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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 03/24/2025 to 03/28/2025

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 89.7 83.2 80.9 94.7 99.4 98.5 10.6 5.9 8.8 3.3 2.7 * *
Weighted Avg. Price 97.4 96.6 93.7 91.6 93.8 99.8 99.3 6.8 2.9 4.4 3.1 2.3 * *
Avg. Price Bottom 5 Trades 73.7 78.0 69.9 56.0 75.8 93.9 94.4 0.3 2.5 0.5 1.7 2.0 * *
2nd Quartile Price 96.2 78.8 72.3 70.5 96.6 98.7 98.2 0.7 4.4 3.5 1.9 2.1 * *
3rd Quartile Price 97.4 93.4 80.2 87.9 99.0 100.1 99.5 1.2 5.9 5.2 4.3 2.1 * *
4th Quartile Price 98.4 99.5 98.0 92.6 99.9 100.5 99.9 2.0 9.3 6.8 4.7 4.2 * *
Avg. Price Top 5 Trades 100.3 100.1 99.6 97.0 100.1 103.0 100.0 38.1 9.4 34.2 5.2 3.2 * *
Standard Deviation 4.5 9.1 11.7 13.9 8.3 2.7 3.0 28.0 2.4 16.7 1.8 1.4 * *
VOLUME OF TRADES (000'S) 794,454.0 105,616.5 174,730.8 270,099.6 273,617.6 110,424.8 210,991.2 2,414,636.1 973,918.6 3,536,859.8 278,272.6 148,405.8 * *
Customer Buy 185,272.8 51,717.3 101,423.5 175,734.1 163,319.4 52,092.6 96,163.0 1,290,630.7 * 1,307,616.1 - * * *
Customer Sell 348,657.2 44,681.2 59,584.6 51,092.7 68,118.8 37,273.6 70,341.6 1,124,005.4 617,028.8 2,229,243.8 235,289.4 42,839.9 * *
Dealer to Dealer 260,524.0 9,218.0 13,722.7 43,272.8 42,179.5 21,058.6 44,486.6 - * - * - - -
<= $1MM 50,201.5 5,555.7 8,033.5 4,678.3 5,586.0 19,256.6 4,508.9 4,466.7 * - * - - -
<= $10MM 347,493.7 21,518.0 32,028.6 50,057.4 68,421.2 52,678.1 35,206.1 * 24,058.8 21,771.8 * * - -
> $10MM 396,758.8 * 134,668.6 215,363.9 199,610.4 * 171,276.2 2,407,351.5 948,350.5 3,515,088.0 267,686.2 132,120.3 * *
NUMBER OF TRADES 227 46 52 39 37 64 27 19 23 32 13 8 * *
Customer Buy 86 20 21 14 20 16 14 10 * 9 - * * *
Customer Sell 80 14 14 15 9 28 6 9 18 23 11 5 * *
Dealer to Dealer 61 12 17 10 8 20 7 - * - * - - -
<= $1MM 136 27 33 20 13 45 8 7 * - * - - -
<= $10MM 77 15 14 12 19 16 11 * 8 7 * * - -
> $10MM 14 * 5 7 5 * 8 11 11 25 8 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 96.9 85.5 85.7 94.4 103.6 102.2 104.3
Weighted Avg. Price 97.1 85.4 86.7 98.4 103.1 102.3 104.1
Avg. Price Bottom 5 Trades 90.7 84.6 85.2 89.6 101.2 100.5 104.2
2nd Quartile Price 96.3 84.9 86.4 90.5 103.3 101.2 104.3
3rd Quartile Price 97.3 85.6 87.4 92.6 103.8 102.1 104.4
4th Quartile Price 98.8 86.4 88.1 104.0 106.2 104.7 104.6
Avg. Price Top 5 Trades 99.6 86.3 86.9 98.4 105.8 104.1 104.4
Standard Deviation 2.2 1.4 3.0 6.6 2.2 1.9 0.2
VOLUME OF TRADES (000'S) 317,969.7 4,443.0 16,009.0 10,870.0 21,438.0 117,240.7 23,550.0
Customer Buy 181,994.9 * * * 12,308.0 36,880.1 13,550.0
Customer Sell 128,532.3 225.0 989.0 4,795.0 9,030.0 80,360.6 *
Dealer to Dealer 7,442.6 * - - * - -
<= $1MM 29,776.5 1,425.0 989.0 2,170.0 1,641.0 2,704.0 *
<= $10MM 262,373.2 * - * 19,797.0 * *
> $10MM * - * - - * -
NUMBER OF TRADES 164 8 6 9 15 12 6
Customer Buy 72 * * * 8 5 5
Customer Sell 70 5 5 6 5 7 *
Dealer to Dealer 22 * - - * - -
<= $1MM 90 7 5 7 8 5 *
<= $10MM 72 * - * 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 96.6 89.5 103.0 1.8 5.3 * 90.6 79.8 100.8 * * - 72.0 66.7 76.7 * - *
Weighted Avg. Price 96.6 89.7 102.9 1.7 6.4 * 91.6 80.2 101.2 * * - 69.8 81.6 64.8 * - *
Avg. Price Bottom 5 Trades 91.7 84.4 99.7 1.3 4.0 * 76.0 79.2 98.1 * * - 5.1 46.0 76.7 * - *
2nd Quartile Price 95.8 87.4 101.5 1.4 4.6 * 87.3 80.5 98.4 * * - 54.5 70.3 * * - *
3rd Quartile Price 97.1 89.1 103.0 1.6 5.5 * 91.4 83.0 101.4 * * - 83.3 89.8 * * - *
4th Quartile Price 97.9 92.5 104.3 2.8 7.1 * 95.0 83.2 102.7 * * - 94.1 91.8 * * - *
Avg. Price Top 5 Trades 99.7 95.4 106.2 2.3 6.7 * 99.4 80.8 103.7 * * - 97.5 91.6 76.7 * - *
Standard Deviation 2.0 3.6 1.8 0.9 1.4 * 5.6 3.4 2.4 * * - 27.6 34.1 18.4 * - *
VOLUME OF TRADES (000'S) 295,513.6 79,024.3 202,587.2 11,681.6 741,754.3 * 249,581.6 6,765.6 37,396.0 * * - 293,202.3 43,663.4 37,686.0 * - *
Customer Buy 129,776.0 43,036.2 106,520.2 - * - 100,372.0 * 26,271.0 - * - 141,219.6 21,829.0 * - - *
Customer Sell 165,514.9 35,956.1 83,216.1 10,863.3 300,957.2 * 139,801.5 6,115.6 10,835.0 * - - 140,552.6 * * * - *
Dealer to Dealer * * 12,851.0 * * - 9,408.1 - * * - - 11,430.1 * - - - -
<= $1MM 14,932.9 5,078.6 19,613.6 3,272.3 2,986.4 * 25,874.5 * 2,585.0 - - - 8,868.8 * * - - -
<= $10MM 258,262.2 73,945.7 150,675.6 * * - 212,332.1 * 34,811.0 * * - 256,755.3 43,258.0 * * - *
> $10MM * - * - 731,115.7 - * - - * - - * - * - - *
NUMBER OF TRADES 105 37 87 8 13 * 137 6 18 * * - 86 11 6 * - *
Customer Buy 47 17 38 - * - 51 * 10 - * - 39 5 * - - *
Customer Sell 56 19 41 7 10 * 62 5 7 * - - 38 * * * - *
Dealer to Dealer * * 8 * * - 24 - * * - - 9 * - - - -
<= $1MM 39 17 49 5 5 * 76 * 9 - - - 22 * * - - -
<= $10MM 64 20 35 * * - 60 * 9 * * - 62 8 * * - *
> $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 * - - 95.0 96.1 100.0 - - - 93.0 94.9 99.8 2.0 - - 77.6 87.7 100.3 - - *
Weighted Avg. Price * - - 93.9 97.4 99.7 - - - 93.6 95.9 101.1 2.0 - - 78.3 88.1 100.3 - - *
Avg. Price Bottom 5 Trades * - - 88.9 80.0 92.8 - - - 81.8 83.4 91.7 2.0 - - 5.1 59.1 96.4 - - *
2nd Quartile Price * - - 92.6 95.8 99.4 - - - 90.5 91.2 99.1 * - - 73.0 78.5 99.3 - - *
3rd Quartile Price * - - 95.6 98.1 100.1 - - - 94.6 96.0 100.1 * - - 85.0 93.9 99.9 - - *
4th Quartile Price * - - 97.5 99.8 101.3 - - - 97.5 99.3 101.4 * - - 96.8 98.8 102.3 - - *
Avg. Price Top 5 Trades * - - 99.6 101.0 104.5 - - - 98.8 101.5 104.6 2.0 - - 99.5 100.0 104.2 - - *
Standard Deviation * - - 3.2 5.4 2.3 - - - 5.5 5.0 3.0 0.1 - - 25.9 12.9 2.2 - - *
VOLUME OF TRADES (000'S) * - - 133,357.1 357,070.0 563,304.0 - - - 72,462.5 261,897.5 208,075.0 10,450.0 - - 263,649.7 178,183.6 116,752.1 - - *
Customer Buy - - - 71,680.0 173,566.0 308,417.1 - - - 33,472.9 137,676.6 83,204.8 * - - 116,720.0 82,226.8 54,082.6 - - *
Customer Sell * - - 54,247.0 178,238.0 231,971.9 - - - 38,624.4 111,036.9 104,535.2 4,380.0 - - 143,731.4 79,094.3 58,011.6 - - *
Dealer to Dealer * - - * 5,266.0 22,915.0 - - - * 13,184.0 20,335.0 * - - 3,198.2 16,862.5 4,658.0 - - -
<= $1MM * - - 13,932.5 29,923.4 55,938.9 - - - 10,326.6 28,875.9 19,001.3 * - - 8,372.6 13,374.9 15,031.1 - - *
<= $10MM - - - 119,424.6 166,043.2 282,606.3 - - - 62,135.9 185,341.5 189,073.7 * - - 177,741.1 164,808.7 101,721.0 - - *
> $10MM - - - - 161,103.4 224,758.9 - - - - * - - - - * - - - - -
NUMBER OF TRADES * - - 56 133 183 - - - 39 118 101 8 - - 70 70 61 - - *
Customer Buy - - - 24 52 81 - - - 17 57 44 * - - 33 27 27 - - *
Customer Sell * - - 28 75 78 - - - 20 52 48 5 - - 31 37 28 - - *
Dealer to Dealer * - - * 6 24 - - - * 9 9 * - - 6 6 6 - - -
<= $1MM * - - 24 78 97 - - - 23 58 51 * - - 28 23 31 - - *
<= $10MM - - - 32 46 74 - - - 16 57 50 * - - 39 47 30 - - *
> $10MM - - - - 9 12 - - - - * - - - - * - - - - -

* 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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