Summary –
Floating rate notes (FRNs) listed on the ASX continue to offer investors a compelling mix of yield and interest rate protection. This week’s snapshot highlights performance across three key securities, with movements in trading margins and weekly price changes reflecting broader market sentiment.
Centuria Capital’s note saw a sharp decline this week, dropping 3.57% despite trading above par. The negative trading margin suggests strong demand, possibly driven by its attractive yield. However, the price movement may reflect short-term market caution or repositioning by investors.
AYUHD traded slightly below par this week, with a modest decline of 0.96%. The trading margin remains below the issue margin, indicating a slight discount. This bond may appeal to medium-term investors seeking stable income with limited price volatility.
Series E showed the smallest weekly decline, closing just above par. With a longer maturity and a competitive running yield, this bond may suit investors looking for consistent income over a longer horizon.
Market Perspective
All three instruments posted weekly declines, suggesting a cautious tone in the FRN segment. However, running yields remain attractive, particularly in a rising interest rate environment. Floating rate structures continue to offer valuable protection against inflation and rate hikes, reinforcing their role in diversified income portfolios.
Figure 1: ASX-Listed Notes
ASX-LISTED FLOATING RATE NOTES
COMPANY CODE BOND
TYPEMATURITY ISSUE
MARGINTRADING
MARGINΔ WEEK WEEK
CLOSERUNNING
YIELD**Centuria Capital C2FHA Note 20-Apr-26 4.25% -0.88% -3.57% 102.48 7.55% Australian Unity AYUHD Bond Series D 15-Dec-26 2.15% 1.55% -0.96% 99.3 5.61% Australian Unity AYUHE Bond Series E 15-Dec-28 2.50% 1.65% -0.62% 100.99 5.85%
For a full breakdown of trading activity, margin changes, and performance insights, visit the