The recent spike in global bond yields is playing havoc with some of the ASX’s most loved, high-yielding shares such as Sydney Airport Holdings Ltd (ASX: SYD) and Transurban Group (ASX: TCL).

As the comparative chart below highlights, both of those shares have lost more than 20% of their value since the beginning of August, with the declines accelerating over the past few weeks.

Source: Google Finance

Source: Google Finance

While some investors might think about abandoning their dividend-paying shares in light of recent events, I think the important point to note here is that Sydney Airport and Transurban were bid up to very expensive and unsustainable valuations by those investors looking for bond-like returns.

Luckily, there are a number of shares with fast-growing dividends that are trading at fairly reasonable valuations that income investors could consider, including:

IPH Ltd (ASX: IPH)

The intellectual property services firm isn’t trading far from its 52-week lows, despite delivering a solid full year result and recently bedding down an earnings accretive acquisition that will bolster its presence in the fast-growing Asian region. While the market appears to be taking a ‘wait and see’ approach, I think the company remains comfortably placed to meet analysts’ forecasts for the dividend yield to increase to 4.7% and 5.4% over the next two years.

Amaysim Australia Ltd (ASX: AYS)

Amaysim has been one of the few telco shares to post a share price gain over the past three months and has been largely unaffected by the sell-off that has hammered some of the big name players in the sector. The company delivered an impressive full year result and also recently announced its intention to become a nimble player in the NBN market. The shares currently offer a dividend yield of 3.8%, although consensus forecasts suggest this yield will increase to 5.1% over the next 12 months.

APN Outdoor Group Ltd (ASX: APO)

APN Outdoor has been one of the most volatile shares on the ASX over the past three months following a profit downgrade and then a subsequent profit upgrade. Although this may not an most ideal situation for risk averse investors, I think investors who can handle higher-than-average levels of volatility in the short term will be duly rewarded. The company is one of the market leaders when it comes to the fast growing out-of-home advertising market and its digital roll-out strategy is far from peaking. According to CommSec, APN Outdoor’s dividend yield is expected to grow to 3.7% and 5.1% over the next two years.

If you are interested in quality dividend shares, then I would recommend this top dividend share as well. A strong yield and potential share price gains make this a great investment idea in my opinion.

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Motley Fool contributor Christopher Georges owns shares of Amaysim Australia Ltd, APN Outdoor Group Ltd, and IPH Ltd. The Motley Fool Australia owns shares of IPH Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.