Eurocurrency adalah dollar AS atau mata uang konvertibel lainnya yang disimpan di bank luar negara asalnya. Misalnya : dollar AS di deposito di London atau Singapore, menjadi Eurodollar (awalan Euro ini tidak ada hubungannya dengan mata uang Euro atau Eropa).

1. CASE 1 :
Siemens Negotiates a Eurocurrency Loan
CASE 2 :
Problem 2 page.457
Eksekutif B 37 Finance Kelompok 2:
Aditya Sujarminto
Cikla Samira
Ida Ayu Rachmayanti
Nixy Tirayoh
Yodi Marthin

2. CASE 1 :
Siemens Negotiates a Eurocurrency Loan

3. TEORI
● Eurocurrency adalah dollar AS atau mata uang konvertibel lainnya yang disimpan di bank luar
negara asalnya.
Misalnya : dollar AS di deposito di London atau Singapore, menjadi Eurodollar (awalan Euro ini
tidak ada hubungannya dengan mata uang Euro atau Eropa).
● Pasar Eurocurrency adalah terdiri dari bank komersial dan investasi besar (perusahaan
multinasional, bank sentral, IMF dan World Bank) yang disebut Eurobanks yang menerima
deposito dan memberikan pinjaman dalam mata uang asing. Euromarket ini meliputi Eurocurrency
dan Eurobonds serta Euronotes.
● London merupakan pusat bagi Euromarket
The Eurocurrency Market

4. TEORI
● Memiliki karakteristik dimana pinjaman dengan floating-rate basis.
● Perhitungan interest rate dengan :
1. Menggunakan London Interbank Offer Rate (LIBOR) sebagai basisnya (contoh : LIBOR
+0,75%)
2. Roll over setiap 6 bulan
3. Indikator risiko : ukuran margin antara biaya dan tarif yang dibebankan
● Terdapat klausul multicurrency
1. Dimana memberikan opsi kepada peminjam untuk mengalihkan mata uang pinjaman pada
saat roll over.
2. Mengurangi risiko nilai tukar.
Eurocurrency Loans

5. Mini Case
Siemens AG, sebuah perusahaan elektronik besar di Jerman, sedang
mencari pengumpulan dana sebesar $500,000,000 selama lima tahun
kedepan. Bank of America dan Deutsche Bank bersaing dengan
tawaran sindikasi sebesar $500,000,000 Eurodollar loan untuk
Siemens.
Dengan pengajuan proposal loan sbb:
Proposal Bank of America Proposal Deutsche Bank
Pokok $0,5 miliar $0,5 miliar
Jatuh Tempo 5 tahun 5 tahun
Suku Bunga LIBOR + 0,25% LIBOR + 0,375%
Periode Pembayaran
Bunga
Setiap 6 bulan Setiap 6 bulan
Biaya Sindikasi 1,125% 0,75%

6. Pertanyaan dan Jawaban

7. Pertanyaan dan Jawaban
What are the net proceeds to Siemens
from each these syndicated proposal?
Bank of America Deutsche Bank
Biaya Sindikasi 0,0112500 0,0075
Loan $500.000.000 $500.000.000
$5.625.000 $37.500.000
Proceed Siemens $494.375.000 $462.500.000

8. Pertanyaan dan Jawaban
Assuming that six month LIBOR is
currently at 4,35%, what is the effective
annual interest cost to Siemens for the
first six months of each loan?
LIBOR = 4,35%
Bank of America Deutsche Bank
Suku Bunga 4,60% 4,725%
Loan $500.000.000 $500.000.000
$23.000.000 $23.625.000
Total pembayaran bunga
semesteran (6 bulan)
$11.500.000 $11.812.500
Proceed Siemens $494.375.000 $496.250.000
Bunga efektif Siemens 4,652% 4,761%

9. Pertanyaan dan Jawaban
Which of these two
loans would you
select on the basis
of cost, all else
being equal?
This is a capital budgeting problem.
● By going with the Bank of America loan proposal, Siemens would pay an additional
syndication fee of $1,875,000 (0.01125 – 0.0075) x $500,000,000. In return, Siemens
would save interest expense of $625,000 each year for five years.
● This annual interest savings is the difference between paying LIBOR6 + 0.25% vs.
LIBOR6 + 0.375% (0.00375 – 0.0025) x $500,000,000
● The cash flows associated with going with the Bank of America proposal instead of the
Deutsche Bank loan are thus:
These cash flows yield an internal rate of return of 19.85%, significantly higher than any reasonable estimate of
the appropriate cost of capital for Siemens. Hence, the Bank of America loan proposal has the lowest effective
cost.

10. Pertanyaan dan Jawaban
What other factors might
you considerin deciding
between these two loan
proposals?
Other factors that can be considered are how long it takes
to collect the syndicate,
a. the banking relationship you have with each bank,
b. financial advice that may be provided by the bank,
c. whether using Bank of America syndicate will introduce
Siemens to a new bank group that will later can take
advantage of more loans, agreements associated with
each loan, and banks' willingness to renegotiate this
agreement at a later date.

11. CASE 2 :
Problem 2 page.457

12. Mini Case
Citibank offers to syndicate a Eurodollar credit for the government of Poland with the following terms:
Principal US$1,000,000,000
Maturity 7 years
Interest rate LIBOR + 1.5%, reset every six months
Syndication fee 1.75%
a. What are the net proceeds to Poland from this syndicated loan?
ANSWER. Poland will receive $982,500,000, which equals the $1 billion less the 1.75% syndication fee.
b. Assuming that six-month LIBOR is currently at 6.35 percent, what is the effective annual interest cost
to
Poland for the first six months of this loan?
ANSWER. At 6-month LIBOR + 1.5%, Poland will pay interest at an annual rate of 7.85% (6.35% + 1.5%).

13. Kesimpulan

14. Referensi
Saphiro, Alan C / Peter Moles. 2014. International Financial Management. Wiley, West Sussex, United Kingdom.