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Given a corporate bond portfolio with a concentration of long-dated investment-grade bonds, which yield curve factor (level/slope/curvature) would this portfolio have a higher sensitivity to?

Given a corporate bond portfolio with a concentration of long-dated investment-grade bonds, which yield curve factor (level/slope/curvature) would this portfolio have a higher sensitivity to? If the portfolio was hedged with matching-duration sovereign (default-free) bonds, would these sensitivities change? Why or why not?

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