Assuming parallel movements to the yield curve, the expected price change is:

$$\Delta P = -P \times \Delta y \times D$$

Where:

• P is the current price or net present value

• $\Delta y$ is the yield change

• D is duration

All else equal, a negative impact of yield curve move is stronger in absolute terms at the bond which is currently priced higher. Upward parallel curve movements make bonds cheaper.