The TBILLEQ function returns the bond-equivalent yield for a Treasury bill.

Syntax

=TBILLEQ(settlement,maturity,discount)

Arguments

Argument Description
settlement The Treasury bill’s settlement date – the date after the issue date when the Treasury bill is traded to the buyer
maturity The Treasury bill’s maturity date – the date when the Treasury bill expires
discount The Treasury bill’s discount rate

Note: The settlement and maturity dates should be input as either:

  • References to cells containing dates, or
  • Dates returned from formulas

If you attempt to input these date arguments as text, Excel may misinterpret them, due to different date systems, or date interpretation settings.

Warning: Although you can input the date arguments as date serial numbers, this is not recommended as date serial numbering does vary across different computer systems.

Examples

  A B C D
1 Data Description    
2 31-Mar-2014 Settlement date    
3 01-Jun-2014 Maturity date    
4 9.14% Discount rate    
5        
6 Formula Result Notes
7 =TBILLEQ(A2,A3,A4) 9.42% The bond equivalent yield, for the Treasury bill using the terms above

Common Function Error(s)

Problem What went wrong
#VALUE! Occurs if either:

  any of the supplied arguments are non-numeric
  the settlement or the maturity arguments are not a valid dates
#NUM! Occurs if either:

  the settlement date is ≥ maturity date or the maturity date is more than 1 year after the settlement date
  the supplied discount argument is ≤ 0
#NAME? Occurs when Analysis ToolPak add-in is not enabled