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HIBRYDS & DEREVATIVE. DR. Sri Hasnawati. An Overview of Hybrids & Derivatives. In their simplest form, bonds are pure debt and common stocks are pure equity. Preferred stocks, on the other hand, are a hybrid of the two.

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Hibryds derevative

HIBRYDS & DEREVATIVE

DR. Sri Hasnawati


Hibryds derevative

An Overview of Hybrids & Derivatives

  • In their simplest form, bonds are pure debt and common stocks are pure equity.

  • Preferred stocks, on the other hand, are a hybrid of the two.

  • They are like common stocks in that they promise to pay dividends, are perpetual, and represent ownership.

  • They are like bonds in that dividends are fixed like bond interest payments.

  • Other hybrid securities include financial leases, convertible securities, and stock purchase warrants.


Hibryds derevative

An Overview of Hybrids & Derivatives

  • The latter part of this chapter focuses on derivative securities.

  • Derivatives are securities that is neither debt nor equity but derives its value from an underlying asset that is often another security.

  • Derivative securities are not used by corporations to raise funds.

  • Rather, they serve as a useful tool for managing certain aspects of firm risk.


An overview of hybrids derivatives

An Overview of Hybrids & Derivatives

  • Efek/SekuritasderivatifmerupakanEfekturunandariEfek “utama” baik yang bersifatpenyertaanmaupunutang. EfekturunandapatberartiturunanlangsungdariEfek “utama” maupunturunanselanjutnya.

  • Derivatifmerupakankontrakatauperjanjian yang nilaiataupeluangkeuntungannyaterkaitdengankinerjaaset lain. Aset lain inidisebutsebagaiunderlying assets.

  • Dalampengertian yang lebihkhusus, derivatifmerupakankontrakfinansialantara 2 (dua) ataulebihpihak-pihakgunamemenuhijanjiuntukmembeliataumenjualassets/commodities yang dijadikansebagaiobyek yang diperdagangkanpadawaktu dan harga yang merupakankesepakatanbersamaantarapihakpenjual dan pihakpembeli. Adapunnilaidimasamendatangdariobyek yang diperdagangkantersebutsangatdipengaruhiolehinstrumeninduknya yang adadispot market.  


Instrument derivative

Instrument Derivative

  • Derivatif yang terdapatdi Bursa Efekadalahderivatifkeuangan(financial derivative). Derivatifkeuanganmerupakaninstrumenderivatif, dimanavariabel-variabel yang mendasarinyaadalahinstrumen-instrumenkeuangan, yang dapatberupasaham, obligasi, indekssaham, indeksobligasi, matauang(currency), tingkatsukubunga dan instrumen-instrumenkeuanganlainnya.   

  • Instrumen-instrumenderivatifseringdigunakanolehparapelakupasar (pemodal dan perusahaanefek) sebagaisaranauntukmelakukanlindungnilai(hedging)atasportofolio yang merekamiliki. 


Hibryds derevative

Convertible Securities

  • A conversion feature is an option that is included as part of a bond or preferred stock issue that allows its holder to change the security into a stated number of shares of common stock.

  • The conversion feature typically enhances the value

  • ( meningkatkannilai ) of the issue.


Hibryds derevative

Convertible Securities

Types of Convertible Securities

  • A convertible bond can be changed into a specified number of shares of common stock.

  • It is almost always a debenture (surathutang) an unsecured bond (tanpajaminan ) with a call feature.

  • Because the conversion feature provides the purchaser with the possibility of becoming a shareholder on favorable terms, convertible bonds are generally less a expensive form of financing than similar-risk nonconvertible or straight bonds.


Hibryds derevative

Convertible Securities

Types of Convertible Securities

  • A convertible preferred stock is a preferred stock that can be changed into a specified number of shares of common stock.

  • It can normally be sold with a lower stated dividend ( div kecil) than a similar-risk nonconvertible stock.

  • This is because the convertible preferred holder is assured (Terjamin )of the fixed dividend payment and also may receive the appreciation resulting from increases in the market price of the underlying common stock.


Hibryds derevative

Convertible Securities

General Features of Convertibles

  • The conversion ratio is the ratio at which a convertible security can be exchanged for common stock and can be state in two ways:

    • in terms of a given number of shares of common

Western Wear Company, a manufacturer of denim products, has outstanding a bond with a $1,000 par value and convertible into 25 shares of common stock. The bond’s conversion ratio is 25. The conversion price for the bond is $40 per share ($1,000 ÷ 25).


Hibryds derevative

Stock Purchase Warrants

  • A stock purchase warrant is a security that gives its holder the right to purchase a certain number of shares of common stock at a specified price over a certain period of time.

  • Warrants are like stock rights in that holders of warrants earn no income from them until they are exercised or sold.

  • They also bear some similarity to convertibles in that they provide for the injection of additional equity capital into the firm at some future date.


Hibryds derevative

Stock Purchase Warrants

Basic Characteristics

  • Warrants are often attached to debt issues as “sweeteners” to add to the marketability of the issue and lower the required interest rate.

  • The price at which warrant holders can purchase a specified number of common shares is normally referred to as the exercise (or option) price which is normally set at 10 to 20 percent above the market price of the common stock at the time of issuance.

  • Warrants normally have a life of no more than 10 years although some have infinite lives.


Hibryds derevative

Stock Purchase Warrants

Basic Characteristics

  • Warrants are usually “detachable” (lepas) meaning that the bondholder may sell the warrant without selling the underlying security and are often listed and actively traded.

  • Like rights, warrants provide a form of deferred equity financing.

  • Unlike rights, warrants are exercisable for a period of years and are issued at a price above the prevailing market price of the firm’s common stock.


Hibryds derevative

Options

  • An option is an instrument that provides its holder with an opportunity to purchase or sell a specified asset at a stated price on or before a set expiration date.

  • Options are probably the most popular type of derivative security.

  • Three basic forms of options are rights, warrants, and calls and puts.


Hibryds derevative

Options

Calls and Puts

  • A call option is an option to purchase a specified number of shares of stock (typically 100) on or before a specified future date at a stated price.

  • They usually have initial lives of 1 to 9 months.

  • The striking price is the price at which the holder of a call can buy the stock at any time prior to the option’s expiration date.

  • The striking price is usually set at or near the prevailing market price of the stock at the time it is issued.


Hibryds derevative

Options

Calls and Puts

  • A put option is an option to sell a specified number of shares of common stock on or before a specified future date at a stated striking price.

  • Like the call option, the striking price is set close to the market price at the time it is issued.


Hibryds derevative

Options

Options Trading

  • Call options are typically purchase with the expectation that the market price of the underlying price will rise by more than enough to cover its cost resulting in a profit.

Cindy Peters pays $250 for a 3-month call option on Wing Enterprises with a striking price of $50. This means she is entitle to purchase 100 shares of Wing at $50 per share at any time during the next 3 months. The stock must climb $2.50 per share to $52.50 to cover the cost of the option ignoring brokerage fees and dividends. If Wing were to rise to $60 per share, Cindy’s net profit would be $750 [(100 shares x $60/share) - (100 shares x $50/share) - $250].


Hibryds derevative

Options

Options Trading

  • Put options are typically purchase with the expectation that the market price of the underlying price will fall by more than enough to cover its cost resulting in a profit.

Don Kelley pays $325 for a 6-month option on Dante United at a striking price of $40. The stock must drop by $3.25 per share ($325 x 100 shares) to $36.75 per share to cover the cost of the option ignoring brokerage fees and dividends. If the stock price were to drop to $30 per share, Don’s profit would be $675 [(100 shares x $40/share) - (100 shares x $30/share) - $325].


Hibryds derevative

Options

Hedging Foreign Currency Exposures with Options

  • Options offer the key benefit of hedging, which involves offsetting or protecting against the risk of adverse price movements, while simultaneously preserving the possibility of profiting from favorable price movements.

  • The disadvantage of using is their relatively high cost compared to more traditional futures and forward contracts.


Jenis derivative

JENIS DERIVATIVE

  • 1. OPSI

    OPTION adalahkontrakresmi yang memberikanHak (tanpaadanyakewajiban) untukmembeliataumenjualsebuah asset padahargatertentudalamjangkawaktutertentu. Option pertama kali secararesmidiperdagangkanmelalui Chicago Board Exchange (CBOE) padatahun 1973


Jenis derivative1

JENIS DERIVATIVE

  • KOS (KontrakOpsiSaham) adalahEfek yang memuathakbeli (call option) atauhakjual (put option) atasUnderlying Stock (sahamperusahaantercatat, yang menjadidasarperdaganganseri KOS) dalamjumlah dan Strike Price (harga yang ditetapkanoleh Bursa untuksetiapseri KOS sebagaiacuandalamExercise) tertentu, sertaberlakudalamperiodetertentu. 


Jenis derivative2

JENIS DERIVATIVE

  • Call Optionmemberikanhak (bukankewajiban) kepadapemegangopsi (taker) untukmembelisejumlahtertentudarisebuahinstrumen yang menjadidasarkontraktersebut. Sebaliknya, Put Optionmemberikanhak (bukankewajiban) kepadapemegangopsi (taker) untukmenjualsejumlahtertentudarisebuahinstrumen yang menjadidasarkontraktersebut.


Jenis derivative3

JENIS DERIVATIVE

  • OpsitipeAmerikamemberikankesempatankepadapemegangopsi (taker) untukmeng-exercise haknyasetiapsaathinggawaktujatuh tempo. SedangkanOpsiEropahanyamemberikankesempatankepadatakeruntukmeng-exercise haknyapadasaatwaktujatuh tempo.


Jenis derivative4

JENIS DERIVATIVE

2. KONTRAK BERJANGKA INDEKS (LQ 45 FUTURES)

KontrakBerjangkaatau Futures adalahkontrakuntukmembeliataumenjualsuatu underlying (dapatberupaindeks, saham, obligasi, dll) dimasamendatang. Kontrakindeksmerupakankontrakberjangka yang menggunakan underlying berupaindekssaham.

LQ Futures menggunakan underlying indeks LQ45, LQ45 telahdikenalsebagai benchmark saham-sahamdiPasar Modal Indonesia. Di tengahperkembangan yang cepatdipasar modal Indonesia, indeks LQ45 dapatmenjadialat yang cukupefektifdalamrangkamelakukan tracking secarakeseluruhandaripasarsahamdi  Indonesia


Jenis derivative5

JENIS DERIVATIVE

4. LQ45 Futures Periodik

  • Kontrak yang diterbitkanpada Hari Bursa tertentu dan jatuh tempo dalamperiode Hari Bursa tertentu. Tedapatbeberapatipekontrak, yaitu

  • Periodik 2 MingguanKontrakperiodik 2 Mingguan, yaknikontrak yang jatuh tempo pada Hari Bursa terakhirminggukeduasejakpenerbitankontrak.

  • PeriodikMingguan (5 Hari Bursa) KontrakPeriodikMingguan (5 Hari Bursa), yaknikontrak yang jatuh tempo pada Hari Bursa kelimasejakpenerbitankontrak.

  • PeriodikHarian (2 Hari Bursa) KontrakperiodikHarian (2 Hari Bursa), yaknikontrak yang jatuh tempo pada Hari Bursa keduasejakpenerbitankontrak.


Jenis derivative6

JENIS DERIVATIVE

5. Japan (JP) Futures

  • Produkinimemberikanpeluangkepada investor untukmelakukaninvestasisecara global sekaligusmemperluasrangkaian dan jangkauanprodukderivatif BEI keproduk yang menjadibenchmarkdunia. Dengan JP Futures memungkinkan investor menarikmanfaatdaripergerakanpasarjepangsebagaipasarsaham paling aktifsetelahpasar AS.  


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