What is a primary risk associated with longer maturity bonds?

Longer maturity bonds are particularly sensitive to changes in interest rates, which is the essence of interest rate risk. When interest rates rise, the prices of existing bonds typically fall because new bonds are issued at those higher rates, making existing bonds with lower rates less attractive to investors. The longer the maturity of a bond, the more time there is for interest rates to fluctuate, leading to a greater potential change in its price. This means that investors holding long-term bonds could see significant changes in the market value of their investments as interest rates move. Thus, the primary risk associated with longer maturity bonds is indeed higher interest rate risk.