## Excel TBILLEQ Function

Author: Amanda Li Last Modified: 2022-02-18

The TBILLEQ function returns the bond-equivalent yield for a Treasury bill (or T-bill) based on its settlement date, maturity date, and discount rate.

#### Syntax

=TBILLEQ(settlement, maturity, discount)

#### Arguments

• settlement (required): The settlement date of the Treasury bill.
• maturity (required): The maturity date of the Treasury bill.
• discount (required): The discount rate of the Treasury bill.

#### Return Value

The TBILLEQ function returns a numeric value.

#### Function Notes

• Dates should be entered as references to cells containing dates, by using the DATE function, or as results returned from other formulas or functions.
• TBILLEQ will return the #VALUE! error if:
• settlement or maturity is not a valid date;
• Any of the arguments is not a numeric value.
• TBILLEQ will return the #NUM! error if:
• discount ≤ 0;
• settlement > maturity. Or if maturity is more than one year after settlement.
• settlement and maturity are truncated to integers.

#### Example

To get the bond equivalent yield for a Treasury bill with the information as shown below, please copy or enter the formula below in a blank cell, and press Enter to get the result:

=TBILLEQ(DATE(2021,3,21),DATE(2021,9,30),3.5%)

Or, use cell references to make the formula dynamic:

=TBILLEQ(C3,C4,C5)

If a Treasury bill has the same information above except that the settlement date is May 1, 2021, you can replace the C3 in the formula with the DATE function:

=TBILLEQ(DATE(2021,5,1),C4,C5)

#### Related functions

Excel TBILLPRICE Function

The TBILLPRICE function returns the price per \$100 face value for a Treasury bill (or T-bill) based on its settlement date, maturity date, and discount rate.

Excel TBILLYIELD Function

The TBILLYIELD function returns the yield for a Treasury bill (or T-bill) based on its settlement date, maturity date, and discount rate.

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