Financial - TBILLYIELD Function

Description

The TBILLYIELD function returns the yield for a Treasury bill.

Syntax

TBILLYIELD (settlement, maturity, pr)

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
Pr The Treasury bill's price per $100 face value. Required

Notes

  • TBILLYIELD is calculated as follows −

    $$TBILLYIELD = \frac{100 -pr}{pr} \times \frac{360}{DSM}$$

    Where DSM = number of days from settlement to maturity, excluding any maturity date that is more than one calendar year after the settlement date.

  • 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, TBILLYIELD returns the #VALUE! error value.

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

  • If pr ≤ 0, TBILLYIELD returns the #NUM! error value.

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

Applicability

Excel 2007, Excel 2010, Excel 2013, Excel 2016

Example

TBILLYIELD Function
advanced_excel_financial_functions.htm
Advertisements