Summary –
The ASX-listed floating rate notes (FRNs) market was steady this week, with only minor movements across key securities. Activity remained concentrated in two Australian Unity issues — AYUHD and AYUHE — which continue to anchor the listed note segment for retail investors seeking income from floating rate securities.
AYUHD, maturing in December 2026, traded at a margin of 1.55% above the 3-month BBSW, while AYUHE, maturing in December 2028, offered a slightly higher margin of 1.65%. The narrow margin spread reflects the market’s preference for shorter-dated notes amid steady expectations for the Reserve Bank of Australia’s (RBA) cash rate and stable credit conditions.
Overall, the floating rate bond market remains supported by demand for high-quality, investment-grade issuers. With yields staying elevated and spreads stable, investors continue to find value in ASX-listed notes as part of diversified fixed-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