Breaking down the full context of the sentence makes it easier to parse >notionally hedged against on paper, SVB had protection from... >...interest-rate dur

Breaking down the full context of the sentence makes it easier to parse >notionally hedged against on paper, SVB had protection from... >...interest-rate duration risk the danger that rising interest rates would mean it lost money on long term bonds at the historic (low) rate... >...by this hold-to-maturity strategy, using a common financial technique that valued the assets in question at their final value, not their current market value... >that strategy put those assets outside the circle of those available to meet unexpected withdrawals however, doing so meant those bonds weren't available if they needed immediate cash