Investing is a important thing in a capital market. Bond investment must be noticed the risk especially credit risk. From the information of credit risk, investor can choose the right investment. Credit Metrics is a reduced form model to estimate the risk. Credit Metrics is centered by the corporate rating. The risk not only occur when corporate rating be default but also if the rating upgrade or downgrade. For a bond portfolio, can calculate the optimal portfolio by Mean Variance Efficient Portfolio method. Empirical study can be used for two bonds, first bond is Obligasi Adira Dinamika Multi Finance V Tahun 2011 Seri A and second one is Obligasi BFI Finance Indonesia III Tahun 2011 Seri A. First bond has 127.01640 (Billion) of credit risk and the second one bonds has 18.33472 (Billion). For a portfolio of that two bonds, they have 179.82460 (Billion). For the optimal portfolio, first bond has propotion 66.39% and 33.61% for the second bond.
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机译：在资本市场上，投资是重要的事情。债券投资必须注意风险，尤其是信用风险。从信用风险信息中，投资者可以选择合适的投资。信用指标是一种简化的模型，用于估算风险。信用指标以公司评级为中心。风险不仅在公司评级为默认评级时发生，而且在评级升级或降级时也会发生。对于债券投资组合，可以通过平均方差有效投资组合方法计算最佳投资组合。实证研究可用于两个债券，第一个债券是Obligasi Adira Dinamika Multi Finance V Tahun 2011 Seri A，第二个是Obligasi BFI Finance Indonesia III Tahun 2011 SeriA。第一个债券有127.01640（十亿）的信用风险，第二个是信用风险。债券有18.33472（十亿）。对于这两个债券的投资组合，它们具有179.82460（十亿）。对于最佳投资组合，第一债券的比例为66.39％，第二债券的比例为33.61％。
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