Escolar Documentos
Profissional Documentos
Cultura Documentos
Obligasi
Fixed Income Securities have a
specified payment schedule, date and
amount of interest, principal payments
known in advance;
Bonds membayar bunga secara
berkala dan pada saat jatuh tempo
bayar coupon + face value
Coupon interest rate, Borrowers
(firm) typically make a periodic
interest payment to the bondholders
Bond Types
Bond on Issuers
Federal Government Securities T Bonds
Federal Agency Securities
Municipal Securities: General Obligation bonds, Revenue Bonds
Corporate Bonds
Based on Coupon Payments
Zero Coupon Bonds;
Fixed Rate Coupon Bonds
Floating Coupon Bonds
Reverse Floating
Inflation Index Bonds
Bonds on Collateral
Secured Bonds
Guaranteed Bonds
Mortgage Bonds
Collateral Trust Bonds
Equipment Trust bonds
ORI
Unsecured Bonds
Debenture Bonds
Subordinate Bonds
Interest Rate
Coupon Rate = SBI + 3%
Libor + 2%
Jibor
Kalau tingkat suku bunga lagi turun maka issuer redempt
untuk kemudian dia melakukan penerbitan yang baru
Provision of Bonds
Call Provision
Conversion Provision
Put Provision
Sinking Funds
Rating Companies
Moodys Investor Services
Standard & Poors
Di Indonesia: Pefindo dan Kasnic, memberikan peringkat
rating untuk obligasi, ratingnya tinggi harga mahal,
ratingnya rendah harganya murah.
Rating Bonds
AAA
AA
A
BBB
BB
B
CCC
CC
C
Top Quality
Low Quality
No interest bearing
Paid Currently in
default
Protection Against
Default
Sinking Fund
Subordination of Future Debt
Dividend Restrictions
Collateral
International Bonds
Represent a rapidly Borrowing
Category:
- Reflect willingness of Borrowers
within the US = Yankee Bonds
- Samurai Bonds: Bonds denominated
in yen issued in Japan by nonJapanese
Bond Valuation
Book Value
Liquidation Value
Market Value
Intrinsic Value
Value
Value
Yield to Maturity
A bond computed
YTM will only if
the bond is held
to maturity
The bond issuer
does not default
in the timing or
amount of
schedule
payments
All the cashflows
are immediately
reinvested to care
the bonds YTM
Durasi
Menghitung Durasi
Bond A
FV = $ 1000
C = 10%
Y = 10%
T = 2 th
Bond B
FV = 1.000
C = 0
Y = 10%
T = 2
Durasi