CHAPTER 7

FIXED INCOME
SECURITIES
PORTFOLIO AND INVESTMENT
ANALYSIS
OUR BEST
TEAM
LECTURER : Dr.UKE PRAJOGO STP.MM

DHIGA FIRDAUS P.W MISNATI

A. 2016.1.33932 A.2016.1.33932

FARIDHOTUL HASANAH OCTA KUSUMA D

A.2016.1.33938 A.2016.1.33939
 -FIX INCOME SECURITIES-
BOND PRICES AND YIELDS

14.1 14.4 14.5

14.2 14.3
Bond Bond Price Default Risk and
Bond Pricing Bond Yields
Characteristic over Time Bond Pricing
 BONDS

International Bonds

Preffered Stock
Treasury Bonds and Notes

Other Issuer
Corporate Bonds
 BONDS

International Bonds

Preffered Stock
Treasury Bonds and Notes

Other Issuer
Corporate Bonds
Accured Interest and
Quoted Bond Prices
𝐴𝑛𝑛𝑢𝑎𝑙 𝑐𝑜𝑢𝑝𝑜𝑛 𝑃𝑎𝑦𝑚𝑒𝑛𝑡 𝐷𝑎𝑦𝑠 𝑠𝑖𝑛𝑐𝑒 𝑙𝑎𝑠𝑡 𝑐𝑜𝑢𝑝𝑜𝑛 𝑝𝑎𝑦𝑚𝑒𝑛𝑡
Accured Interest =
2
𝑥 𝐷𝑎𝑦𝑠 𝑠𝑒𝑝𝑎𝑟𝑎𝑡𝑖𝑛𝑔 𝑐𝑜𝑢𝑝𝑜𝑛 𝑝𝑎𝑦𝑚𝑒𝑛𝑡𝑠
 BONDS

International Bonds

Preffered Stock
Treasury Bonds and Notes

Other Issuer
Corporate Bonds
 Call Provisions on
01 Corporate Bonds

02 Convertible Bonds

03 Puttable Bonds

04 Floating-Rate Bonds
 BONDS

International Bonds

Preffered Stock
Treasury Bonds and Notes

Other Issuer
Corporate Bonds
 BONDS

International Bonds

Preffered Stock
Treasury Bonds and Notes

Other Issuer
Corporate Bonds
 Innovation in Bond Market

Inverse Floaters Asset-Backed Bonds

Catastrophe Bonds Indexed Bonds

 -FIX INCOME SECURITIES-
BOND PRICES AND YIELDS

14.1 14.4 14.5

14.2 14.3
Bond Bond Price Default Risk and
Bond Pricing Bond Yields
Characteristic over Time Bond Pricing
 𝑇 𝐶𝑜𝑢𝑝𝑜𝑛 𝑃𝑎𝑟 𝑉𝑎𝑙𝑢𝑒
BOND VALUE = 𝑡=1 (1+𝑟)𝑡 + ..
(1+𝑟)𝑇

INVOICE PRICE = FLAT PRICE + ACCRUED INTEREST

 -FIX INCOME SECURITIES-
BOND PRICES AND YIELDS

14.1 14.4 14.5

14.2 14.3
Bond Bond Price Default Risk and
Bond Pricing Bond Yields
Characteristic over Time Bond Pricing
 Yield to Maturity

a
Mengukur tingkat return yang
diharapkan jika obligasi disimpan
Yield to Call
sampai waktu jatuh tempo
B OND Y IE L D S b
Realized Compound Return c Mengukur tingkat return yang
Versus Yield to Maturity
diharapkan jika obligasi dilunasi
(call) sebelum jatuh tempo
Mengukur tingkat return yang diharapkan untuk
obligasi yang akan dijual sebelum jatuh tempo.
Yield ini dihitung menggunkanan asumsi tingkat
reinvestasi dan harga jual obligasi
YIELD TO
MATURITY
YIELD TO
CALL
 REALIZED
COMPOUND
RETURN
VERSUS
YIELD TO
MATURITY
 -FIX INCOME SECURITIES-
BOND PRICES AND YIELDS

14.1 14.4 14.5

14.2 14.3
Bond Bond Price Default Risk and
Bond Pricing Bond Yields
Characteristic over Time Bond Pricing
Yield to Maturity versus
Holding-Period Return

Zero-Coupon Bonds
and Treasury Strips

After Tax Return

 -FIX INCOME SECURITIES-
BOND PRICES AND YIELDS

14.1 14.4 14.5

14.2 14.3
Bond Bond Price Default Risk and
Bond Pricing Bond Yields
Characteristic over Time Bond Pricing
DETERMINANTS OF BOND INDENTURES
JUNK BONDS
BOND SAFETY
DETERMINANTS OF
BOND SAFETY JUNK BONDS BOND INDENTURES

Obligasi yang memiliki peringkat di

bawah peringkat investasipada saat
pembelian obligasi dilakukan.
DETERMINANTS OF BOND INDENTURES
JUNK BONDS
BOND SAFETY
 DETERMINANTS OF
BOND SAFETY

Cash flow to
Coverage Ratios Leverage Ratio Liquidity Ratios Profitability Ratios
Debt Ratio
 DETERMINANTS OF
BOND INDENTURES JUNK BONDS
BOND SAFETY
Sinking Funds
Yield to Maturity and Default Risk
Untuk mengimbangi kemungkinan gagal bayar,
obligasi perusahaan harus menawarkan premi
gagal bayar (default premium).

Credit Default Swaps

Kebijakan asuransi atas risiko gagal bayar
dari obligasi atau pinjaman perusahaan

Credit Risk and Collateralized Debt

Obligation
Kewajiban utang kolateral digunakan untuk
mengalokasikan kembali risiko kredit dari
pemungutan pinjaman.
 STIE MALANGKUÇEÇWARA

-GROUP 7-
THANK YOU

ACCOUNTING. CLASS M.2016