The Excel TBILLYIELD function calculates the yield of a Treasury Bill.
The syntax of the function is:
Where the arguments are as follows:
|settlement||-||The settlement date of the treasury bill (i.e. the date that the bill is purchased).|
|maturity||-||The maturity date of the treasury bill (must be greater than, and within one year of the supplied settlement date).|
|pr||-||The treasury bill's price per $100 face value.|
Note that the settlement and maturity arguments should be supplied to the function as either:
Warning: If you attempt to supply Excel functions with dates in a text form, these can be interpreted differently, depending on the date system and date interpretation settings on your computer.
The following example shows the Excel Tbillyield function used to calculate the yield on a treasury bill with settlement date 01-Feb-2011, maturity date 30-Jun-2011 and a price of $99 per $100 face value:
|3||=TBILLYIELD( B1, B2, 99 )|
The Tbillyield function in the above example returns the yield 2.44%.
Note that, as recommended, the settlement and maturity dates in the above example have been supplied to the function as references to cells containing dates.
Further examples of the Excel Tbillyield function can be found on the Microsoft Office website.
If you get an error from the Tbillyield function, this is likely to be one of the following: