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.
The TBILLEQ function returns a numeric value.
- 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:
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: