17 November – 21 November 2025

Summary –

ASX-Listed Floating Rate Notes: Weekly Market Commentary

This week’s trading in ASX-listed floating rate notes showed mixed performance across issuers:

  • Centuria Capital (C2FHA)
    The note maturing 20-Apr-2026 saw a sharp decline in trading margin, dropping 88 bps to -0.88%, with a week-on-week price fall of 3.57% to $102.48. Despite this, the running yield remains attractive at 7.55%, supported by its high issue margin of 4.25%. The negative trading margin suggests strong demand relative to benchmark rates.

  • Australian Unity (AYUHD & AYUHE)

    • Series D (AYUHD), maturing 15-Dec-2026, traded slightly lower, with margin at 1.55% and price easing 0.96% to $99.30, delivering a running yield of 5.61%.
    • Series E (AYUHE), maturing 15-Dec-2028, showed resilience, with margin at 1.65% and only a 0.62% price dip to $100.99, offering a yield of 5.85%.

Key Observations:

  • Centuria’s note remains the highest-yielding among the group, but its price volatility and negative trading margin warrant caution.
  • Australian Unity bonds continue to provide moderate yields with relatively stable pricing, making them appealing for investors seeking longer-dated exposure.

 Figure 1: ASX-Listed Notes

 

  • ASX-LISTED FLOATING RATE NOTES

    COMPANYCODEBOND
    TYPE    		MATURITYISSUE
    MARGIN    		TRADING
    MARGIN    		Δ WEEKWEEK
    CLOSE    		RUNNING
    YIELD**
    Centuria CapitalC2FHANote20-Apr-264.25%-0.88%-3.57%102.487.55%
    Australian UnityAYUHDBond Series D15-Dec-262.15%1.55%-0.96%99.35.61%
    Australian UnityAYUHEBond Series E15-Dec-282.50%1.65%-0.62%100.995.85%

For a full breakdown of trading activity, margin changes, and performance insights, visit the