Minimum

Attractive Rate
of Return
(MARR)

In the United States, the current U.S. Treasury Bill

return is sometimes used as the benchmark safe
rate. The MARR will always be higher than this, or
a similar, safe rate. The MARR is not a rate that is
calculated as a ROR. The MARR is established
by (financial) managers and is used as a
criterion against which an alternatives ROR
is measured, when making the accept/reject
investment decision.
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The MARR is the lowest return that you would be willing to accept
given:
The risks associated with this project
The opportunities for other investment. So, if other investment
provides better return, then you must consider it
The MARR is often decomposed into the sum of the following
components:
Traditional inflation-free rate of interest for risk-free loans:
Expected rate of inflation: from minus to unpredictable
The anticipated change in the rate of inflation, if any, over
the life of the investment
The risk of defaulting on a loan
The risk profile of a particular venture
Project risk (level of failure and success of the project)
Local and global market stability
Country risk
interest
rate
and itsand
consecutive
MARR
Therefore,
political
economical
stability of a country will
should
bethe MARR and consequently the country investment risk.
influence
The higher the unstability, the higher

OBLIGASI
(BOND)

Influence of risk on the interest

rate/bond yield

 Obligasi adalah surat berjangka panjang (long term note)

yang dikeluarkan suatu perusahaan atau pemerintah
dengan maksud untuk memperoleh modal yang
digunakan membiayai proyek berskala besar.
Esensinya peminjam (penerbit obligasi) menerima uang
sekarang dan dengan jaminan mengembalikannya
setelah periode
tertentu beserta
bunganya
diberikan secara
yangkontinyu

Influencing factors for bond prices and

its rate

Many factors influence the bond prices, for example:

1. Interest rates. When interest rates go up, bond prices go down,
and vice versa
2. Inflation. When inflation is on the increase, bond prices fall, and
yields rise.
3. Exchange rates. Exchange rates affect bond prices because
if, for instance, the pound is struggling against other
currencies, the Bank of England may feel it necessary to
increase interest rates.
4. Corporate cash flow. With corporate bonds, there is another
factor: the financial performance of the company and the cash it
is generating. Bond analysts like to know that their debtor is
generating enough cash to comfortably service the debt.
5. The length of time to maturity (bond duration). This is
because over a longer period of time, corporate bonds are at
more risk of being subject to inflation or interest rate rises. In
addition, over a long term, there is increased risk that a
companys financial strength can deteriorate. These factors
mean that investors will demand a higher yield to reflect the
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additional risks.
6. Credit ratting. The lower the credit ratting given to the

Influencing factors for bond prices and

its rate

Jenis-jenis Obligasi
obligasi yang
Mortgage Bond (Surat Gadai),
jenis
disertai dengan
jaminan barang.
Pihak
yang
mengeluarkan
M.B. menyertakan
barang atau
aset yang
senilai dengan surat tersebut sebagai jaminan bagi
pemegang M.B.
Jika pihak penerbit surat gadai (peminjam uang) tidak
bisa membayar hutangnya, maka otomatis jaminan
tersebut akan hangus/ berpindah tangan

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 Debenture Bond, surat hutang tanpa jaminan. Biasanya

D.B. diterbitkan oleh perusahaan besar sehingga nama
perusahaan tersebut sudah menjadi jaminan bagi
pemegang D.B.
Bunga
dari
sifatnya mengambang, artinya bisa
mengikuti
bunga saat jatuh tempo obligasi tersebut.
D.B.
dikonversikan menjadi saham
Debenture Bond
atau perjanjian dengan
policy bisa
tergantung
pemilik
obligasi.

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 Municipal Bond, yaitu Surat Obligasi yang bebas pajak.

Dimana pemilik surat obligasi ini tidak perlu lagi
membayar pajak, karena sudah ditanggung
pemerintah. Sehingga municipal bond ini sering
oleh
dikeluarkan oleh pemerintah.
Contoh
municipal bond adalah ORI (Obligasi
Republik Indonesia)

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 Dalam suatu surat obligasi tercantum :

Nilai obligasi (bond face value)
Nilai
suku bunga obligasi (kecuali Debenture
Bond apabila floating)
Periode pembayaran bunga (per tahunnya)
Batas tempo obligasi (expired date / maturity date)

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 Nilai / bond face value dari sebuah obligasi harus

dicantumkan karena :
Mewakili
jumlah pinjaman pokok yang harus
dikembalikan kepada pemegang obligasi pada saat maturity
date.
Jumlah
bunga yang akan dibayarkan setiap periode
tertentu tergantung dari bond face value yang besarnya :

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 Sebuah surat obligasi bisa dibeli dengan diskon (di

bawah bond face value) atau dibeli dengan premium (di
atas bond face value). Tetapi penghitungan bunga yang
dibayarkan tetap berdasarkan bond face valuenya.

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BOND
Ratting

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Definition of bond ratting

system

In investment, the bond credit rating represents the credit

worthiness of corporate or government bonds. It is not to be
confused with an individual's credit score. The ratings are
published by credit rating agencies and used by investment
professionals to assess the likelihood the debt will be repaid.
The highest bond ratting means:
Lower interest rate
Higher possibility of getting re-paid
Lower risk
The objective of the rating agency is to assign a municipal
bond a credit rating to
make it faster for market
participants to evaluate risk. World known bond ratting
agency:
Moody
Fitch
Standard & Poors
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Influencing factors for bond prices and

its rate

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Definition of bond
ratting tier

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Upgrade and Downgrades of the

ratting
On an ongoing basis, Moodys and S&P upgrade or downgrade bond
issuers and bond issues. For instance, if a states fiscal picture is
deteriorating, Moodys may downgrade a states rating. For example,
it could go down from Aaa down to Aa.
The effects when a bond issuer gets downgraded:
the yield on the bonds from that issuer will usually go up; this is
to compensate prospective buyers of the bonds for a perceived
increase in risk reflective of the lowered rating. For existing
bondholders, the price of the bonds they hold will go down.
A change in rating could mean little to an existing bondholder
provided that 1) the bondholder does not plan on selling the bonds
prior to maturity, and 2) the bonds do not default.

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Exemplary credit ratting

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Inflation

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Influence of inflation
Inflation influences many financial aspects since it influences the rate of return
(RoR), mortgage rate, obligation rate, and lending rate
Inflation means that cost and revenue cash flow estimates increase over time.
This increase is due to the changing value of money that is forced upon a
countrys currency by inflation, thus making a unit of currency (such as the
dollar) worth less relative to its value at a previous time.
We see the effect of inflation in that money purchases less now than it did at a
previous time. Higher inflation contributes to:
A reduction in purchasing power of the currency
An increase in the CPI (consumer price index)
An increase in the cost of equipment and its maintenance
An increase in the cost of salaried professionals and hourly employees
A reduction in the real rate of return on personal savings and certain
corporate investments
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Recall: Terminology and symbols

It is important to note that the symbol A always represents a uniform

amount (i.e., the same amount each period) that extends
through consecutive interest periods. Both conditions must exist
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before the series can be represented by A .

Contoh
Berapa bunga yang harus dibayarkan kepada pemegang
obligasi setiap 6 bulan untuk obligasi 4% $1000 yang
jatuh tempo setelah 20 tahun.
Jawab : disini V = $1000; b = 4%; c = 2
Maka :
Jadi setiap 6 bulan obligasi tersebut akan menghasilkan
$20 bagi pemegangnya.

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Contoh 2
Berapa bunga yang diterima pemegang obligasi jika
sebuah obligasi bernilai $5000, bunga 6% jatuh tempo
setelah 10 tahun dan dibayarkan tiap triwulan.
Jawab : V = $ 5000; b = 6%/ th ; c = 4
Jumlah bunga = I = (5000)x(0,06)/4 = 75
Jadi setiap 3 bulan obligasi tersebut akan menghasilkan
$75 bagi pemegangnya.

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RATE OF RETURN PADA INVESTASI OBLIGASI

Perhitungan ini penting bagi orang yang berminat

membeli obligasi sebagai investasi karena harus
dipikirkan
apakah
obligasi
tersebut
membeli
menguntungkan
atau tidak
Tetapi hal ini tidak berlaku/ tidak memungkinkan bagi
obligasi jenis floating mengingat pembayarannya selalu
mengikuti tingkat bunga saat pembayaran (tidak pasti)

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Contoh
Sebuah obligasi bernilai V = $10.000, b = 6%, maturity
date 15 tahun dan dibayarkan per semester (c = 2).
Berapa total investasi yang pantas jika semua
pendapatan diterimakan sekarang dengan suku bunga
bank 4% per 6 bulan?
Jawab:
Jumlah bunga = I = (10.000)x(0,06)/2

= $300 tiap 6 bulan

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 Bila digambar cash flow untuk tiap semester selama 15

tahun adalah:

P = 300(P/A;4%;30) + 10.000(P/F;4%;30)
P = (300 x 17,292) + (10.000 x 0,3083) = 8270,6
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Analisa
Dengan nilai P = $8270, maka obligasi tersebut harus
mempunyai harga maksimum $8270 (harga diskon atau
lebih rendah dari face value) agar menguntungkan
dengan tingkat suku bunga 4% / semester

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Contoh
Berapa
laju bunga bank ekivalen untuk obligasi
4%
$1000
jatuh tempo 20 tahun, paid per semester),
dan dibeli dengan diskon sehingga harganya $800
Petunjuk: Gambarkan diagram cash flow terlebih dahulu

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