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\i0\ul0\strike0 Bagi\f1\fs24\cf0\b0\i0\ul0\strike0 Masyarakat,\f1\fs24\cf0\b0\
i0\ul0\strike0 memberikan\f1\fs24\cf0\b0\i0\ul0\strike0 tambahan\f1\fs24\cf0\b
0\i0\ul0\strike0 pengetahuan\f1\fs24\cf0\b0\i0\ul0\strike0 dalam\f1\fs24\cf0\b
0\i0\ul0\strike0 bidang\f1\fs24\cf0\b0\i0\ul0\strike0 Surat\par\pard\plain\sl334\par\pard\plain\li3167\sl-216\f1\fs24\cf0\b0\i0\ul0\strike0 Utang\f1\fs24\cf0
\b0\i0\ul0\strike0 Negara\f1\fs24\cf0\b0\i0\ul0\strike0 (SUN)\f1\fs24\cf0\b0\i
0\ul0\strike0 khusus\f1\fs24\cf0\b0\i0\ul0\strike0 jenis\f1\fs24\cf0\b0\i0\ul0
\strike0 obligasi\f1\fs24\cf0\b0\i0\ul0\strike0 oleh\f1\fs24\cf0\b0\i0\ul0\str
ike0 Direktorat\f1\fs24\cf0\b0\i0\ul0\strike0 Surat\f1\fs24\cf0\b0\i0\ul0\stri
ke0 Berharga\par\pard\plain\sl-335\par\pard\plain\li3167\sl-216\f1\fs24\cf0\b0\
i0\ul0\strike0 Negara,\f1\fs24\cf0\b0\i0\ul0\strike0 DJPU,\f1\fs24\cf0\b0\i0\ul
0\strike0 dalam\f1\fs24\cf0\b0\i0\ul0\strike0 rangka\f1\fs24\cf0\b0\i0\ul0\str
ike0 kontribusi\f1\fs24\cf0\b0\i0\ul0\strike0 bagi\f1\fs24\cf0\b0\i0\ul0\strik
e0 pembangunan.\f1\fs24\cf0\b0\i0\ul0\strike0 Lebih\f1\fs24\cf0\b0\i0\ul0\stri
ke0 spesifik,\par\pard\plain\sl-336\par\pard\plain\li3167\sl-216\f1\fs24\cf0\b0
\i0\ul0\strike0 sebagai\f1\fs24\cf0\b0\i0\ul0\strike0 sebuah\f1\fs24\cf0\b0\i0\
ul0\strike0 perangkat\f1\fs24\cf0\b0\i0\ul0\strike0 dalam\f1\fs24\cf0\b0\i0\ul
0\strike0 pembiayaan\f1\fs24\cf0\b0\i0\ul0\strike0 yang\f1\fs24\cf0\b0\i0\ul0\
strike0 dilakukan\f1\fs24\cf0\b0\i0\ul0\strike0 dalam\f1\fs24\cf0\b0\i0\ul0\st
rike0 rangka\par\pard\plain\sl-336\par\pard\plain\li3167\sl-216\f1\fs24\cf0\b0\
i0\ul0\strike0 menutup\f1\fs24\cf0\b0\i0\ul0\strike0 pengeluaran-pengeluaran\f1
\fs24\cf0\b0\i0\ul0\strike0 untuk\f1\fs24\cf0\b0\i0\ul0\strike0 pembangunan,\f
1\fs24\cf0\b0\i0\ul0\strike0 maka\f1\fs24\cf0\b0\i0\ul0\strike0 SUN\f1\fs24\cf
0\b0\i0\ul0\strike0 adalah\par\pard\plain\sl-335\par\pard\plain\li3167\sl-216\f
1\fs24\cf0\b0\i0\ul0\strike0 sebuah\f1\fs24\cf0\b0\i0\ul0\strike0 alternatif\f1
\fs24\cf0\b0\i0\ul0\strike0 pembiayaan\f1\fs24\cf0\b0\i0\ul0\strike0 yang\f1\f
s24\cf0\b0\i0\ul0\strike0 umum\f1\fs24\cf0\b0\i0\ul0\strike0 dipakai\f1\fs24\c
f0\b0\i0\ul0\strike0 oleh\f1\fs24\cf0\b0\i0\ul0\strike0 banyak\f1\fs24\cf0\b0\
i0\ul0\strike0 negara,\f1\fs24\cf0\b0\i0\ul0\strike0 yang\par\pard\plain\sl-33
6\par\pard\plain\li3167\sl-216\f1\fs24\cf0\b0\i0\ul0\strike0 apabila\f1\fs24\cf0
\b0\i0\ul0\strike0 dikelola\f1\fs24\cf0\b0\i0\ul0\strike0 secara\f1\fs24\cf0\b
0\i0\ul0\strike0 prudent,\f1\fs24\cf0\b0\i0\ul0\strike0 maka\f1\fs24\cf0\b0\i0
\ul0\strike0 dapat\f1\fs24\cf0\b0\i0\ul0\strike0 memberikan\f1\fs24\cf0\b0\i0\
ul0\strike0 benchmarking\f1\fs24\cf0\b0\i0\ul0\strike0 bagi\par\pard\plain\sl335\par\pard\plain\li3167\sl-215\f1\fs24\cf0\b0\i0\ul0\strike0 pasar\f1\fs24\cf0
\b0\i0\ul0\strike0 uang,\f1\fs24\cf0\b0\i0\ul0\strike0 khususnya\f1\fs24\cf0\b
0\i0\ul0\strike0 dalam\f1\fs24\cf0\b0\i0\ul0\strike0 rangka\f1\fs24\cf0\b0\i0\
ul0\strike0 menjadi\f1\fs24\cf0\b0\i0\ul0\strike0 parameter\f1\fs24\cf0\b0\i0\
ul0\strike0 dalam\f1\fs24\cf0\b0\i0\ul0\strike0 penentuan\par\pard\plain\sl-33
6\par\pard\plain\li3167\sl-215\f1\fs24\cf0\b0\i0\ul0\strike0 tingkat\f1\fs24\cf0
\b0\i0\ul0\strike0 bunga,\f1\fs24\cf0\b0\i0\ul0\strike0 besarnya\f1\fs24\cf0\b
0\i0\ul0\strike0 Yield\f1\fs24\cf0\b0\i0\ul0\strike0 serta\f1\fs24\cf0\b0\i0\u

l0\strike0 parameter-parameter\f1\fs24\cf0\b0\i0\ul0\strike0 finansial\f1\fs24

\cf0\b0\i0\ul0\strike0 lainnya.\par\pard\plain\sl-200\par\pard\plain\sl-200\par
\pard\plain\sl-200\par\pard\plain\sl-291\par\pard\plain\li2268\sl-258\f0\fs26\cf
0\b\i0\ul0\strike0 D.\f0\fs26\cf0\b\i0\ul0\strike0 Ruang\f0\fs26\cf0\b\i0\ul0\s
trike0 Lingkup\par\pard\plain\sl-381\par\pard\plain\li2807\sl-215\f1\fs24\cf0\b
0\i0\ul0\strike0 Mengingat\f1\fs24\cf0\b0\i0\ul0\strike0 keterbatasan\f1\fs24\c
f0\b0\i0\ul0\strike0 waktu\f1\fs24\cf0\b0\i0\ul0\strike0 dan\f1\fs24\cf0\b0\i0
\ul0\strike0 data\f1\fs24\cf0\b0\i0\ul0\strike0 dalam\f1\fs24\cf0\b0\i0\ul0\st
rike0 penulisan\f1\fs24\cf0\b0\i0\ul0\strike0 tesis\f1\fs24\cf0\b0\i0\ul0\stri
ke0 ini\f1\fs24\cf0\b0\i0\ul0\strike0 pembahasan\par\pard\plain\sl-335\par\par
d\plain\li2268\sl-215\f1\fs24\cf0\b0\i0\ul0\strike0 hanya\f1\fs24\cf0\b0\i0\ul0\
strike0 akan\f1\fs24\cf0\b0\i0\ul0\strike0 dibatasi\f1\fs24\cf0\b0\i0\ul0\stri
ke0 pada\f1\fs24\cf0\b0\i0\ul0\strike0 risiko\f1\fs24\cf0\b0\i0\ul0\strike0 f
inansial\f1\fs24\cf0\b0\i0\ul0\strike0 pada\f1\fs24\cf0\b0\i0\ul0\strike0 Sura
t\f1\fs24\cf0\b0\i0\ul0\strike0 Utang\f1\fs24\cf0\b0\i0\ul0\strike0 Negara\f1\
fs24\cf0\b0\i0\ul0\strike0 (SUN)\f1\fs24\cf0\b0\i0\ul0\strike0 jenis\par\pard\
plain\sl-336\par\pard\plain\li2268\sl-215\f1\fs24\cf0\b0\i0\ul0\strike0 Obligasi
\f1\fs24\cf0\b0\i0\ul0\strike0 Negara\f1\fs24\cf0\b0\i0\ul0\strike0 yang\f1\fs
24\cf0\b0\i0\ul0\strike0 dapat\f1\fs24\cf0\b0\i0\ul0\strike0 diperdagangkan\f1
\fs24\cf0\b0\i0\ul0\strike0 (\f1\fs24\cf0\b0\i\ul0\strike0 tradable\f1\fs24\cf0
\b0\i\ul0\strike0 bonds\f1\fs24\cf0\b0\i0\ul0\strike0 ),\f1\fs24\cf0\b0\i0\ul0\
strike0 secara\f1\fs24\cf0\b0\i0\ul0\strike0 spesifik\par\pard\plain\sl-336\pa
r\pard\plain\li2268\sl-215\f1\fs24\cf0\b0\i0\ul0\strike0 Obligasi\f1\fs24\cf0\b0
\i0\ul0\strike0 Negara\f1\fs24\cf0\b0\i0\ul0\strike0 yang\f1\fs24\cf0\b0\i0\ul
0\strike0 berdenominasi\f1\fs24\cf0\b0\i0\ul0\strike0 rupiah,\f1\fs24\cf0\b0\i
0\ul0\strike0 yang\f1\fs24\cf0\b0\i0\ul0\strike0 mana\f1\fs24\cf0\b0\i0\ul0\st
rike0 Obligasi\f1\fs24\cf0\b0\i0\ul0\strike0 Negara\f1\fs24\cf0\b0\i0\ul0\stri
ke0 tersebut\par\pard\plain\sl-336\par\pard\plain\li2268\sl-215\f1\fs24\cf0\b0\
i0\ul0\strike0 sampai\f1\fs24\cf0\b0\i0\ul0\strike0 saat\f1\fs24\cf0\b0\i0\ul0\
strike0 ini\f1\fs24\cf0\b0\i0\ul0\strike0 masih\f1\fs24\cf0\b0\i0\ul0\strike0
beredar\f1\fs24\cf0\b0\i0\ul0\strike0 (\f1\fs24\cf0\b0\i\ul0\strike0 outstandi
ng\f1\fs24\cf0\b0\i0\ul0\strike0 )\f1\fs24\cf0\b0\i\ul0\strike0 .\f1\fs24\cf0\b0
\i0\ul0\strike0 Pembahasan\f1\fs24\cf0\b0\i0\ul0\strike0 ini\f1\fs24\cf0\b0\i0
\ul0\strike0 tidak\f1\fs24\cf0\b0\i0\ul0\strike0 dalam\f1\fs24\cf0\b0\i0\ul0\s
trike0 rangka\par\pard\plain\sl-335\par\pard\plain\li2268\sl-215\f1\fs24\cf0\b0
\i0\ul0\strike0 analisis\f1\fs24\cf0\b0\i0\ul0\strike0 pengembangan\f1\fs24\cf0
\b0\i0\ul0\strike0 pasar\f1\fs24\cf0\b0\i0\ul0\strike0 uang\f1\fs24\cf0\b0\i0\
ul0\strike0 di\f1\fs24\cf0\b0\i0\ul0\strike0 Indonesia,\f1\fs24\cf0\b0\i0\ul0\
strike0 dan\f1\fs24\cf0\b0\i0\ul0\strike0 analisis\f1\fs24\cf0\b0\i0\ul0\strik
e0 dilakukan\f1\fs24\cf0\b0\i0\ul0\strike0 hanya\par\pard\plain\sl-334\par\par
d\plain\li2268\sl-215\f1\fs24\cf0\b0\i0\ul0\strike0 terhadap\f1\fs24\cf0\b0\i0\u
l0\strike0 data\f1\fs24\cf0\b0\i0\ul0\strike0 yang\f1\fs24\cf0\b0\i0\ul0\strik
e0 bersifat\f1\fs24\cf0\b0\i0\ul0\strike0 kuantitatif,\f1\fs24\cf0\b0\i0\ul0\s
trike0 dan\f1\fs24\cf0\b0\i0\ul0\strike0 dalam\f1\fs24\cf0\b0\i0\ul0\strike0
rangka\f1\fs24\cf0\b0\i0\ul0\strike0 pengujian\f1\fs24\cf0\b0\i0\ul0\strike0 k
inerja\f1\fs24\cf0\b0\i0\ul0\strike0 atas\par\pard\plain\sl-335\par\pard\plain\
li2268\sl-215\f1\fs24\cf0\b0\i0\ul0\strike0 penerbitan\f1\fs24\cf0\b0\i0\ul0\str
ike0 SUN\f1\fs24\cf0\b0\i0\ul0\strike0 khusus\f1\fs24\cf0\b0\i0\ul0\strike0 j
enis\f1\fs24\cf0\b0\i0\ul0\strike0 obligasi\f1\fs24\cf0\b0\i0\ul0\strike0 oleh
\f1\fs24\cf0\b0\i0\ul0\strike0 Direktorat\f1\fs24\cf0\b0\i0\ul0\strike0 Surat\
f1\fs24\cf0\b0\i0\ul0\strike0 Berharga\f1\fs24\cf0\b0\i0\ul0\strike0 Negara,\f
1\fs24\cf0\b0\i0\ul0\strike0 DJPU.}