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Obligasi dan Valuasinya

Obligasi dan Valuasinya. Lecture Note: Rini Aprilia , M.Sc. Definisi Obligasi. Obligasi ( bond ) adalah kontrak jangka panjang di mana peminjam dana setuju untuk membayar bunga dan pokok pinjaman , pada tanggal tertentu , kepada pemegang obligasi tersebut. Jenis-Jenis Obligasi.

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Obligasi dan Valuasinya

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  1. ObligasidanValuasinya Lecture Note: RiniAprilia, M.Sc Rini Aprilia, M.Sc

  2. DefinisiObligasi • Obligasi (bond)adalahkontrakjangkapanjangdimanapeminjamdanasetujuuntukmembayarbungadanpokokpinjaman, padatanggaltertentu, kepadapemegangobligasitersebut. Rini Aprilia, M.Sc

  3. Jenis-JenisObligasi • Obligasipemerintah(treasury bonds) • Obligasiperusahaan (corporate bonds) • Obligasipemerintahdaerah (municipal bonds) • Obligasiluarnegeri (foreign bonds). Rini Aprilia, M.Sc

  4. KarakteristikObligasi • Nilaipari (par value) • Nilai nominal yang dinyatakanpadasuatuobligasi. • Tingkat bungakupon (coupon interest rate) • Tanggaljatuh tempo (maturity date) • Provisipenebusan (call provision) • Provisi yang memberikanpihakpenerbitnyahakuntukmenebusobligasi. • Provisidanapelunasan (sinking fund provision) • Provisi yang mengharuskanemitensetiaptahunmembayarkembalisebagiandariobligasi yang diterbitkan. Rini Aprilia, M.Sc

  5. ValuasiObligasi 3 0 1 2 N INT INT INT INT Nilai Obligasi M NilaiObligasi RiniAprilia, M.Sc

  6. Rini Aprilia, M.Sc

  7. Current Yield Interestataucurrent yieldadalahtingkatkeuntungan yang dinikmatipemegangobligasidaribungaobligasi. Rini Aprilia, M.Sc

  8. Capital Gain Yield Capital Gains Yieldadalahtingkatkeuntunganakibatperubahanhargaobligasi. Rini Aprilia, M.Sc

  9. Yield to Maturity Yield To Maturity (YTM)adalahsukubungaatautingkatkeuntungan yang dinikmati investor padaobligasijikaobligasitersebutdisimpanhinggatanggaljatuh tempo. YTM tidak lain adalahkdatausukubunga yang digunakanuntukmendiskontosemuapenerimaandimasamendatangkarenakitamembeliobligasi. Rini Aprilia, M.Sc

  10. ImbalHasilSaatJatuh Tempo SeandainyaAndaditawariobligasi 14 tahun, dengankupontahunan 10 persendannilaipari $1.000 padaharga $1.494,93. Berapatingkatbunga yang AndaperolehdariinvestasiAndajikaAndamembeliobligasitersebutdanmemilikinyahinggajatuh tempo? Tingkat bungainidisebutsebagaitingkatimbalhasilsaatjatuh tempo (Yield to Maturity-YTM). Rini Aprilia, M.Sc

  11. ImbalHasilSaatPenebusan Rini Aprilia, M.Sc

  12. ObligasidenganKuponSetengahTahunan Rini Aprilia, M.Sc

  13. Menilai Tingkat RisikoSuatuObligasi • Risikotingkatsukubunga (interest rate risk) • Risikotingkatinvestasikembali (reinvestment rate risk) • Risikogagalbayar Rini Aprilia, M.Sc

  14. BerbagaiJenisObligasi Perusahaan • Obligasihipotek (mortgage bond) • Obligasi yang dijaminolehaktivatetap. • Obligasitanpajaminan (debenture) • Suatuobligasijangkapanjang yang tidakdilindungiolehhipotekataspropertitertentu. • Obligasitanpajaminansubordinasi (subordinated debenture) • Suatuobligasi yang memilikiklaimatasaktivahanyasetelahutang senior telahdibayarpenuhketikaterjadilikuidasi. Rini Aprilia, M.Sc

  15. PeringkatObligasi Rini Aprilia, M.Sc

  16. KriteriaPeringkatObligasi Rini Aprilia, M.Sc

  17. Exercise (Page 388) • Callaghan Motors’ bonds have 10 years remaining to maturity. Interest is paid annually, the bonds have a $1,000 par value, and the coupon interest rate is 8 percent. The bonds have a yield to maturity of 9 percent. What is the current market price of these bonds? • Thatcher Corporation’s bonds will mature in 10 years. The bonds have a face value of $1,000 and an 8 percent coupon rate, paid semiannually. The price of the bonds is $1,100. The bonds are callable in 5 years at a call price of $1,050. What is the yield to maturity? What is the yield to call? • Nungesser Corporation has issued bonds that have a 9 percent coupon rate, payable semiannually. The bonds mature in 8 years, have a face value of $1,000, and a yield to maturity of 8.5 percent. What is the price of the bonds? Rini Aprilia, M.Sc

  18. Exercise (Page 388) • A bond that matures in 10 years sells for $985. The bond has a face value of $1,000 and a 7 percent annual coupon. • What is the bond’s current yield? • What is the bond’s yield to maturity (YTM)? • Assume that the yield to maturity remains constant for the next 3 years. What will be the price of the bond 3 years from today? Rini Aprilia, M.Sc

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