Inspired by various research in the last few days:
Dim totalVals, startPos(), endPos(), i, j, strLen As Long
Dim currLine As String
' Split the cell value (a string) in lines of text
splitVals = Split(ActiveCell.Value, Chr(10))
' This is how many lines you have
totalVals = UBound(splitVals)
' For each line, you'll have a character where you want the string to start being BOLD
ReDim startPos(0 To totalVals)
' And one character where you'll want it to stop
ReDim endPos(0 To totalVals)
' The value of the current line (before we loop on ActiveCell.Value) is empty
currLine = ""
For i = 0 To totalVals ' For each line...
' Length of the string currently treated by our code : 0 if no treatment yet...
strLen = Len(currLine)
' Here we parse and rewrite the current ActiveCell.Value, line by line, in a string
currLine = currLine & IIf(currLine = "", "", Chr(10)) & splitVals(i)
' At each step (= each line), we define the start position of the bold part
' Here, it is the 1st character of the new line, i.e. strLen + 1
startPos(i) = strLen + 1
' At each step (= each line), we define the end position of the bold part
' Here, it is just before the 1st "/" in the current line (hence we start from strLen)
endPos(i) = InStr(IIf(strLen = 0, 1, strLen), currLine, "/")
Next i
' Then we use the calculated positions to get the characters in bold
For j = 0 To UBound(startPos)
ActiveCell.Characters(startPos(j), endPos(j) - startPos(j)).Font.FontStyle = "Bold"
Next j
It might be a bit overdone, butI have tested it and it works like a charm. Hope this helps!