Bond exposure refers to an investor's or a company's vulnerability to fluctuations in bond prices. It is the extent to which an individual or institution holds bonds, and can be affected by changes in interest rates, creditworthiness of issuers, and other factors that influence the value of fixed-income securities. Bond exposure is typically measured as a percentage of an investor's total portfolio assets, with higher levels indicating greater risk to potential losses due to fluctuations in bond prices.