Big banks reversed a buildup in long-dated bonds over the last two quarters, a reassuring development given recent worries that they might “reach for yield.” Smaller competitors maintained their positions.

Instruments that mature or reprice in more than five years fell 3.8 percentage points from the middle of 2012 to 56.1% of total securities at yearend among holding companies with more than $10 billion of assets, more than undoing increases that had prevailed over the preceding five quarters. (See the following graphic. Interactive controls are described in the captions. Text continues below.)

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