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Excel TBILLEQ Function

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.

tbilleq function 1


=TBILLEQ(settlement, maturity, discount)


  • 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.


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:


Or, use cell references to make the formula dynamic:


tbilleq function 2

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:


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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