16 June – 20 June 2025

Summary: 

ASX Listed Notes Commentary (Week Ending 20 June 2025) The 3-month BBSW remained steady at 4.33%, offering a stable base for floating rate instruments. Trading margins, however, saw meaningful repricing. Centuria Capital’s C2FHA note widened by 19bps to 4.29%, trimming its running yield to 7.65%, down from 8.22% the previous week.

In contrast, Australian Unity’s AYUHD note tightened by 11bps to 2.70%, nudging its yield up to 6.38%. The AYUHE note held firm at a 2.76% margin, with a yield of 6.25%. The market appears to be recalibrating risk premiums selectively, with investors showing renewed interest in mid-tier credit.

• 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%	3.50%	0.81%	102.11	7.89%
  Australian Unity	AYUHD	Bond Series D	15-Dec-26	2.15%	2.91%	0.40%	100.25	5.90%
  Australian Unity	AYUHE	Bond Series E	15-Dec-28	2.50%	2.80%	0.53%	100.65	6.23%