Key rate duration for Coupon bearing bonds

CFA Level II Fixed Income
#1

Hi guys,

In Reading 49, in measuring Yield Curve RIsk for a portfolio, we assume that all the Bonds held in the Portfolio are Zeros, but in real life that may not be the case many a times.

I wonder, how much this Key Rate duration tool, which is pretty straightforward and simple for Zeros, will be helpful to figure out the sensitiveness of Coupon bearing Bonds in a Portfolio to a non-parallel shift in Yield Curve?

Any idea?

Regards,

#2

learn it well myself, since it is going to be one of the key topics in level III: immunization of bond portfolio.