The TBILLYIELD function returns the yield for a Treasury bill.

Syntax

=TBILLYIELD(settlement,maturity,pr)

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
pr The Treasury bill’s price per $100 face value

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 $98.45 Price per $100 face value    
5        
6 Formula Result Notes
7 =TBILLYIELD(A2,A3,A4) 9.14% The 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 pr argument is ≤ 0
#NAME? Occurs when Analysis ToolPak add-in is not enabled

TBILLYIELD is calculated as: 

    \[  \text{TBILLYIELD} = \left( \frac{100 - pr}{pr} \right)\ *\ \left(\frac{360}{DSM} \right)  \]

where:

  • DSM = number of days from settlement to maturity, excluding maturity date that is more than one calendar year after the settlement date