10 November – 14 November 2025

Summary –

ASX-Listed Floating Rate Notes: Weekly Market Commentary

The Australian floating rate note (FRN) market continues to show mixed performance this week, with notable movements across major issuers.

Centuria Capital (C2FHA)

  • Maturity: 20 April 2026
  • Issue Margin: 4.25%
  • Trading Margin: -0.88% (down sharply)
  • Price: $102.48
  • Running Yield: 7.55%
    Centuria Capital’s note saw a 3.57% decline in trading margin, signaling reduced investor appetite despite its attractive running yield above 7%. This could indicate short-term volatility or profit-taking in the sector.

Australian Unity Bonds

  • AYUHD (Series D)

    • Maturity: 15 December 2026
    • Issue Margin: 2.15%
    • Trading Margin: 1.55%
    • Price: $99.30
    • Running Yield: 5.61%
      Series D bonds slipped 0.96% in trading margin, reflecting moderate pressure on pricing.

  • AYUHE (Series E)

    • Maturity: 15 December 2028
    • Issue Margin: 2.50%
    • Trading Margin: 1.65%
    • Price: $100.99
    • Running Yield: 5.85%
      Series E bonds remain relatively stable, with only a 0.62% margin decline, suggesting longer-dated securities are holding investor confidence better.

 Figure 1: ASX-Listed Notes

SX-listed notes chart showing call dates from June 2024 to December 2031 and margins above BBSW (%) for AYUHD and AYUHE securities

 

 

  • 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