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High duration dollar bonds led the losers list in Q3, particularly among the investment grade (IG) issuers. This move came amid the backdrop of a sharp spike in US Treasury yields, particularly the 10Y and 30Y tenors. While the 2Y yield was up by 15bp during the quarter, the 10Y and 30Y yields soared by a massive 73bp and 84bp respectively. Thus, dollar bonds with a high duration sensitivity dropped in the IG-space. This included names like Microsoft, Tencent, Apple, Amazon, Berkshire amongst others. In the chart below, we have taken the prices of dollar bonds with a duration of over 5 years and that have fallen over 5% in Q3. The animated chart below shows the performance of these bonds since over the last three quarters.