21.   Banks tend to move with bonds because they hold large bond portfolios.

22.   Banks were among the hardest hit in late trading as U.K. gilts tracked U.S. bonds lower, reflecting the value of their bond portfolios.

23.   Banks, which are also sensitive to bond price movements because of their large bond portfolios, rose.

24.   Both Pinault and Credit Lyonnais deny any wrongdoing in connection with Executive Life or its bond portfolio.

25.   Financial companies, which typically hold large bond portfolios, stand to suffer if interest rates rise as the value of their holdings is eroded.

26.   A. This is an asset that could be a substitute for Treasuries in a bond portfolio.

27.   Brokerages and insurance companies dropped as falling bond prices cut into the value of their bond portfolios, traders said.

28.   But a corporate bond portfolio cannot.

29.   But it has to make a trade-off in the so-called effective duration of its bond portfolio.

30.   Conversely, when interest rates fall, or when it seems likely that they will, bond portfolios show principal gains.