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.
Syntax
=TBILLPRICE(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 TBILLPRICE 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.
- TBILLPRICE will return the #VALUE! error if:
- settlement or maturity is not a valid date;
- Any of the arguments is not a numeric value.
- TBILLPRICE 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 price per $100 face value 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:
=TBILLPRICE(DATE(2021,3,21),DATE(2021,9,30),3.5%)
Or, use cell references to make the formula dynamic:
=TBILLPRICE(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:
=TBILLPRICE(DATE(2021,5,1),C4,C5)
Related functions
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 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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