January 8, 1982

No Coupon

interest
annual
payment

1
2
3
4
5
6
7
8
9
10
11
12
13
14

$
$
$
$
$
$
$
$
$
$
$
$
$
$

6.8
8
13.87
7.25
8
13.5
9
12.75
6.75
10.5
11.75
14.25
7.63
11.75

68
80
139
73
80
135
90
128
68
105
118
143
76
118

Maturity
(year)
1982
1983
1983
1984
1985
1986
1987
1987
1993
1995
2001
2002
2002
2005

Closed
n
n
n
n
n
n
n
n

7
10

99 15/32
94 3/ 4
99 29/32
85 21/32
85 15/16
97 17/32
81 3/ 4
94 1/ 2
60 23/32
77 15/16
83 1/ 4
98 5/16
59 15/16
83 11/16

$
$
$
$
$
$
$
$
$
$
$
$
$
$

994.69
947.50
999.06
856.56
859.38
975.31
817.50
945.00
607.19
779.38
832.50
983.13
599.38
836.88

Maturity
(year)
0
1
1
2
3
4
5
5
11
13
19
20
19.58
22.83

Yeild to
Maturity
11.88
13.32
13.97
14.03
14.11
14.32
14.15
14.28
13.74
14.27
14.41
14.5
13.46
14.1

Coupon
0.16
0.14
0.12
0.1
0.08
0.06
0.04
0.02
0
0

10

15

20

25

he yield curve is a graph which plots time (from shortest to longe

horizontal access, and yield on the vertical access. It is used to
betweenyieldand maturity.
Yield curves work best when plotting different maturity dates for
meaning that the only major difference in the securities is their m
On the horizontal axis of the yield curve we have the time to ma
30 years. On the yield curves Y axis, we have theyield to matu
percentage as needed to incorporate the yields of all the maturit

percentage as needed to incorporate the yields of all the maturit

Face value
$
1,000
$
936.33
$
925.93
$
878.19
$
932.40
$
925.93
$
881.06
$
917.43
$
886.92
$
936.77
$
904.98
$
894.85
$
875.27
$
929.11
$
894.85

Closed
99.469%
94.750%
99.906%
85.656%
85.938%
97.531%
81.750%
94.500%
60.719%
77.938%
83.250%
98.313%
59.938%
83.688%

Coupon
6.38%
8.00%
13.88%
7.25%
8.00%
13.50%
9.00%
12.75%
6.75%
10.50%
11.75%
14.25%
7.63%
11.75%

Closed Pric
120.000%
100.000%
80.000%
60.000%
40.000%
20.000%
0.000%
0

10

15

Yield Curve January 8, 1

16
14
12
10
Coupon

8
6
4
2

20

25

om shortest to longest maturity date) on the

ccess. It is used to show the relationship

t maturity dates for the same type of bond,

e securities is their maturity date.
ave the time to maturity going from 6 months to
ve theyield to maturitygoing from 0 to as high a
ds of all the maturities plotted.

0
1980

1985

1990

1995

2000

2005

20

The yield curve is flat when yields of al

This happens when inflation expectati
investors are demanding no premium f
periods of time. Like with the inverted
moves from normal to flat, this is gene
economic slowdown.

ds of all the maturities plotted.

Closed Price

Closed

10

15

20

25

January 8, 1982

Yeild to Maturity

2000

2005

2010

Years
flat when yields of all maturities
are close to one another.
en inflation expectations have decreased to the point where
anding no premium for tying their money up for longer
ke with the inverted yield curve, when the yield curve
al to flat, this is generally a sign of a pending, or ongoing
wn.

No

Coupon

2
3
4
5
6
7
8
9
14
15
18
19
20
21

8
13 7/8
7 1/4
8
13 1/2
9
12 3/4
10 1/8
9
10 1/2
11 3/4
14 1/4
7 5/8
11 3/4

interest
annual
payment
$ 80.00
$ 138.75
$ 72.50
$ 80.00
$ 135.00
$ 90.00
$ 127.50
$ 101.25
$ 90.00
$ 105.00
$ 117.50
$ 142.50
$ 76.25
$ 117.50

January 7, 1983
Maturity
(year)
1983
1983
1984
1985
1986
1987
1987
1988
1994
1995
2001
2002
2002
2005

Closed
n
n
n
n
n
n
n
n

100 5/16
100 27/32
98 9/16
97 25/32
109 3/ 8
97 15/32
106 9/16
100 5/ 8
91 5/ 8
100 5/ 8
107 19/32
126 3/ 4
7
76 3/ 4
10 107 5/ 8

$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,003
1,008
986
978
1,094
975
1,066
1,006
916
1,006
1,076
1,268
768
1,076

Maturity
(year)
0
0
1
2
3
4
4
5
11
12
18
19
18.583333
21.833333

Yeild to
Maturity
7.43
7.09
8.66
9.19
9.92
9.76
10.14
9.97
10.28
10.41
10.79
10.89
10.24
10.83

Face value
$
1,000
$
925.93
$
878.16
$
932.40
$
925.93
$
881.06
$
917.43
$
886.92
$
908.06
$
917.43
$
904.98
$
894.85
$
875.27
$
929.15
$
894.85

Yield Curve January 7, 1983

%
12
10
8

Yeild to Maturity

6
4
2
0
0

10

12

14

years

16

83

Yeild to Maturity

No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Coupon
7 1/4
8
13 1/2
9
12 3/4
10 1/8
11 3/8
14 5/8
6 3/4
9
10 1/2
11 3/4
14 1/4
7 5/8
11 3/4

interest Maturity
annual
(year)
payment
$ 72.50
1984
$ 80.00
1985
$ 135.00
1986
$ 90.00
1987
$ 127.50
1987
$ 101.25
1988
$ 113.75
1989
$ 146.25
1992
$ 67.50
1993
$ 90.00
1994
$ 105.00
1995
$ 117.50
2001
$ 142.50
2002
$ 76.25
2002
$ 117.50
2005

January 6, 1984
Closed
n
n
n
n
n
n
n
n

7
10

99 7/ 8
98 7/32
105 5/32
94 13/16
104 3/ 8
96 7/32
99 11/16
114 11/32
74 21/32
84 1/ 2
92 5/ 8
93 11/32
117 17/32
68 21/32
99 3/ 4

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

999
982
1,052
948
1,044
962
997
1,143
747
845
926
933
1,175
687
998

Maturity
(year)
0
1
2
3
3
4
5
8
9
10
11
17
18
17.58333
20.83333

Yeild to Face value

Maturity $ 1,000
8.29 $
932
9.75 $
926
10.69 $
881
11.02 $
917
11.05 $
887
11.3 $
908
11.45 $
898
11.82 $
872
11.28 $
937
11.65 $
917
11.71 $
905
11.84 $
895
11.87 $
875
11.53 $
929
11.78 $
895

Yield Curve January 6, 1984

%
14
12
10

Yeil

8
6
4
2
0
0

10

12

14

16

years

18

ry 6, 1984

Yeild to Maturity

16

years

18

Settlement date
Maturity date
Annual coupon rate
Yeild to maturity
Redemption value (% of face value)
Coupon payment per year

12.75% COUPON BOND,

Maturity Feb, 15 1987
1/8/1982
1/8/1982
2/15/1987
6/3/1987
0.1275
0.1275
0.1428
0.1428
1000
1000
2
1

Flat price (% of par)

Days since last coupon
Days in coupon period
Accured interest
Invoice price

539.76431 531.85396349
146
36
184
182
5.0584239 1.260989011
544.82274 533.1149525

Coupon

8-Jan-82
9-Jul-82
Closed
Yield
Closed
2/15/1987 $
945
14.28 $ 957.19

Maturity date

$
127.50
$
63.75
ANNUAL HPR
SEMMIANNUAL

0.1383582451
0.069574001

nilai wajar

Closed Price
$
945
$
1,065.63
$
1,043.75
$
1,046.88
$
1,052.50
$
1,006.88

0.0725
0.00875
103.44%
95.80%
754.801

Date

Yield
14.28%
10.14%
11.05%
10.22%
7.71%
4.80%

01/08/82
01/07/83
01/06/84
01/04/85
01/08/86
01/09/87

0.08035714
74.01%
-65.20%

Annual
HPR
7.25%
26.26%
9.91%
12.51%
12.72%
7.78%

0.3
0.25
0.2
0.15
0.1
0.05
0
Date

12.75% COUPON BOND,

Maturity Feb, 15 1987
Settlement date
1/8/1982
Maturity date
7/9/1987
Annual coupon rate
0.1275
Yeild to maturity
0.1428
Redemption value (% of face v
1000
Coupon payment per year
2

Flat price (% of par)

Days since last coupon
Days in coupon period
Accured interest
Invoice price

515.6162476
183
184
6.340353261
521.9566009

$1,080
$1,060
$1,040
$1,020
$1,000
$980
$960
$940
$920
$900
$880
Date

29959

29959

Strategy Buy and Hold

9-Jul-82

7-Jan-83
1-Jul-83
6-Jan-84
Yield
Closed
Yield
Closed
Yield
Closed
Yield
14.05 $ 1,065.63
10.14 $ 1,060.31
10.7 $ 1,043.75
11.05
0.262566138
0.179888998

0.05483871

0.099120235
0.044503389

0.3
0.25
0.2
Annual HPR

0.15

Yield
0.1
0.05
0
Date

$1,080
$1,060
$1,040
$1,020
$1,000
$980
$960
$940
$920
$900
$880
Date

29959

30323

30687

31051

31420

31786

Closed Price

Closed Price

29959

30323

30687

31051

31420

y and Hold
29-Jun-84
4-Jan-85
2-Jul-85
Closed
Yield
Closed
Yield
Closed
Yield
$ 989.06
13.26 $ 1,046.88
10.22 $ 1,062.50
8.55
0.125149701
0.122906793

0.00868263

Date

Semiannual
HPR

8-Jan-82
9-Jul-82
7-Jan-83
1-Jul-83
6-Jan-84
29-Jun-84
4-Jan-85
2-Jul-85
8-Jan-86
3-Jun-86
9-Jan-87

0.88%
8.04%
17.99%
5.48%
4.45%
0.87%
12.29%
7.58%
5.06%
4.84%
2.98%

0.075820896

Semiannual HPR
20.00%
18.00%
16.00%
14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
1

10

11

8-Jan-86
3-Jun-86
9-Jan-87
Closed
Yield
Closed
Yield
Closed
Yield
$ 1,052.50
7.71 $ 1,039.69
5.99 $ 1,006.88
4.8
0.127164179
0.050588235

0.048396675

miannual HPR

Semiannual HPR

10

11

0.077790974
0.029756537

Annual Coupon
Date
8-Jan-82
7-Jan-83
6-Jan-84
4-Jan-85
8-Jan-86
9-Jan-87

Multiplier
Coupon rate
Par value
buy 12 3/4
1987 on
Jan10
8 '82
and hold
until
January
9
9
87
8
7
6

127.50
Bond Price
Closed
$
945
Closed
$ 1,065.63
Closed
$ 1,043.75
Closed
$ 1,046.88
Closed
$ 1,052.50
Closed
$ 1,006.88

Return
26.26%
9.91%
12.51%
12.72%
7.78%

10
12 3/4 $ 127.50 annually
6 3/8 $
63.8 semiannual
1,000
10
9
8
7
6
8-Jan-82 9-Jul-82
7-Jan-83 1-Jul-83 6-Jan-84
14.28
14.05
16.37%
14.05
10.14
50.76%
10.14
10.7
6.30%
10.7
11.05
8.62%
11.05
0.63%

5
4
3
2
1
15.01%

AVERAGE
Period
1
2
3

Return
0.0599
1.0599
0.094579 1.09457912
0.102497 1.10249704

4
5
6
7
8
9
10

0.153857
0.262819
0.006303
0.08623
0.062985
0.507638
0.16371
HPR

1.15385741
1.26281915
1.00630259
1.08623044
1.06298523
1.50763784
1.16370985
14.28% SAMA DENGAN YIELD DALAM CASE

Semiannual
Coupon
Date
8-Jan-82
9-Jul-82
7-Jan-83
1-Jul-83
6-Jan-84
29-Jun-84
4-Jan-85
2-Jul-85
8-Jan-86
3-Jun-86
9-Jan-87

63.75
Bond Price
Closed
$
945
Closed
$
957.19
Closed
$ 1,065.63
Closed
$ 1,060.31
Closed
$ 1,043.75
Closed
$
989.06
Closed
$ 1,046.88
Closed
$ 1,062.50
Closed
$ 1,052.50
Closed
$ 1,039.69
Closed
$ 1,006.88

5
4
29-Jun-84 4-Jan-85

Return
8.04%
17.99%
5.48%
4.45%
0.87%
12.29%
7.58%
5.06%
4.84%
2.98%

3
2
1
0
2-Jul-85 8-Jan-86 3-Jun-86 9-Jan-87
16.37%

50.76%

6.30%
13.26
0.63%
13.26
26.28%

10.22
10.22
15.39%

8.62%
8.55
0.63%
8.55
10.25%

7.71
7.71
9.46%

5.99
5.99
5.99%

26.28%
4.8
15.39%

15.01%
10.25%

9.46%

AN YIELD DALAM CASE

5.99%

1/8/1982

multiplier
coupon
Par value
buy 12
3/4 1987
on Jan 8
'82 and
10
hold
until
January
9 879

10
12 3/4 $ 127.50 annually
6 3/8 $ 63.75 semiannually
1,000

8-Jan-82 9-Jul-82
945.00 $ 957.19
929.66781 914.5457
5.23%
$ 957.19 $
914.5457

7-Jan-83

close price
1-Jul-83 6-Jan-84
###

1,065.63
1060.27
22.90%
1065.625 1060.313
1060.27 1053.93
5.41%
1060.313
1053.93

1043.75
1043.36
5.05%
1043.75 989.0625
1043.36
976.17
-0.33%
989.0625
976.17

1
AVERAGE

7.25%

price
4-Jan-85

2-Jul-85

8-Jan-86 3-Jun-86 9-Jan-87

Period
10
9
8
7
6
5
4
3
2
1

HPR
semiannu
al
0.052307
0.229048
0.05415
0.05045
-0.003295
0.131166
0.079323
0.051945
0.049788
0.030373

Semiannual HPR
Average

1046.875
1040.46
13.12%
1046.875
1040.46

1062.5
1059.24
7.93%
1062.5
1059.24

1,052.50
1050.51
5.19%
1052.5 1039.688
1050.51 1039.07

5%

4.98%
1039.688 1006.875
1039.07 1006.88
3.04%

1.052307
1.229048
1.05415
1.05045
1.003295
1.131166
1.079323
1.051945
1.049788
1.030373
0.071565

Strategy Rolling Over a long term bond

Coupon
$
$
ANNUAL HPR
SEMMIANNUAL

8-Jan-82
Closed
2/15/1995 $
779

Maturity date
105.00
52.50

21.17%
10.55%

8-Jan-82
9-Jul-82
7-Jan-83
1-Jul-83
6-Jan-84
29-Jun-84
4-Jan-85
2-Jul-85
8-Jan-86
3-Jun-86
9-Jan-87

Yield
14.27

-11.56%
-16.81%
0.29527977
Closed
Yield
Closed
Yield
Closed
Yield
Closed
Yield
Closed
Yield
Closed
Yield
Closed
Yield
Closed
Yield
Closed
Yield
Closed
Yield
Closed
Yield

$
$
$
$
$
$
$
$
$
$
$

779
14.27
810.31
13.71
1,006.25
10.41
968.44
10.98
926.25
11.71
817.81
13.82
938.13
11.55
1,041.25
10.15
1,089.38
9.09
1,193.13
7.58
1,211.25
7.03

10 1/2 COUPON BOND,

Maturity Feb, 15 1987
Settlement date
Maturity date
Annual coupon rate
$
Yeild to maturity
Redemption value (% of fa
Coupon payment per year

Flat price (% of par)

Days since last coupon
Days in coupon period
Accured interest
Invoice price

10 1/2 COUPON
Maturity Feb, 1
1/8/1982
6/9/1987
105.00
14.27
1000
2

185.5830926041
30
182
865.3846153846
$
1,050.97

Settlement date
Maturity date
Annual coupon rate
Yeild to maturity
Redemption value
Coupon payment per year

Flat price (% of par)

Days since last coupon
Days in coupon period
Accured interest
Invoice price

9-Jul-82
Closed
810.31

7-Jan-83
Yield
13.71 $

Closed
1,006.25

1-Jul-83
Yield
Closed
10.41 $ 968.44

42.58%
30.66%

10.71%

HPR

FOR SEMIANNUALY

Settlement date
Maturity date

10 1/2 COUPON BOND,

Maturity Feb, 15 1987
1/7/1983
6/9/1987

1.46%

10 1/2 COUPON BOND,

Maturity Feb, 15 1987
6/9/1982
1/7/1983
$
105.00
13.71
1000
2

-46.0105637582
153
181
4437.845303867
$
4,391.83

Annual coupon rate

Yeild to maturity
Redemption value
Coupon payment per year

Flat price (% of par)

Days since last coupon
Days in coupon period
Accured interest
Invoice price

1,006.25
10.98
1000
2

4432.5451815
29
182
8016.8269231
12449.372105

Yield

6-Jan-84
Closed
10.98 $
926.25

29-Jun-84
Yield
Closed
11.71 $ 817.81

2.48%
1.06%

-6.04%

Yield
13.82

10 1/2 COUPON BOND,

Maturity Feb, 15 1987
Settlement date
1/8/1982
Maturity date
6/9/1987
Annual coupon rate
$
10.98
Yeild to maturity
817.8125
Redemption value
1000
Coupon payment per year
2

Flat price (% of par)

Days since last coupon
Days in coupon period
Accured interest
Invoice price

-84.91099558
30
182
90.494505495
5.5835099146

4-Jan-85
Closed
$ 938.13
12.62%
21.13%

2-Jul-85
Yield
Closed
11.55 $ 1,041.25

8-Jan-86
Yield
Closed
10.15 $ 1,089.38

3-Jun-86
Yield
Closed
9.09 $ 1,193.13

16.59%

27.32%
9.66%

14.34%

9-Jan-87
Yield
Closed
7.58 $ 1,211.25
20.83%
5.92%

Yield
7.03

Multiplier
Coupon rate
Par value

buy 10 1/2s of 1995 on Jan 8

'82 and hold until July 9 '82
1
2
3
4

10
10 1/2 $ 105.00 annually
5 1/4 $
52.5 semiannual
1,000
10
9
8
7
8-Jan-82 9-Jul-82
7-Jan-83 1-Jul-83
14.27
13.71
19.44%
13.71
10.41
43.92%
10.41
10.98
6.50%
10.98
6.70%

5
6
7
8
9
10

14

AVERAGE
Period
10
9
8
7
6
5
4
3
2
1

Return
0.1944
0.4392
0.0650
0.0670
0.0173
0.2337
0.1586
0.1230
0.1062
0.0758
HPR

1.194357492
1.439198364
1.065011349
1.066990942
1.017324268
1.233714326
1.15857671
1.123009993
1.106211945
1.0758
0.1427
SAMA DENGAN YIELD DAL

6
5
6-Jan-84 29-Jun-84

4
4-Jan-85

3
2-Jul-85

2
8-Jan-86

1
3-Jun-86

0
9-Jan-87

11.71
6.70%
11.71
1.73%

13.82
13.82
11.55
23.37%
11.55
10.15
15.86%
10.15
12.30%

9.09
9.09
10.62%

7.58
7.58
7.58%

14.80%

AMA DENGAN YIELD DALAM CASE

1/8/1982 No 15

7.03

multiplier
coupon

10
10 1/2 $ 105.00 annually
5 1/4 $ 52.50 semiannually
$ 1,000

Par value
buy 10 1/2s of 1995 on Jan 8
'82 and hold until July 9 '82
19.44%

10

43.92%

6.50%

6.70%

1.73%

23.37%

15.86%

12.30%

10.62%

7.58%

1
AVERAGE

8-Jan-82 9-Jul-82
779.375
810
764.3879 778.6744
8.74%
810
778.6744

7-Jan-83

1006.25
1001.03
35.30%
1006.25
1001.03

close price
1-Jul-83 6-Jan-84
### 4-Jan-85

968.4375
963.91
1.54%
968.4375
963.91

926.25
925.29
1.44%
926.25 817.8125
925.29
808.32
-6.97%
817.8125
808.32

10.91%

938.125
932.20
21.82%
938.125
932.20

2-Jul-85

1041.25
1037.42
16.92%
1041.25
1037.42

8-Jan-86 3-Jun-86 9-Jan-87

1,089.38
1087.06
9.85%
1089.375 1193.125
1087.06 1192.22
14.50%
1193.125
1192.22

1211.25
1211.25
6.00%

Period

HPR semiannual

10
0.0873724291
9
0.3529813081
8
0.0153605732
7
0.0143991919
6
-0.0696706154
5
0.2181994503
4
0.1691904478
3
0.0984634803
2
0.1450297517
1
0.0599961634
Semiannual HPR Average

1.0873724291
1.3529813081
1.0153605732
1.0143991919
1.0696706154
1.2181994503
1.1691904478
1.0984634803
1.1450297517
1.0599961634
11.90%

Strategy Rolling over with s

Type of Notes
8s of 1983
8s of 1983
7 1/4s of 1984
7 1/4s of 1984
8s of 1985
8s of 1985
13 1/2s of 1986
13 1/2s of 1986
12 3/4s of 1987
12 3/4s of 1987

Duration
1/8/1982
7/9/1982
1/7/1983
7/1/1983
1/6/1984
6/29/1984
1/4/1985
7/2/1985
1/8/1986
6/3/1986

10
1/8/82
8s of 1983
8s of 1984
7 1/4s of 1984
7 1/4s of 1984

Rate
7/9/1982 0.08
1/7/1983 0.08
7/1/1983 0.0725
1/6/1984 0.0725
6/29/1984 0.08
1/4/1985 0.08
7/2/1985 0.135
1/8/1986 0.135
6/3/1986 0.1275
1/9/1987 0.1275

9
7/9/82
13.32
13.05%

Coupon rate
Payment
$
80
$
80
$
73
$
73
$
80
$
80
$
135
$
135
$
128
$
128

8
1/7/83

7
7/1/83

13.35
13.35
74.10%

7.43
8.66
3.62%

9.4
9.4
16.30%

8s of 1985
8s of 1986
13 1/2s of 1986
13 1/2s of 1986
12 3/4s of 1987
12 3/4s of 1987
AVERAGE

lling over with short-term notes

Buy
$
$
$
$
$
$
$
$
$
$

Closed
998
973
986
988
982
986
1,042
1,036
1,053
1,040

6
1/6/84

Hold
Yield
13.32
13.35
8.66
9.4
9.75
11.32
9.42
7.49
7.71
5.99

5
6/29/84

4
1/4/85

Closed
$
973
$ 1,003
$
988
$
999
$
986
$ 1,006
$ 1,036
$ 1,007
$ 1,040
$ 1,007

3
7/2/85

Yield
13.35
7.43
9.4
8.29
11.32
7.16
7.49
6.62
5.99
4.8

2
1/8/86

1
6/3/86

8.29
16.30%
9.75
2.23%

11.32
11.32
29.64%

7.16
9.42
15.42%

7.49
7.49
9.25%

6.62
7.71
9.46%

5.99
5.99
5.99%

17.91%

8-Jan-82 9-Jul-82 7-Jan-83

$
948 $
973
8s of
13.05%
935.2231 910.571
1983
5.92%
$
973 $ 1,003
8s of
74.10%
910.571 1000.23
1984
18.63%
$
986
7 1/4s of
3.62%
982.78
1984
16.30%
0
1/9/87

7 1/4s of
1984

2.23%

8s of
1985

29.64%

8s of
1986

15.42%

13 1/2s
of 1986

9.25%

13 1/2s
of 1986

9.46%

12 3/4s
of 1987

5.99%

12 3/4s
of 1987
AVERAGE

4.8
5.99%

close price
1-Jul-83 6-Jan-84
### 4-Jan-85

2-Jul-85 8-Jan-86 3-Jun-86 9-Jan-87

988
976.30
6.72%
$
988 $
999
976.30
997.42
9.59%
$
982 $
986
980.88
971.76
7.23%
$
986 $ 1,006
971.76 1000.07
11.15%
$ 1,042 $ 1,036
1035.47 1033.07
12.81%
$ 1,036 $ 1,007
1033.07 1004.97
10.35%
$ 1,053 $ 1,040
1050.51 1039.07
11.05%
$ 1,040 $ 1,007
1039.07 1006.88
9.17%
10.26%

Period

HPR semiannual

10
0.059181516
9
0.186317222
8
0.067184151
7
0.095885629
6
0.072268682
5
0.111450717
4
0.128052006
3
0.10348349
2
0.110472967
1
0.091726592
Semiannual HPR Average

1.059182
1.186317
1.067184
1.095886
1.072269
1.111451
1.128052
1.103483
1.110473
1.091727
10.21%

Tanggal Pelunasan
Tanggal jatuh tempo
Tarif kupon tahunan
Harga obligasi (flat)
Nilai pelunasan
Pembayaran kupon per tahun
YTM

1/8/1982
2/15/1987
0.1275
94 1/ 2
100
2
14.29%

7/9/1982
2/15/1987
0.1275
95 23/32
100
2
14.03%

1/7/1983
2/15/1987
0.1275
106 9/16
100
2
10.72%

7/1/1983
2/15/1987
0.1275
106 1/32
100
2
10.69%

Tanggal Pelunasan
Tanggal jatuh tempo
Tarif kupon tahunan
Harga obligasi (flat)
Nilai pelunasan
Pembayaran kupon per tahun
YTM

1/8/1982
2/15/1995
0.105
77 15/16
100
2
14.26%

7/9/1982
2/15/1995
0.105
81 1/32
100
2
13.70%

1/7/1983
2/15/1995
0.105
100 5/ 8
100
2
10.40%

7/1/1983
2/15/1995
0.105
96 27/32
100
2
10.98%

1/6/1984
2/15/1987
0.1275
104 3/ 8
100
2
11.04%

6/29/1984
2/15/1987
0.1275
98 29/32
100
2
13.24%

1/6/1984
2/15/1995
0.105
92 5/ 8
100
2
11.70%

6/29/1984
2/15/1995
0.105
81 25/32
100
2
13.81%

10 1/2

Strategy A
Period
10
9
8
7
6
5
4
3
2
1

HPR semiannual A
0.052307
0.229048
0.05415
0.05045
-0.003295
0.131166
0.079323
0.051945
0.049788
0.030373

Semiannual HPR
Average

Period
1
2
3
4
5
6
7
8
9
10

HPR A
3.04%
4.98%
5.19%
7.93%
13.12%
-0.33%
5.05%
5.41%
22.90%
5.23%

1.052307
1.229048
1.05415
1.05045
1.003295
1.131166
1.079323
1.051945
1.049788
1.030373
7.16%

HPR B
6.00%
14.50%
9.85%
16.92%
21.82%
-6.97%
1.44%
1.54%
35.30%
8.74%

Strategy B
$

100,000

1.6650359364
6.3991157357
1.5248223228
1.4113277478
0.9803898384
1.8519593501
1.3570832897
1.1640704406
1.1020554078
1.0303733616
18.486233431
$ 1,848,623
$
199,677
HPR C
9.17%
11.05%
10.35%
12.81%
11.15%
7.23%
9.59%
6.72%
18.63%
5.92%

Period
10
9
8
7
6
5
4
3
2
1

HPR semiannual B
0.087372
0.352981
0.015361
0.014399
-0.069671
0.218199
0.16919
0.098463
0.14503
0.059996

Semiannual HPR
Average

1.087372
1.352981
1.015361
1.014399
1.069671
1.218199
1.16919
1.098463
1.14503
1.059996
11.90%

40.00%
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
Period
-5.00%
-10.00%

tegy B

Strategy C
$

100,000

Period

2.3109107374
15.192392446
1.129698013
1.1052544239
0.6483662954
2.6828228462
1.8687062333
1.3254302209
1.3110931324
1.0599961634
28.634670512
$ 2,863,467
$
307,823

HPR semiannual C

10
0.059182
9
0.186317
8
0.067184
7
0.095886
6
0.072269
5
0.111451
4
0.128052
3
0.103483
2
0.110473
1
0.091727
Semiannual HPR
Average

HPR A
HPR B
HPR C

1.059182
1.186317
1.067184
1.095886
1.072269
1.111451
1.128052
1.103483
1.110473
1.091727
10.21%

100,000

1.7770675274
4.6537978831
1.6823445038
1.898264053
1.5199235013
1.6960984285
1.6192596331
1.3436851568
1.23315021
1.0917265915
18.515317489
$ 1,851,532
$
264,369

Period
1
2
3
4
5
6
7
8
9
10

Yield A
5.99%
9.46%
10.25%
15.39%
26.28%
0.63%
8.62%
6.30%
50.76%
16.37%

Yield B
7.58%
10.62%
12.30%
15.86%
23.37%
1.73%
6.70%
6.50%
43.92%
19.44%

Yield C
5.99%
9.46%
9.25%
15.42%
29.64%
2.23%
16.30%
3.62%
74.10%
13.05%

Period
1
2
3
4
5
6
7
8
9
10

HPR A
3.04%
4.98%
5.19%
7.93%
13.12%
-0.33%
5.05%
5.41%
22.90%
5.23%

HPR B
6.00%
14.50%
9.85%
16.92%
21.82%
-6.97%
1.44%
1.54%
35.30%
8.74%

HPR C
9.17%
11.05%
10.35%
12.81%
11.15%
7.23%
9.59%
6.72%
18.63%
5.92%

80.00%
70.00%
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
Period

60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
Period
-10.00%

YTM

HPR
40.00%
35.00%
30.00%
25.00%
Yield A

20.00%

Yield B

15.00%

Yield C

10.00%
5.00%
0.00%
Period
-5.00%

eriod

-10.00%

50.00%
40.00%
30.00%
Yield A
HPR A

20.00%
10.00%

0.00%
Period
-10.00%

YTM
Bond Price

HPR

YTM

HPR A
HPR B
HPR C

od

100.00%
90.00%
80.00%
70.00%
60.00%
Yield B

50.00%

HPR B

40.00%
30.00%
20.00%
10.00%

0.00%
1

10

HPR C
Yield C

10