Advanced Excel Financial - TBILLEQ Function

Description

The TBILLEQ function returns the bond-equivalent yield for a Treasury bill.

Syntax

TBILLEQ (settlement, maturity, discount)

Arguments

Argument Description Required/ Optional
Settlement

The Treasury bill's settlement date.

The security settlement date is the date after the issue date when the Treasury bill is traded to the buyer.

 Required
Maturity

The Treasury bill's maturity date.

The maturity date is the date when the Treasury bill expires.

 Required
Discount The Treasury bill's discount rate. Required

Notes

  • TBILLEQ is calculated as

    TBILLEQ = (365 × rate)/(360-(rate × DSM))

    Where DSM is the number of days between settlement and maturity computed according to the 360 days per year basis.

  • Dates should be entered by using the DATE Function, or as results of other formulas or functions. For example, use DATE (2008,5,23) for the 23rd day of May, 2008. Problems can occur if dates are entered as text.

  • Microsoft Excel stores dates as sequential serial numbers so they can be used in calculations. By default, January 1, 1900 is serial number 1, and January 1, 2008 is serial number 39448 because it is 39,448 days after January 1, 1900.

  • Settlement and maturity are truncated to integers.

  • If settlement or maturity is not a valid Excel date, TBILLEQ returns the #VALUE! error value.

  • If any of the specified arguments is non-numeric, TBILLEQ returns the #VALUE! error value.

  • If discount ≤ 0, TBILLEQ returns the #NUM! error value.

  • If settlement > maturity, or if maturity is more than one year after settlement, TBILLEQ returns the #NUM! error value.

Applicability

Excel 2007, Excel 2010, Excel 2013, Excel 2016

Example

TBILLEQ Function
advanced_excel_financial_functions.htm
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