5 January – 9 January 2026

Summary –

The ASX‑listed notes universe remains sparsely populated, with only two securities currently plotted: AYUHD and AYUHE. Both instruments sit comfortably within the mid‑range of the sector’s typical trading margins, offering moderate spreads above BBSW.

AYUHD, with a call date around late‑2026, is trading on a margin of roughly 1.45% above BBSW, placing it in the lower end of the trading range but still consistent with the shorter call profile. Its relative pricing suggests investors continue to view the issuer’s near‑term credit risk as stable, with no significant repricing pressure evident.

Further out the curve, AYUHE—with a call date close to mid‑2028—offers a slightly higher margin of around 1.60%. The incremental pickup over AYUHD aligns with the longer call horizon but remains modest, reflecting subdued credit differentiation and limited supply in ASX‑listed note structures.

Overall, the chart highlights a tight and flat margin environment, with spreads showing minimal dispersion despite differing maturities. The lack of additional listed notes reinforces the market’s ongoing supply constraints, keeping margins anchored and limiting opportunities for relative‑value positioning.

 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