Summary:
The ASX-listed notes market remains relatively narrow, with only a handful of securities currently trading. The chart highlights the two Australian Unity bonds on issue: AYUHD and AYUHE.
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AYUHD (Series D) carries a margin of +2.15% over BBSW, with a first call date in December 2026. It is currently trading at a margin of 3.78%, a modest tightening over the past week, with the price around $100.25 and a running yield of 5.87%.
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AYUHE (Series E) offers a slightly higher issue margin of +2.50%, with a longer call date in December 2028. The trading margin has eased to 3.18%, with the security priced at $100.65 and generating a running yield of 6.21%.
Alongside the Australian Unity issues, Centuria Capital’s subordinated note (C2FHA), with maturity in April 2026, remains the highest-yielding listed note. It trades at a 5.27% margin above BBSW, reflecting both its higher credit risk profile and the elevated 4.25% issue margin. The note is priced slightly above par at $102.14, delivering a running yield close to 7.90%.
Overall, spreads across listed notes have been relatively stable, with some mild tightening reflecting ongoing investor appetite for floating-rate securities in a higher-for-longer rate environment. The shorter-dated AYUHD continues to trade wider than AYUHE despite its closer maturity, indicating a market preference for the additional spread offered by Centuria and the duration premium in AYUHE.
ASX-LISTED FLOATING RATE NOTES
| COMPANY | CODE | BOND TYPE | MATURITY | ISSUE MARGIN | TRADING MARGIN | Δ WEEK | WEEK CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Centuria Capital | C2FHA | Note | 20-Apr-26 | 4.25% | 5.27% | 2.58% | 102.14 | 7.90% |
| Australian Unity | AYUHD | Bond Series D | 15-Dec-26 | 2.15% | 3.78% | 1.27% | 100.25 | 5.87% |
| Australian Unity | AYUHE | Bond Series E | 15-Dec-28 | 2.50% | 3.18% | 0.91% | 100.65 | 6.21% |
For a full breakdown of trading activity, margin changes, and performance insights, visit the