Mata kuliah
: F0922 - Pengantar Analisis Pendapatan Tetap
Dan Ekuitas
Tahun
: 2010
ANALISIS PENDAPATAN TETAP
Pertemuan 3
-mupo-
ANALISIS PENDAPATAN TETAP
Materi:
1. Ciri-ciri surat berharga bersifat Utang
2. Resiko
3. Peringkat obligasi
1.
Ciri-ciri surat berharga bersifat Utang
1.1 A Fixed Income security is:
“ a financial obligation of an entity that promises to pay a
specified sum of money at specified future dates”
The entity that promise to make the payment is called issuer
of the security.
Sekuritas berpendapatan tetap terdiri dari 2 kategori:
Debt obligation dan Preffered stock.
Debt obligation, the issuer is called the borrower; the
investor who purchasees such a fixed income securities said
to be the lender or creditor.
The promised payments that the issuer agrees to make at
specified dates consist of two components: interest and
principal (principal represents of funds borrowed) payments.
Fixed income securities that are debt obligations include
bonds, mortgage-backed securities, assets-back securities
Bina Nusantara University
and bank loans
4
Ciri-ciri surat berharga bersifat Utang (cont’)
Preffered stock represents an ownerhip interest in a
corporation. Devidend payments are made to the preffered
stockhoder and represent a distribution of the corporation’s
profit.
1.2 Indenture and Convents
The promises of the issuer and rights of the bondholders are
set forth a great detail in a bond’s indenture.
The identure identifies the trustee as a representative of
interests of bondhoders
As a part of indenture, there are:
1.2.1 Affirmative convents :
o To pay interest nd principal on timely basis
o To pay all taxes and other claims when due
o To maintain all properties used and useful in the
borrower’s business in good condition and working
order
o To submit periodic reports to a trustee stating that
the borrower is in compliance with the loan
agreement
1.2.2 Negative convenants : set forth certain limitations and
restrictions on the borrower’s activities. The more
common restrictive convenants are those that impose
limitations on the borrower’s ability to incur additional
debt unless certain tests are satisfied
1.3 Maturity
The term to maturity of a bond is the number of years the
debt is outstanding of the number of years remaining prior
to final principal payment.
- Notes : 1 – 10 years
- Bonds : above 10 years
1.4 Par value
The par value of a bond is the amount that the issuer
agrees to repay the bond holder at or by the maturity date.
This amount is also referre to as the principal value, face
value, redemption value and maturity value. Bond can
any par value
Example : a value of “100” means 100% of par value. If a
bond has par value of $ 1,000 and the issue selling for
$ 900, the bond said to be sell at 90.
if a bond with a par value of $ 5,000 is selling for $ 5,500, is
said to be selling at 110.
1.5 Coupon rate
The coupon rate, also called the nominal rate, is the
interest rate that the issuer agrees to pay each year.
The interest payment is called the coupon.
coupon = coupon rate x par value
Example: a bond with 8% coupon rate and par value of
$ 1,000 will pay annual interest of:
$80 (= $ 1,000 x0.08)
2. Resiko
Risk associated with investing in bonds, the risk
include:
•
Market/Interest risk
Merupakan resiko terbesar fixed income securities (FIS). Harga
berbanding terbalik dengan tingkat suku bunga. Pada saat
interest rate naik, market price bond cenderung turun,
sedangkan saat interest rate turun harga cenderung naik. FIS
dengan holding period panjang mempunyai resiko relatif lebih
besar.
•
Reinvestment risk
cash flow dari return umumnya diinvestasikan kembali. Pada
saat kupon diterima atau saat maturity, investor harus
reinvestasi pada alternatif investasi lain misalnya Deposito.
- saat interest naik, reinvesment risk mengecil
- saat interest rate turun, reinvesment risk membesar
- Reinvesment rate merupakan oposisi market risk. Keduanya
saling meniadakan, secara tehnis disebut immunization
Resiko (cont’)
•




Credit/default risk
Resiko kebangkrutan penerbit FIS, sehingga tidak mampu
melaksanakan kewajibannya
Likuidity risk
Untuk memperoleh cash, investor harus berusaha menjual FIS
yang dipegang di pasar sekunder, usaha ini merupakan
konsekuensi dari adanya likuidity risk.
“ Investor jangka panjang tidak terpengaruh oleh likuidity risk
Exchange rate risk
FIS diterbitkan dengn mata uang sesuai dengan tempat
penerbitan bond. Dalam kondisi Rupiah melemah terhdap
US dollar, US bondholder memperoleh keuntungan relatif,
sedangkan Rupiah bondholder mengalami kerugian sebagai
konsekkuensi exchange rate risk.
Inflation or purchasing power risk
Event risk
Resiko (cont’)
• Inflation or purchasing power risk
Resiko ini muncul karena Inflasi menurunkan purchasing power
(daya beli) kupon dan pokok yang diterima Investor

Event risk
Kemampuan issuer untuk membayar kupon dan pokok
dipengaruhi oleh:
- Bencana alam
- Take over, merger restrukturing
- Krisis ekonomi.
3. Peringkat Obligasi
Rating
AAA
Indikasi
- Resiko Investasi paling rendah
- Kemampuan membayar sangat baik
- Perubahan keadaan ekonomi & bisnis tidak
mempengaruhi resiko
Peringkat obligasi (cont’)
Rating
AA
Indikasi
- resiko Investasi sangat rendah
- kesanggupan membayar sangat baik
- Perubahan ekonomi mungkin mempengaruhi
resiko secara kurang berarti
____________________________________________________
A
- Resiko Investasi cukup rendah
- Kesanggupan membayar baik
- Perubahan ekonomi menaikkan resiko Investasi
_____________________________________________________
BBB
- Kesanggupan membayar cukup memadai
- Perubahan ekonomi menaikkan resiko
Investasi
Peringkat obligasi (cont’)
Rating
BB
Indikasi
- Ada kemungkinan resiko Investasi
- Kesanggupan membayar ada,
tetapi dipengaruhi kondisi ekonomi
____________________________________________________
B
- Mengandung resiko Investasi
- Pembayaran angsuran & pokok tidak cukup
dilindungi terhadap perubahan ekonomi
____________________________________________________
C
- Spekulatif dengan resiko macet cukup besar
____________________________________________________
D
- Macet
____________________________________________________
Pemeringkatan dilakukan oleh Pefindo (Indonesia), Moody’s,
S&P