Bond and Its Valuation

Abdurakhman
Statistika FMIPA UGM
 Definition of a Bond
• A bond is a security that obligates the issuer to
make specified interest or coupon and principal
payments to the holder on specified dates.
⬧ Coupon rate
⬧ Face value (or par)
⬧ Maturity (or term)
• Bonds are sometimes called fixed income
securities.
 Types of Bonds
• Pure Discount or Zero-Coupon Bonds
⬧ Pay no coupons prior to maturity.
⬧ Pay the bond’s face value at maturity.
• Coupon Bonds
⬧ Pay a stated coupon at periodic intervals prior to
maturity.
⬧ Pay the bond’s face value at maturity.
• Perpetual Bonds (Consols)
⬧ No maturity date.
⬧ Pay a stated coupon at periodic intervals.
 Bond Issuers
• Federal Government and its Agencies
• Local Municipalities
• Corporations
– Senior versus subordinated bonds
– Convertible bonds
– Callable bonds
– Putable bonds
– Sinking funds
Bond Ratings
 Valuing Zero Coupon Bonds
•
 The General Formula
•
Bond Valuation: An Example
 Bond Yields and Prices
• Suppose you purchase the U.S. Treasury bond described
earlier and immediately thereafter interest rates fall so that
the new yield to maturity on the bond is 8% compounded
semiannually. What is the bond’s new market price?
1067.95
• Suppose the interest rises, so that the new yield is 12%
compounded semiannually. What is the market price now?
827.95
• Suppose the interest equals the coupon rate of 9%. What
do you observe ? 1.000
 Bond Prices and Yields
• Relationship Between Bond Prices and Yields
• Bond prices are inversely related to interest rates (or
yields).
• A bond sells at par only if its coupon rate equals the yields
• A bond sells at a premium if its coupon is above the yields.
• A bond sells a a discount if its coupon is below the yields.
 Reksa dana
• Mutual funds pool money together from a group of
investors and invest that capital into different securities.
• Mutual funds offer diversified holdings instantly and easily
because they invest in a variety of securities.
• Investing in a mutual fund is a good way to avoid some of
the complicated decision-making involved in investing in
stocks.
• The cost of trading is spread over all mutual fund investors,
thereby lowering the cost per individual.
 Cara Kerja Reksa Dana
• Pertama-tama, manajer investasi (yang menerbitkan Reksa
Dana) akan mengundang sejumlah pihak untuk menjadi
sponsor/promotor
– dialokasikan ke sejumlah produk investasi seperti saham IPO
(Initial Public Offering), obligasi, deposito
• Investasi dibagi dalam UP, 1 UP = 1000
• Misal 1 triliun, ada 1 milyar UP
• UP akan diterbitkan dan dijual ke masyarakat.
 Cara Kerja Reksa Dana
• ada yang hanya membeli 100 UP, tetapi ada juga yang
membeli 1.000, 5.000, atau bahkan 10.000
• komisi untuk Perusahaan Reksa Dana, yang besarnya
maksimal sekitar 0,75% sampai dengan 3%
• Hati-hati, bisa2 keuntungan anda hanya untuk membayar
komisi dan biaya administrasi Perusahaan
• contoh, bila Anda membeli 1.000 UP dengan harga total Rp
1.000.000, maka Anda harus menambahkan sekitar Rp
7.500 sampai Rp 30.000 untuk komisi manajer investasi.
 Cara Kerja Reksa Dana
• Cocok bagi pemodal kecil
• Pemodal yang tidak memiliki banyak waktu
• Pemodal tanpa keahlian
• Pemodal pemula
• Mampu meningkatkan peran pemodal lokal untuk
berinvestasi.
• Hasil investasi yang lumayan bagus

• Perlu dipikirkan kita berinvestasi sendiri

 Types of Mutual Funds
• Money Market Funds: a mutual fund with assets entirely
allocated in money market instruments, such as bonds with
a maturity date of less than one year, deposits, and Bank
Indonesia Certificates (SBI).
• Fixed Income Funds: a mutual fund with a larger portion of
assets allocated in fixed income securities, such as bonds.
• Balanced Funds: a mutual fund that provides a
combination of more than one underlying investment asset
class, such as equities/stocks, bonds or money market.
• Equity Funds: a mutual fund with a larger portion of assets
allocated in equities/stock.
Types of Mutual Funds
Membeli dan Menjual Reksadana
• Membeli reksadana dikenakan selling fee tertentu. Misal
suatu hari Anda membeli reksadana dengan investasi Rp 10
juta, NAB/NAV Rp 1.350/UP, dan selling fee sebesar 1%.
Jumlah UP yang bisa diperoleh dapat dihitung dengan
rumus:
UP = [investasi (1 - fee)] : NAB/NAV
= [Rp 10 jt (1 - 0,01)] : Rp 1.350/UP
= 7.333,3333 unit
Membeli dan Menjual Reksadana
• Saat menjual reksadana, Anda akan dikenakan
redemption fee. Misal hari ini Anda ingin menjual
reksadana yang Anda beli di atas dengan NAB/NAV Rp
2.025/UP dan redemption fee sebesar 1,5%. Besarnya
uang yang anda terima setelah dikurangi redemption fee
dapat dihitung dengan rumus:
• Penerimaan = UP x NAB/NAV (1 – fee)
= 7.333,3333 x Rp 2.025/UP (1 – 0,015)
= Rp 14.627.250
• Jadi besarnya keuntungan anda adalah sebesar Rp
4.627.250. Return on investment (ROI) investasi Anda
sebesar 46,27%.
 peluang risiko

• Risko Berkurangnya Nilai Unit Penyertaan

• Risiko Likuiditas
• Risiko Wanprestasi
THANK YOU