soal penilaian obligasi.docx - 1 Suatu obligasi memiliki...

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1. Suatu obligasi memiliki nilai nominal ( face value ) Rp. 10.000 jatuh tempo 10 tahun mempunyai harga pasar Rp. 8.000 dan menawarkan coupon rate 6% per tahun. Berapa nilai obligasi tersebut berdasarkan kondisi tingkat bunga yang berlaku 8% ? Diketahui : Face value = Rp 10.000 x Rp 8.000 = Rp.80.000.000 I = Face value 8% = 80 0.08 = 6.400.000 Jawab: VB = I ( PVIFA k,n ) + (PVIF k,n) = 6.400.000 (8% x 10) + 80.000.000 (8% x 10) = 6.400.000 (6,710) + 80.000.000 (0,463) = 42.944.000 + 37.040.000 = 79.984.000 Jadi, nilai obligasi berdasarkan tingkat bunga yang berlaku 8% sebesar Rp 79.984.000 2. PT “ A ” menerbitkan obligasi dengan nilai nominal Rp. 1.000.000, coupon rate 17% per tahun. Saat ini obligasi tersebut masih mempunyai usia 9 tahun lagi. Karena menurunnya suku bunga, obligasi ang ekuivalen dapat dijual sesuai nilai nominal dengan coupon rate 14% per tahun. Karena itu PT “ A ” akan menarik obligasi lama pada call price 105. Periode overlap 3 bulan sebelum baru digunakan untuk melunasi obligasi lama. Berapa keuntungan karena penggantian obligasi lama dengan obligasi baru tersebut ? (abaikan faktor pajak). Jawab : Pelunasan obligasi lama 105% x Rp 1.000.000 Rp 1050.000 Kas masuk obligasi baru Rp 1000.000 Selisih Rp 50.000 Bunga selama periode overlap 0,25 x 17% x Rp 1.000.000 Rp 42.500
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