28 July – 1 August 2025

Summary: 

ASX-Listed Notes Weekly Commentary Snapshot

This week’s market pulse shows a mixed performance across ASX-listed floating rate notes, with a notable uptick in trading margins and yields for select securities, suggesting heightened demand and recalibrated risk premiums.

  • Centuria Capital (C2FHA) stood out with the highest trading margin of 5.71%, up 3.02% from last week. The closing price of 101.5 reflects investor confidence, pushing the running yield to a striking 8.00% — well above the market average.

  • Australian Unity Series D (AYUHD) posted a moderate increase, with its trading margin rising to 3.55%, marking a 1.04% weekly gain. Despite a relatively lower issue margin of 2.15%, its running yield now sits at 5.93%, appealing to yield-seeking investors.

  • Australian Unity Series E (AYUHE) followed suit, albeit with a smaller weekly shift. The trading margin rose 0.82% to 3.09%, resulting in a running yield of 6.27%, supported by a solid market price of 100.65 and a longer maturity horizon to 15-Dec-28.

Overall, spreads widened slightly, offering investors more attractive entry points while reflecting mild risk repricing. Yield-focused portfolios may find value in hybrid structures with strong credit backing and steady market traction.

 

  • ASX-LISTED FLOATING RATE NOTES

    COMPANYCODEBOND
    TYPE    		MATURITYISSUE
    MARGIN    		TRADING
    MARGIN    		Δ WEEKWEEK
    CLOSE    		RUNNING
    YIELD**
    Centuria CapitalC2FHANote20-Apr-264.25%5.71%3.02%101.58.00%
    Australian UnityAYUHDBond Series D15-Dec-262.15%3.55%1.04%100.255.93%
    Australian UnityAYUHEBond Series E15-Dec-282.50%3.09%0.82%100.656.27%

For a full breakdown of trading activity, margin changes, and performance insights, visit the