OBLIGASI | UTANG JANGKA PANJANG | AKUNTANSI KEUANGAN

Summary

This educational video explains the concept of bonds, a key financial instrument in the capital market. It defines bonds as a form of debt issued by companies or governments, where investors lend money in exchange for periodic interest payments. The video covers different types of bonds, including corporate, government, and municipal bonds, as well as various payment structures like zero-coupon, fixed, and floating coupon bonds. It also touches on bond characteristics such as maturity, interest rates, and guarantees. The final part details how bonds are recorded in accounting, from issuance to redemption, including relevant journal entries.

Takeaways

• 😀 A bond is a financial instrument sold in the capital market, representing a loan from the investor to the issuing company, also known as the issuer.
• 😀 Unlike stocks, which represent equity ownership, bonds are debt instruments where the investor lends money to the issuer in exchange for periodic interest payments.
• 😀 The issuer is responsible for paying the interest periodically, and at the end of the bond's term, the principal amount (face value) must be repaid.
• 😀 Bonds come with various characteristics, including a face value (nominal value), interest rates, and maturity dates, which differ depending on the type of bond.
• 😀 Corporate bonds are issued by private or public companies, while government bonds are issued by the national government, and municipal bonds are issued by local governments.
• 😀 There are different types of bonds based on their interest payment systems, including zero-coupon bonds, fixed coupon bonds, and floating coupon bonds.
• 😀 Zero-coupon bonds do not pay periodic interest but rather accumulate interest, which is paid along with the principal at maturity.
• 😀 Fixed coupon bonds offer a predetermined interest rate, while floating coupon bonds have an interest rate that fluctuates based on market conditions.
• 😀 Bonds can be categorized by their convertibility options. Convertible bonds can be converted into the issuer's stock, while exchangeable bonds can be exchanged for stock in related companies.
• 😀 Callable bonds give the issuer the right to repurchase the bond before its maturity, while puttable bonds allow the bondholder to sell the bond back to the issuer.
• 😀 Bonds can also be secured or unsecured, depending on whether the bond is backed by specific assets from the issuer. Secured bonds have collateral, while unsecured bonds do not.
• 😀 When valuing bonds, the nominal value refers to the face value, while market value is the price at which the bond is traded in the market, which can be affected by interest rates and economic conditions.

Q & A

What is a bond, and how does it differ from a stock?

A bond is a debt instrument where an investor lends money to an issuer (typically a company or government), in exchange for periodic interest payments and the return of the principal amount at maturity. In contrast, a stock represents ownership in a company, allowing investors to share in the company's profits and losses.

What is the role of the issuer and the bondholder?

The issuer (or emiten) is the entity that creates and sells the bond to raise capital. The bondholder (or investor) purchases the bond and provides the capital to the issuer, receiving periodic interest payments and the repayment of the principal at maturity.

What are the key characteristics of a bond?

Key characteristics of a bond include the nominal value (the principal amount), the interest rate (coupon rate), the maturity date, and the option for early redemption or callable features, depending on the type of bond.

What is the difference between corporate bonds and government bonds?

Corporate bonds are issued by private companies to raise capital, whereas government bonds are issued by the government (either at the national or municipal level) to finance public projects or manage public debt.

What is the difference between zero-coupon bonds and coupon bonds?

Zero-coupon bonds do not pay periodic interest. Instead, they are issued at a discount and the interest is paid along with the principal at maturity. Coupon bonds, on the other hand, pay periodic interest at regular intervals until maturity.

What is a fixed coupon bond?

A fixed coupon bond is a bond where the interest rate (coupon rate) is predetermined and remains constant throughout the life of the bond. The bondholder receives fixed interest payments at regular intervals.

What are convertible and exchangeable bonds?

Convertible bonds allow bondholders the option to convert their bonds into the issuer’s stock, typically at a predetermined price. Exchangeable bonds give bondholders the right to convert the bond into shares of a company affiliated with the issuer, expanding the conversion options beyond just the issuer's own stock.

What is a callable bond?

A callable bond is a bond that gives the issuer the right to buy back the bond before its maturity date, typically at a predetermined price. This is advantageous to the issuer if interest rates decrease, as they can refinance at a lower rate.

What are the different types of bond collateral?

Bonds can either be secured (backed by specific assets of the issuer) or unsecured (not backed by specific assets). Secured bonds provide more security to bondholders, while unsecured bonds are riskier as they are not tied to specific collateral.

How is the market price of a bond determined?

The market price of a bond is influenced by factors such as interest rates, credit risk, and the overall economic environment. If the market interest rates rise, the bond price typically falls, and vice versa. The bond’s price can also be higher or lower than its nominal value based on investor demand and market conditions.