MAKALAH

Lembaga Pembiayaan dan Kredit

Loan Sales and Other Credit Risk Management Techniques

Kelompok:

Dian Arantha Putri – 1301064310

Erfiza Najma Afifah – 1301058781

FS Indra Fernando – 1301070811

Gandhi Anugrah – 1301067123

Sendy Retno Ningrum – 1301054902

Siti Angginami Sadida – 1301065654

Stysa Prilia - 1301052140

Bina Nusantara University

2012

Kata Pengantar

Sebuah kesempatan luar biasa bagi kami dalam penyusunan makalah ini, ucapan terima

kasih pertama kali tertuju kepada Tuhan YME, ALLAH SWT, serta junjungan Nabi besar kita

MUHAMMAD SAW beserta keluarga dan para sahabatnya, yang sekiranya telah memberikan

rahmat kepada kami untuk menyelesaikan makalah ini. Tanpa izin yang maha kuasa

sesungguhnya makalah ini tidak dapat selesai sebagaimana mestinya.

Tidak lupa juga kami selaku penyusun makalah, mengucapkan terima kasih pada kedua

orangtua kami yang telah membimbing kami dalam proses penyusunan makalah, serta telah

memberikan kami dorongan dan motivasi sehingga makalah yang kami susun sedemikian rupa

telah selesai.

Ucapan terima kasih kami kepada Ibu pengajar mata kuliah Lembaga Pembiayaan Kredit

yang telah memberikan bantuan dalam proses perkuliahan dan telah memberikan manfaat bagi

kami sehingga kita sekiranya dapat menyusun makalah ini.

Makalah ini berisi tentang aktifitas bank di luar neraca, dalam hal ini dikhusukan pada

pinjaman penjualan dan manajemen risiko kredit beserta prosedur singkatnya. Dengan hadirnya

makalah ini diharapkan dapat membantu rekan-rekan mahasiswa dalam pemahaman mengenai

aktifitas bank di luar neraca serta pemahaman prosedural peminjaman penjualan.

Sesungguhnnya makalah yang telah kami sajikan masih jauh dari sempurna, dan tidak

menutup kemungkinan dari rekan-rekan untuk memberikan kritik atau saran atau memberikan

masukan yang membangun kepada kami selaku penyusun makalah agar lebih baik lagi

kedepannya.

Daftar Isi

Pendahuluan

Uang adalah bentuk alat tukar yang dapat diterima secara umum. Uang digunakan

sebagai alat pembayaran dalam proses penukaran dengan barang/jasa. Uang dewasa ini terdiri

dari dua macam yaitu uang kartal dan uang giral. Bicara masalah uang, tak lepas dari masalah

keuangan atau pengelolaan keuangan.

Keuangan dapat didefinisikan sebagai suatu ilmu yang mempelajari bagaimana individu,

organisasi atau lembaga bisnis mengelola, mengalokasikan, serta penggunaan sumber daya

moneter sejalan dengan waktu.

Bicara masalah keuangan, tentu kita akan mengenal yang namanya lembaga keuangan. Lembaga

keuangan terdiri dari lembaga keuangan bank dan non-bank. Lembaga keuangan bank terdiri dari

bank umum, bank perkreditan rakyat, serta bank asing. Sedangkan lembaga keuangan non bank

antara lain; asuransi, pegadaian serta dana pensiun.

Bank sebagai sebuah lembaga keuangan memiliki fungsi utama antara lain; sebagai

penghimpun dana yakni dalam bentuk simpanan giro (demand deposit), simpanan tabungan (safe

deposit) serta simpanan deposito (time deposit). Bank umum juga bisa berfungsi sebagai

penyalur dana melalu produknya antara lain; kredit investasi, kredit modal kerja, kredit

perdagangan, kredit produktif, kredit profesi, serta kredit konsumtif. Bank juga menerbitkan

produk-produk seperti L/C (Letter of Credit), jasa kiriman uang (transfer), inkaso, klering,

menerima pembayaran, safe deposit box, hingga kartu kredit.

Bank memiliki dua jenis aktifitas, yakni aktifitas di dalam neraca maupun aktifitas di luar

neraca. Aktifitas di luar neraca salah satunya adalah loan sales atau pinjaman penjualan.

Pinjaman penjualan dapat didefinisikan is a sale, often by a bank, under contract of all or part

of the cash stream from a specific loan, thereby removing the loan from the bank's

balancesheet – Wikipedia (adalah sebuah bentuk penjualan, yang diterbitkan oleh bank,

berdasarkan kontrak seluruh atau sebagian dari aliran kas dari pinjaman tertentu, sehingga

menghapus pinjaman dari neraca bank). Pinjaman penjualan berkaitan serta dengan teknik

manajemen kredit berisiko.

Pembahasan

Bank dan FIs lainnya telah menjual pinjaman di antara mereka sendiri selama lebih dari 100

tahun. Bahkan, sebagian besar perbankan koresponden melibatkan bank-bank kecil membuat

pinjaman yang terlalu besar bagi mereka untuk mempertahankan neraca mereka – untuk

konsentrasi pinjaman, resiko, atau alasan kecukupan modal – dan menjual bagian dari pinjaman

ke bank-bank besar dengan mereka yang memiliki deposito jangka panjang – hubungan

pinjaman koresponden.

Correspondent banking adalah hubungan yang ditandatangani antara bank kecil dan bank

besar dimana bank besar menyediakan sejumlah deposito, pinjaman dan layanan lainnya.

Highly Leveraged Transaction (HLT) loan adalah pinjaman yang dilakukan untuk membiayai

merger dan akuisisi: hasil LBO dalam rasio leverage yang tinggi untuk peminjam.

Pada akhir 1990-an, volume penjualan pinjaman diperluas lagi, sebagian disebabkan

oleh perluasan ekonomi dan kebangkitan di M&As. Sebagai contoh, pasar pinjaman perusahaan

riset, Loan Pricing Corporation, melaporkan volume perdagangan sekunder pada tahun 1999

adalah lebih dari $79 miliar. Penjualan kredit terus tumbuh hingga hampir $120 miliar pada awal

2000an sebagai FIs dijual karena tertekan oleh pinjaman (kredit perdagangan di bawah 90 sen

dolar).

Pinjaman Bank Penjualan Pasar

Bank Loan Sale adalah penjualan pinjaman yang berasal dari FI dengan atau tanpa recourse ke

pembeli luar.

Recourse adalah kemampuan pembeli pinjaman untuk menjual pinjaman kembali ke originator

jika berjalan buruk.

Sebagai contoh ekstrem, Greenpoint Financial Corp mengeluarkan lebih dari $33.9 miliar

pinjaman hipotek pada tahun 2003. Pada akhir tahun, Greenpoint telah terjual lebih dari $33.3

miliar dari pinjaman ini kepada investor pasar sekunder.

Jika pinjaman dijual tanpa recourse, bukan hanya dihapus dari neraca FI, tapi FI tidak

memiliki kewajiban eksplisit jika pinjaman akhirnya memburuk. Namun, jika pinjaman tersebut

dijual dengan recourse, dalam kondisi tertentu pembeli dapat menempatkan pinjaman kembali

ke penjualan FI, karena itu, FI tetap memiliki kewajiban risiko kredit kontingen.

Jenis Penjualan Kredit

Pinjaman kredit pasar US, memiliki tiga segmen: dua melibatkan penjualan

dan perdagangan pinjaman dalam negeri, sementara yang ketiga melibatkan

penjualan kredit emerging-market dan perdagangan.

1. Jangka Pendek Tradisional

Di segmen jangka pendek tradisional dari pasar, FIs menjual pinjaman dengan jangka

waktu pendek, sering satu sampai tiga bulan. Pasar ini memiliki karakteristik yang sama

dengan pasar untuk surat berharga yang dikeluarkan oleh perusahaan dalam penjualan kredit

ini memiliki jangka waktu dan ukuran masalah yang sama. Penjualan kredit, bagaimanapun,

biasanya memiliki hasil basis poin 1 sampai 10 di atas kepentingan surat berharga dari

peringkat yang sama. Secara khusus, pinjaman penjualan pasar dimana sebuah FI berasal dan

menjual pinjaman jangka pendek dari suatu perusahaan adalah substitusi untuk penerbitan

surat berharga komersial – baik secara langsung atau melalui dealer – untuk 1000 atau lebih

perusahaan terbesar AS. Karakteristik kunci dari penjualan pasar pinjaman jangka pendek

adalah

- Dijamin dengan asset perusahaan pinjaman

- Dibuat untuk peminjam peringkat investasi atau yang lebih baik

- Ditempatkan untuk jangka pendek (90 hari atau kurang)

- Memiliki hasil yang erat dengan tingkat surat berharga

- Dijual dalam satuan $1 juta ke atas

HLT Loan Sales

Dengan pertumbuhan dalam M & As dan LBO melalui transaksi yang sangat terungkit (HLTs),

khususnya selama periode 1985-1989, segmen baru di pasar pinjaman penjualan muncul. Salah

satu ukuran dari peningkatan HLTs adalah bahwa antara Januari 1987 dan September 1994, Loan

Pricing Corporation melaporkan 4.122 M & As penawaran dengan jumlah dolar gabungan

masalah baru pinjaman HLT diperkirakan sebesar $593.5 miliar. Apa yang merupakan pinjaman

HLT sering menyebabkan perselisihan. Namun, pada Oktober 1989 tiga federal regulator Bank

US mengadopsi definisi pinjaman HLT sebagai salah satu yang (1) melibatkan pembelian,

akuisisi, atau rekapitalisasi dan (2) ganda kewajiban perusahaan dan menghasilkan rasio leverage

yang lebih tinggi dari 50 persen , hasil dalam rasio leverage yang lebih tinggi dari 75 persen,

atau ditetapkan sebagai suatu HLT oleh agen sindikasi. Pinjaman HLT berbeda sesuai

dengan apakah mereka nondistressed (harga penawaran melebihi 90 sen per $ 1 dari pinjaman)

atau tertekan (harga penawaran kurang dari 90 sen per $ 1 dari pinjaman atau peminjam sedang

dalam standar).

Hampir semua pinjaman HLT memiliki karakteristik berikut:

- Mereka adalah pinjaman berjangka

- Mereka dijamin dengan aset perusahaan pinjaman (biasanya diberi status senior

secured)

- Mereka memiliki jangka waktu panjang (sering tiga sampai enam tahun jatuh tempo)

- Mereka telah mengambang tarif terkait dengan LIBOR, tingkat perdana, atau

tingkat CD (biasanya basis poin 200-275 diatas harga ini)

- Mereka memiliki perlindungan perjanjian yang kuat

Namun demikian, HLTs cenderung sangat heterogen sehubungan dengan ukuran penerbitan

tanggal pembayaran bunga, pengindeksan bunga, dan fitur pembayaran dimuka. Setelah

originasi, beberapa peminjam HLT, seperti Macy dan El Paso Electric, mengalami periode

kesulitan keuangan.

Financial distress adalah periode ketika peminjam tidak mampu memenuhi kewajiban

pembayaran kepada kreditur.

Types of Loan Sales Contracts

There are two basic types of loan sale contracts or mechanism by which loans can be transferred

between seller and buyer: participations and assignments. Currently, assignments comprise the

bulk of loan sales trading.

Participations

Participation in a loan is buying a share in a loan syndication with limited, contractual control

and rights over the borrower.

The unique features of participations in loans are

- The holder (buyer) is not a party to the underlying credit agreement so that the initial

contract between loan seller and borrower remains in place after the sale.

- The loan buyer can exercise only partial control over changes in the loan contract’s

terms. The holder can only vote on material changes to the loan contract, such as the

interest rate or collateral backing.

The economic implication of these features is that the buyer of the loan participation has a

double risk exposure: a risk exposure to the borrower and a risk exposure to the loan selling FI.

Assignments

Assignments is buying a share in a loan syndication with some contractual control and rights

over the borrower.

Because of the monitoring costs and risks involved in participations, loans are sold on an

assignment basis in more than 90 percent of the cases on the U.S. domestic market. The key

features of an assignment are

- All rights are transferred on sale, meaning the loan buyer now holds a direct claim on

the borrower.

- Transfer of U.S. domestic loans is normally associated with a Uniform Commercial

Code filing (as proof that a change of ownership has been perfected).

While ownership rights are generally much clearer in a loan sale by assignment, frequently

contractual terms limit the seller’s scope regarding to whom the loan can be sold. In particular,

the loan contract may require either the FI agent or the borrower to agree to the sale. The loan

contract may also restrict the sale to a certain class of institutions.

Currently, the trend appears to be toward loan contracts being originated with very limited

assignment restrictions. This is true in both the U.S. domestic and the emerging-market loan

sales markets. The most tradable loans are those that can be assigned without buyer restrictions.

Even so, one has to distinguish between floating-rate and fixed-rate assignment loans. For

floating-rate loans, most loan sales by assignment occur on the loan’s repricing date (which may

be two or four times a year), due to complexities for the agent FI in calculating and transferring

accrued interest – especially given the heterogeneous nature of floating-rate loan indexes such as

fed fund plus, T-bond plus, and LIBOR plus. In addition, the nonstandardization of accrued

interest payments in fixed-rate loan assignments (trade date, assignment date, coupon payment

date) adds complexity and friction to this market.

Accrued interest is the loan seller’s claim to part of the next interest payment on the loan.

The Buyers and the Seller

The Buyer

Of the wide array of potential buyers, some are concerned with only a certain segment of the

market for regulatory and strategic reasons. In particular, an increasingly specialized group of

buyers of distressed HLT loans includes investment banks, hedge funds, and vulture funds.

Investment banks

Investment banks are predominantly buyers of HLT loans because (1) analysis of these loans

utilizes investment skills similar to those used in junk bond trading and (2) investment banks

were often closely associated with the HLT distressed borrower in underwriting the original junk

bond/ HLT deals. As such, large investment banks – for example, CSFB, Merrill Lynch, and

Goldman Sachs – are relatively more informed agents in this market, either by acting as market

makers or in taking short-term positions on movements in the discount from par.

Vulture Funds

Vulture funds are specialized hedge funds established to invest in distressed loans, often with an

agenda that may not include helping the distressed firm to survive. They include funds run by

entrepreneurs such as George Soros and Sam Zell. These investments can be active, especially

for those seeking to use the loans purchased for bargaining in a restructuring deal; this generates

restructuring returns that strongly favor the loan purchaser. Alternatively, such loans may be held

as passive investments, such as high-yield securities in a well-diversified portfolio of distressed

securities. Many vulture funds are in fact managed by investment banks.

The common perception of vulture funds is that after picking up distressed loans at a discount,

they force firms to restructure or are quick to realize the breakup value of the firm: turning their

50-cent-on-the-dollar investment to a fast 70-cent-on-the-dollar-profit. Thus, a vulture fund’s

reputation is often not a congenial one.

For the nondistressed HLT market and the traditional U.S. domestic loan sales market, the five

major buyers are other domestic banks, foreign banks, insurance companies and pension funds,

closed-end bank loan mutual funds, and nonfinancial corporations.

Other Domestic Banks

Interbank loan sales are at the core of the traditional market and have historically revolved

around correspondent banking relationships and regional banking/branching restrictions (such as

the McFadden Act of 1927 and the Bank Holding Company Act of 1956 and its 1970

Amendments). Restrictions on nationwide banking have often led banks to originate regionally

undiversified and borrower-undiversified loan portfolios. Small banks often sell loan

participations to their large correspondents to improve regional/borrower diversification and to

avoid regulatory-imposed single-borrower loan concentration ceilings. (Credit exposure to a

single borrower should not exceed 10 percent of a bank’s capital).

The traditional interbank market, however, has been shrinking. This is due to at least three

factors.

First, the traditional correspondent banking relationship is breaking down in a more competitive

and increasingly consolidated banking market. Second, concerns about counterparty risk and

moral hazard have increased. Third, the barriers to nationwide banking were largely erodedwith

the passage of the Riegle-Neal Interstate Branching and Efficiency Act of 1994. Nevertheless,

some small banks find the loan sales market enormously useful as a way to regionally diversify

their loan portfolios.

Foreign banks

Foreign Banks remain an important buyer of domestic U.S loans. In recent years they have

purchased over 40 percent of loan sold. Because of the high cost of branching, the loan sales

market allows foreign banks to achieve a well bank network. However, renewed interest in asset

downsizing, especially among Japanese banks (see Chapter 230), has caused this source of

demand to contact.

Downsizing shrinking the asset size of an FI

Insurance Companies and Pension Funds

Subject to meeting liquidity and quality or investment grade regulatory restriction, insurance

companies (such as Aetna) and pension fund are importance buyers of long-term maturity loans.

Closed-and open-End Bank Loan Mutual Funds

First established in 1998, these leveraged mutual funds, such as Merrill Lynch Prime Fund,

invest in domestic U.S banks loans. While they purchased loans on the secondary market, such

as loan resales, the largest funds also have moved into primary loan syndications because of the

attractive fee income available. That is, these mutual funds participate in funding loans

originated by commercial banks. The mutual fund, in turn, receives a fee or part of the interest

payment.

Nonfinacial Corporations

These are some corporations that buy loans, but this activity is limited mostly to the financial

services arms of the very largest U.S and European companies (e.g., GE Capital and ITT

finance) and amount to no more than 5 percent of total U.S domestic loan sales.

The Sallers

The sallers of domestic loans and HLT loans are major money center banks, foreign banks,

investment banks, and the U.S government and its agencies.

Major Money Center Banks

Loan selling has been dominated by the largest money center banks. In recent years, market

concentration on the loan selling side has been accentuated by the growth of HLTs (and the

important role major money center banks have played in originating loans in HLT deals) as well

as the growth in real estate loan sales. In recent years, large money center banks have engaged in

large (real estate) loan sales directly or have formalized such sales through the mechanism of a“

good bank-bad bank” structure.

Good Bank-Bad Bank

Bad bank are special-purpose vehicles organized to liquidate portfolios of nonperforming loans.

The principal objective in their creation is to maximize asset values by separating good loans ( in

the “good Bank”) from Bad Loans (in the “Bad Bank”) past examples of bad banks include

Grant Street National Bank (established by mellon Bank), National Loan Bank (established by

Chemical), and National Asset Bank (established by first interstate).

There are at least five reasons for believing that loan sales through a bad bank vehicle will be

value enhancing compared to the originating bank itself retaining (and eventually selling) these

loans.

1. The bad bank enables bad assets to be managed by loan workout specialist

2. The good banks reputations and access to deposit and funding markets tend to be

improved once bad loans are removed from the balanced.

3. Because the bad bank does not have any short-term deposits (i.e., is a self liquidating

entity), it can follow an optimal disposition strategy for bad assets, as it is not overly

concerned with liquidity needs.

4. As in the case of Mellon’s bank, contract for managers can be created to maximize their

incentives to generate enhanced values from loan sales.

5. The good bank-bad bank structure reduces information asymmetries about the value of

the good bank’s assets (the so-called lemons problem0, thus potentially increasing its

attractive to risk-averse investors.

Foreign Banks

To the extent that foreign banks are sallers rather than buyers of loans, these loans come out of

branch networks such as Japanese-owned banks in California or through their market-making

activities selling loans originated in their home country in U.S. loan sales markets. One of the

major market makers in the U.S. loan sales market (especially the HTL market) is the Dutch FI,

ING Bank.

Investment Banks

Investment Banks, such as Bear Stearns, act as loan sallers either as part of their market-making

function (selling loans they have originated) or as active traders. Again, these loan sales are

generally confined to large HTL transactions.

The U.S. Government and Its Agencies

In recent years the U.S. government and its agencies have shown increased willingness to engage

in loan sales. This has been aided by the passage of the 1996 federal Debt Collection

improvement Act, which authorizes federal agencies to sell delinquent and defaulted loan assets.

Why Banks and Other FIs Sell Loans

One reason that FIs sell loans is to manage their credit risk better. Loan sales remove assets (and

credit risk) from the balance sheet and allow an FI to achieve better asset diversification.

However, other than credit risk management, there are a number of economic and regulatory

reasons that encourage FIs to sell loans.

Reserve Requirements

Regulatory requirements, such as noninterest-bearing reserve requirements that a bank has to

hold at the central bank, are a form of tax that adds to the cost of funding the loan portfolio.

Regulatory taxes such as reserve requirements create an incentive for banks to remove loans

from the balance sheet by selling them without recourse to outside parties. Such removal allows

banks to shrink both their assets and deposits and, thus, the amount of reserves they have to hold

against their deposit.