Philippine bonds hard hit by inflation...

This is from Reuters. The rise in the consumer price index will mean that poor people will have even more trouble making ends meet or even obtaining sufficient food since rice prices are soaring.


Bonds from the Philippines were among the worst hit in the region, dropping on data showing the consumer price index jumped in April by 8.3 percent from a year earlier, its highest level in nearly three years. [ID:nMAN226800]
"The CPI data came out well above expectations, so we saw a wave of selling in cash bonds, primarily in the long end," said a Manila-based trader, saying falls had reached as much as three-quarters of a point, before losses were pared.
Manila's 2031 bonds were quoted at 112.5/112.625 cents to a dollar while the 2032 bonds <718286bd8=rrps> were at 97.375/97.75, both down roughly half a point from Monday.
Philippines five-year credit default swaps -- or insurance-like contracts that protect against defaults and restructuring -- widened as much 15-20 basis points to 200, but then narrowed to 193/199, the trader said