I was reading The Intelligent Investor, I have a question on this quote.

[Debronic]

Basically, investors always require a certain risk premium to buy a bond on top of risk free interest rates. When interest rates rises and assuming that the risk premium does not change, the yield that investors would require to buy the same bond would increase. And because the cashflows (i.e. bond coupons and redemption payment) of a bond already issued in the market are fixed, this means that the market price or present value of the same bond should decrease as you are discounting the same cashflows back using higher required yield. Hope this helps.