 100.9 * - - 85.9 * 103.5 * - *
4th Quartile Price 98.9 94.6 105.7 2.3 5.3 - 94.0 94.7 103.6 * - - 91.9 * 103.5 * - *
Avg. Price Top 5 Trades 99.9 96.5 106.9 1.7 4.3 - 98.0 88.4 104.4 1.0 - - 95.2 * 103.1 * - *
Standard Deviation 3.3 4.2 1.2 0.9 1.0 - 5.5 12.3 5.5 1.4 - - 10.2 * 1.1 * - *
VOLUME OF TRADES (000'S) 282,457.6 26,440.2 219,067.7 24,334.1 12,705.4 - 117,621.3 43,479.0 76,172.9 58,209.8 - - 122,938.2 * 18,142.0 * - *
Customer Buy 106,947.7 2,613.2 113,247.4 17,484.8 12,705.4 - 58,948.6 19,147.0 42,634.0 * - - 56,463.4 * * * - *
Customer Sell 172,626.0 23,230.0 105,124.3 * - - 58,672.7 * * * - - 59,161.8 - * - - -
Dealer to Dealer 2,883.9 * 696.0 - - - - - 26,289.9 - - - 7,313.0 - * - - -
<= $1MM 23,699.7 4,835.2 9,819.3 2,205.7 * - 9,258.3 * 5,000.0 * - - 4,544.6 * * - - -
<= $10MM 193,297.9 21,605.0 44,817.4 22,128.5 11,778.1 - 82,363.0 26,535.0 71,172.9 * - - 118,393.6 - * * - *
> $10MM * - 164,431.0 - - - * * - * - - - - - - - -
NUMBER OF TRADES 123 16 65 15 6 - 50 10 22 5 - - 59 * 7 * - *
Customer Buy 45 8 37 11 6 - 33 6 11 * - - 28 * * * - *
Customer Sell 70 7 22 * - - 17 * * * - - 22 - * - - -
Dealer to Dealer 8 * 6 - - - - - 9 - - - 9 - * - - -
<= $1MM 69 11 45 6 * - 28 * 5 * - - 30 * * - - -
<= $10MM 50 5 13 9 5 - 20 7 17 * - - 29 - * * - *
> $10MM * - 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 - - - 94.8 97.4 100.7 - - - 94.6 89.1 100.4 - - * 76.0 88.5 99.1 - - 100.5
Weighted Avg. Price - - - 95.2 97.1 101.1 - - - 95.8 92.9 99.6 - - * 87.1 92.6 99.8 - - 100.4
Avg. Price Bottom 5 Trades - - - 87.2 88.5 96.0 - - - 84.2 63.6 96.8 - - * 32.8 55.7 87.8 - - 100.2
2nd Quartile Price - - - 90.6 97.1 100.1 - - - 95.8 86.0 99.9 - - * 66.1 92.0 100.0 - - 100.3
3rd Quartile Price - - - 97.6 99.3 100.4 - - - 97.2 96.7 100.3 - - * 86.6 97.0 100.3 - - 100.4
4th Quartile Price - - - 99.3 100.0 101.7 - - - 97.8 98.8 101.0 - - * 95.7 99.7 100.7 - - 101.0
Avg. Price Top 5 Trades - - - 99.5 100.0 104.2 - - - 98.6 99.9 103.9 - - * 98.2 100.1 105.6 - - 101.0
Standard Deviation - - - 4.9 3.8 1.6 - - - 6.6 13.4 1.7 - - * 25.0 16.1 6.1 - - 0.6
VOLUME OF TRADES (000'S) - - - 47,286.4 104,754.1 255,056.6 - - - 117,310.0 125,115.9 152,736.6 - - * 131,840.5 176,583.2 83,241.0 - - 21,650.0
Customer Buy - - - 29,526.2 50,554.9 158,717.1 - - - 47,965.0 42,847.5 90,486.7 - - - 64,605.3 99,712.6 62,978.0 - - 10,900.0
Customer Sell - - - 17,760.1 51,425.7 96,339.5 - - - 69,345.0 47,477.0 61,949.9 - - * 59,165.3 76,870.6 20,263.0 - - 10,750.0
Dealer to Dealer - - - - * - - - - - 34,791.4 * - - - * - - - - -
<= $1MM - - - 4,927.2 8,413.4 33,199.6 - - - * 5,760.3 10,780.8 - - - 3,675.2 4,740.9 4,691.0 - - 5,150.0
<= $10MM - - - 42,359.2 96,340.7 159,097.0 - - - 85,217.2 67,772.8 116,955.9 - - - 128,165.4 87,388.3 78,550.0 - - 16,500.0
> $10MM - - - - - * - - - * * * - - * - 84,454.0 - - - -
NUMBER OF TRADES - - - 27 53 130 - - - 25 36 61 - - * 53 33 32 - - 13
Customer Buy - - - 12 23 69 - - - 14 14 33 - - - 25 16 21 - - 7
Customer Sell - - - 15 29 61 - - - 11 17 27 - - * 26 17 11 - - 6
Dealer to Dealer - - - - * - - - - - 5 * - - - * - - - - -
<= $1MM - - - 15 23 86 - - - * 15 30 - - - 22 8 10 - - 6
<= $10MM - - - 12 30 41 - - - 19 17 29 - - - 31 20 22 - - 7
> $10MM - - - - - * - - - * * * - - * - 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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