Obligasi
Seiring dengan pengabungan Bursa Efek Surabaya kedalam Bursa Efek Jakarta dan kemudian berubah nama menjadi Bursa Efek Indonesia, maka instrument investasi yang dikelola Bursa Efek Indonesia (BEI) tidak saja saham, melainkan bertambah yang salah satunya obligasi
Definisi Obligasi
Obligasi adalah surat berharga yang menunjukkan bahwa penerbit obligasi meminjam sejumlah dana kapada masyarakat dan memiliki kewajiban untuk membayar bunga secara berkala, dan kewajiban melunasi pokok utang pada waktu yang telah ditentukan kepada pihak pembeli obligasi tersebut.
Karakteristik Obligasi
Sebagai surat utang, obligasi memiliki beberapa karakteristik, yaitu sebagai berikut:
1. Memiliki Masa Jatuh Tempo. Masa berlaku suatu obligasi sudah ditentukan secara pasti pada saat obligasi tersebut diterbitkan, misalnya 5 tahun, 7 tahun dan seterusnya. Artinya, jika melampaui masa jatuh tempo, maka obligasi tersebut otomatis tidak berlaku lagi.
2. Nilai Pokok Utang. Besarnya nilai obligasi yang dikeluarkan sebuah perusahaan telah ditetapkan sejak awal obligasi tersebut diterbitkan, misalnya PT ABC menerbitkan obligasi sebesar Rp 100 miliar. Umumnya, obligasi memiliki pecahan sebesar Rp 50 jutaan.
3. Kupon Obligasi. Pendapatan utama pemegang obligasi adalah berupa bunga yang dibayar perusahaan kepada pemegang obligasi pada atau setiap 6 bulan sekali. Di obligasi, istilah bunga umumnya disebut kupon. Kupon merupakan daya tarik utama bagi para investor untuk membeli obligasi karena kupon tersebut merupakan pendapatan pasti yang diterima pemegang obligasi selama masa berlakunya obligasi tersebut. Di Indonesia, umumnya kupon obligasi dibagikan setiap 3 bulan atau secara kuartal.
4. Peringkat Obligasi. Seperti yang telah dijelaskam sebelumnya bahwa dalam dunia investasi selalu terdapat harapan investor tidak sesuai dengan kenyataan atau selalu terdapat resiko. Resiko dalam berinvestasi di obligasi adalah resiko perusahaan penerbil obligasi tidak mampu memenuhi janjinya yang telah ditentukan, yaitu resiko perusahaan tidak mampu membayar kupon maupun tidak mampu mengembalikan pokok obligasi. Agar investor memiliki gambaran tingkat resiko ketidakmampuan perusahaan dalam membayar, maka didalam dunia surat utang atau obligasi dikenal suatu tingkat yang mengambarkan kemampuan bayar perusahaan penerbit obligasi. Tingkat kemampuan membayar kewajiban tersebut dikenal sengan istilah Peringkat Obligasi. Peringkat obligasi dikeluarkan oleh lembaga independent yang secara khusus bertugas memberikan peringkat atas semua obligasi yang diterbitkan perusahaan. Semua obligasi yang diterbilkan wajib diberi peringkat sedemikian agar dengan adanya peringkat tersebut maka investor dapat mengukur atau memperkirakan seberapa besar resiko yang akan dihadapi dengan membeli obligasi tertentu.
Keuntungan dan Resiko Obligasi
Sebagai sebuah instrument investasi, obligasi menawarkan beberapa keuntungan menarik antara lain:
1. Memberikan Pendapatan Tetap (fixed income) berupa kupon. Hal ini merupakan ciri utama obligasi, dimana pemegang obligasi akan mendapatkan pendapatan berupa bunga secara rutin selama waktu berlakunya obligasi. Bunga yang ditawarkan obligasi, umumnya lebih tinggi dari pada bunga yang diberikan deposito atau SBI.
2. Keuntungan atas penjualan obligasi (capital gain). Disamping penghasilan kupon, pemegang obligasi dapat memperjualbelikan obligasi yang dimilikinya. Jika ia menjual lebih tinggi dibanding dengan harga belinya maka tentu saja pemegang obligasi tersebut mendapatkan selisih yang disebut dengan capital gain. Jual beli obligasi dapat dilakulan dipasar sekunder melalui para dealer atau pialang obligasi. Jual beli obligasi berbeda dengan jual beli saham. Jika jual beli saham dinyatakan dengan nilai rupiah misalnya saham A dijual seharga Rp 3.000 per saham, maka jual beli obligasi dinyatakan dalam bentuk prosentase atas harga pokok obligasi.
Meskipun termasuk surat berharga dengan tingkat resiko yang relative rendah, namun obligasi tetap mengandung beberapa resiko, antara lain :
1. Resiko perusahaan tidak mampu membayar kupon obligasi maupun resiko perusahaan tidak mampu mengembalikan pokok obligasi. Ketidak mampuan perusahaan dalam membayar kewajiban dikenal dengan istilah default. Walaupun jarang terjadi, namun dapat saja suatu ketika penerbit obligasi tidak mampu membayar baik bunga maupun pokok obligasi.
2. Resiko Tingkat Suku Bunga (interest rate risk). Pergerakan harga obligasi sangat ditentukan pergerakan tingkat suku bunga. Pergerakan harga obligasi berbanding terbalik dengan tingkat suku bunga; artinya jika suku bunga turun maka harga obligasi akan turun, sebaliknya dika suku bunga turun maka harga obligasi akan naik. Investor obligasi harus jeli memperkirakan tingkat suku bunga sedemikian hingga ia dapat memperkirakan apakah terus memegang suku bunga obligasi, pembeli obligasi baru atau penjual obligasi yang dipegang saat ini. Perdagangan sangat dipengaruhi tingkat suku bunga. Jika tingkat suku bunga mengalami kenaikan, maka nilai oblgasi menjadi turun, yang berarti obligasi akan dijual dengan diskon atau dijual lebih murah.
Ada beberapa sudut pandang yang digunakan untuk menentukan jenis obligasi, diantaranya :
Dari sisi pihak yang menerbitkan obligasi, maka obligasi dapat dikelompokkan menjadi :
1. Obligasi korporasi (corporate bonds) yaitu obligasi yang diterbitkan perusahaan, baik perusahaan publik seperti misalnya Telkom, Indosat maupun perusahaan non public seperti PLN, perdagangan dan lainnya.
2. Obligasi pemerintah (government bonds) yaitu obligasi atau surat utang yang dikeluarkan pemerintah seatu Negara. Di Indonesia jenis obligasi ini terbagi atas obligasi Rekap, Obligasi Penjaminan dan Surat Utang Negara (SUN).
3. Obligasi pemerintah daerah (municipal bonds) yaitu obligasi yang diterbitkan oleh pemerintah daerah.
Dari sisi tingkat suku bunga atau kupon yang ditawarkan, obligasi dapat dibedakan menjadi :
1. Fixed Rate, yaitu obligasi yang memberikan kupon dengan prosentase yang tetap. Misalnya, obligasi A diterbitkan dengan tingkat kupon Fixed Rate sebesar 14% per tahun selama 5 tahun. Artinya memegang obligasi akan menerima kupon yang tetap selama masa berlaku obligasi tersebut.
2. Floating rate, yaitu obligasi yang besarnya kupon tidak dipatok tetap, melainkan berdasarkan ukuran tertentu. Misalnya obligasi B, diterbitkan selama 5 tahun dengan kupon 2% diatas SBI. Artinya selama 5 tahun pemegang obligasi akan menikmati return sebesar 2% diatas tingkat suku bunga SBI. Jadi besarnya kupon tergantung perkembangan tingkat suku bunga SBI selama 5 tahun tersebut.
Jenis obligasi lain yang belakangan mulai berkembang di Indonesia yaitu obligasi syariah. Ciri utama obligasi syariah adalah tidak mengenal kupon, karena penerimaan suku bunga dianggap riba’ dalam sistem syariah.
Obligasi syariah yang dikembangkan di Indonesia terbagi atas :
1. Obligasi syariah Mudharabah, yaitu obligasi yang diterbitkan dengan mengacu kepada system bagi hasil
2. Obligasi syariah Ijarah, yaitu obligasi yang diterbitkan dengan mengacu kepada system pembayaran sewa.
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