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.