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If you are talking about the "notes" section of a contact, that field does not hold any formatting. So any formatting done on a device that is then synced, will be lost.
there is no workaround for this.
If you want to stick with Outlook, I suggest you look at Office 365 Exchange. Otherwise, moving to Apple Mail, Contacts and Calendar with iCloud might be a better option for you.
Apple has deprecated Sync Services.