Summary: No clear direction in trading margin movements; Australian Unity Series C bonds finished with negative trading margin.
Trading margins of ASX-listed notes and bonds varied in both directions. The trading margin of Bentham IMF Bonds (ASX: IMFHA, +87bps) increased noticeably while the margin of National Australia Bank Subordinated Bonds (ASX code: NABPE, -57bps) fell back to February (pre-pandemic) levels. The trading margin of Australian Unity’s Series B bonds (ASX code: AYUHB, -14bps) fell below zero. 
The current 3-month BBSW rate is around 0.10%. Add the trading margin from the above chart or from the tables to this figure for an estimate of the gross return per annum in the absence of BBSW rate changes. The gross return may contain imputation credits. BBSW typically is around 15bps (average since 1990) more than the RBA rate.
ASX-LISTED FLOATING RATE NOTES
| COMPANY | CODE | BOND TYPE | MATURITY | ISSUE MARGIN | TRADING MARGIN | Δ WEEK | WEEK CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Australian Unity | AYUHB | Bond Series B | 15-Dec-20 | 2.80% | -0.11% | -2.37% | 101.25 | 2.87% |
| Crown | CWNHB | Sub. Note | 23-Jul-21 | 4.00% | 10.60% | 0.74% | 94.90 | 4.35% |
| Bentham IMF | IMFHA | Bond | 31-Jan-22 | 4.20% | 6.43% | 0.87% | 97.40 | 4.43% |
| Villa World | VLWHA | Snr. Bond | 21-Apr-22 | 4.75% | 6.12% | 0.05% | 100.00 | 4.95% |
| Peet | PPCHB | Bond | 5-Oct-22 | 3.65% | 5.70% | 0.26% | 98.50 | 4.84% |
| Nat. Aust. Bank | NABPE | Sub. Note Tier 2 | 20-Jun-23 | 2.20% | 1.63% | -0.57% | 102.00 | 2.26% |
| Qube Holdings | QUBHA | Sub. Note | 5-Oct-23 | 3.90% | 3.14% | -0.09% | 102.64 | 3.91% |
| Australian Unity | AYUHC | Bond Series C | 15-Dec-24 | 2.00% | 2.35% | -0.14% | 98.80 | 2.13% |
| Australian Unity | AYUHD | Bond Series D | 15-Dec-26 | 2.15% | 3.03% | 0.20% | 95.50 | 2.36% |