Pada akhir
\nkuartal I-2017 lalu, pemerintah membatasi penerbitan Surat Utang Negara (SUN).
\nSebab total penerbitan SUN telah mencapai Rp 265,77 triliun. Jumlah tersebut
\nsetara dengan 38,71% dari target bruto penerbitan SUN sepanjang tahun 2017
\nyakni senilai Rp 684,8 triliun.<\/p>\n
Menurut
\nriset Anton Hendranata, Chief Economist
\nTreasury & Capital Markets Division Bank Danamon Indonesia yang diliris
\n17 April 2017, hingga lelang lelang terakhir pada Selasa (18\/4) total
\npenerbitan SUN mencapai Rp 290,7 triliun selama tiga tahun atau setara 42,45%
\ndari target yang ingin dicapai dalam tiga tahun terakhir yaitu hingga 45%<\/p>\n
Analis\u00a0Fixed Income\u00a0MNC Securities I Made Adi Saputra
\nmenyatakan, pencapaian tersebut melebihi target yang ditetapkan pemerintah
\nyakni 28,12% pada kuartal I-2017. “Jadi, target pemerintah tahun ini yang
\nmenyusut, bukan pencapaiannya yang kurang baik,” kata I Made Adi Saputra<\/p>\n
Menurut I
\nMade Adi Saputra, terdapat empat alasan mengapa pencapaian tersebut melebihi
\ntarget yang ditetapkan pemerintah yakni 28,12% pada kuartal I-2017. Alasan
\npertama, pemerintah sedang mempertimbangkan kemampuan penyerapan anggaran yang
\ntidak membebani bunga. Kedua, menjaga stabilitas secondary market dari yield dan jumlah tawaran yang
\ndimenangkan saat lelang. Ketiga, salah satu faktor eksternal yaitu
\nmengantisipasi kenaikan suku bunga global. Keempat adalah pemerintah yang
\ncenderung meningkatkan pendapatan dalam negeri khususnya melalui tax amnesty.<\/p>\n
Pandangan
\nterhadap alasan \u2013 alasan tersebut juga dilihat oleh Anil Kumar selaku Fixed Income Fund Manager Ashmore Asset
\nManagement Indonesia. Menurutnya strategi tersebut dilakukan dalam upaya
\nmenyerap pemasukan dari pendapatan pajak. Pernyataan tersebut juga dikuatkan
\ndengan catatan Direktorat Jenderal Pajak yang menyatakan bahwa realisasi
\npenerimaan pajak per Maret 2017 mencapai Rp 222 triliun. Total tersebut naik
\n18% dari periode yang sama di tahun 2016 sebesar Rp 188 triliun.<\/p>\n
Menurut
\nMade strategi pemerintah sudah baik dalam menekan intensitas penyerapan front loading. Hal tersebut baik dalam
\nmengantisipasi kenaikan yield di secondary market yang dipengaruhi dengan
\njumlah penerbitan surat utang oleh pemerintah \u2013 jika terlalu agresif, tingkat
\nyield yang tinggi dapat menurunkan niat investor untuk berinvestasi. Sementara
\npemerintah sedang memiliki banyak kebutuhan. Di saat lain, Anil mengingatkan kemungkinan
\nberkurangnya penerbitan obligasi jika pendapatan pajak meningkat namun
\npenyerapan anggaran tidak sesuai rencana. Diperkirakan oleh beliau yield SUN seri acuan tenor sepuluh tahun sebesar 7,25%-7,5% akhir tahun ini.
\nPrediksi Made sekitar 7,4%-7,8%. Berdasarkan lelang terakhir, rata-rata\u00a0yield\u00a0FR0059 bertenor sepuluh
\ntahun yang dimenangkan sebesar 7,09%.____Sumber<\/p>","protected":false},"excerpt":{"rendered":"
Pada akhir kuartal I-2017 lalu, pemerintah membatasi penerbitan Surat Utang Negara (SUN). Sebab total penerbitan SUN telah mencapai Rp 265,77 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[13],"tags":[],"class_list":["post-3008","post","type-post","status-publish","format-standard","hentry","category-informasi"],"_links":{"self":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/3008","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/comments?post=3008"}],"version-history":[{"count":0,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/3008\/revisions"}],"wp:attachment":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/media?parent=3008"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/categories?post=3008"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/tags?post=3008"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}