As interest rates went up, the unhedged bonds lost value big time, as the value of a bond is inversely related to interest rates.

Source: https://www.gopusa.com/wokester-apocalypse-at-silicon-valley-bank/

For the unhedged part, it's still good to have the lower prices, but the year can still be long.

Source: https://seekingalpha.com/article/4589677-sgl-carbon-se-sglff-q4-2022-earnings-call-transcript?source=feed_all_articles

Gross debt amounted to PHP247.7 billion, of which 16% are dollar-denominated and 5% unhedged.

Source: https://seekingalpha.com/article/4601324-pldt-inc-phi-q1-2023-earnings-call-transcript?source=feed_all_articles

Let's not forget that we are unhedged in this period.

Source: https://seekingalpha.com/article/4573185-wizz-air-holdings-plc-wzzaf-q3-2023-earnings-call-transcript?source=feed_all_articles