Trading margins of ASX-listed notes and bonds generally fell markedly, although one moved considerably higher. The trading margin of NAB Subordinated Notes (ASX code: NABPE, +66bps) increased markedly, albeit from a low base, while Australian Unity Series C Bonds (ASX code: AYUHC, -135bps), Crown Series 2 Notes (ASX code: CWNHB, -96bps) and Qube Notes (ASX code: QUBHA, -68bps) partially recovered from recent sell-offs. 
The current 3-month BBSW rate is around 0.22%. 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% | 5.80% | 0.16% | 98.00 | 3.08% |
| Crown | CWNHB | Sub. Note | 23-Jul-21 | 4.00% | 19.74% | -0.96% | 84.00 | 5.04% |
| Bentham IMF | IMFHA | Bond | 31-Jan-22 | 4.20% | 10.74% | -0.25% | 90.00 | 4.91% |
| Villa World | VLWHA | Snr. Bond | 21-Apr-22 | 4.75% | 5.45% | 0.03% | 100.00 | 5.03% |
| Peet | PPCHB | Bond | 5-Oct-22 | 3.65% | 12.94% | 0.09% | 84.00 | 5.80% |
| Nat. Aust. Bank | NABPE | Sub. Note Tier 2 | 20-Jun-23 | 2.20% | 4.21% | 0.66% | 94.10 | 2.58% |
| Qube Holdings | QUBHA | Sub. Note | 5-Oct-23 | 3.90% | 5.66% | -0.68% | 95.00 | 4.34% |
| Australian Unity | AYUHC | Bond Series C | 15-Dec-24 | 2.00% | 6.07% | -1.35% | 84.50 | 2.63% |
| Australian Unity | AYUHD | Bond Series D | 15-Dec-26 | 2.15% | 5.20% | 0.16% | 84.25 | 2.81% |