Better: a 100 bp increase in prevailing interest rates...
edit to add:
Also, in the context of loans/notes/bonds, duration refers to sensitivity of the price of the instrument to a small change in interest rates.
Knowing the duration of the instrument is all you need, it is very odd to say 'by approximately 1% per year of duration' If the duration is 4 yrs, a 100bp increase in rates will result in a 4% decline in the price of the bond.
edit to add:
Also, in the context of loans/notes/bonds, duration refers to sensitivity of the price of the instrument to a small change in interest rates.
Knowing the duration of the instrument is all you need, it is very odd to say 'by approximately 1% per year of duration' If the duration is 4 yrs, a 100bp increase in rates will result in a 4% decline in the price of the bond.