The Excel TBILLYIELD Function

Related Functions:

Basic Description

The Excel TBILLYIELD function calculates the yield of a Treasury Bill.

The syntax of the function is :

TBILLYIELD( settlement, maturity, pr )

Where the arguments are as follows:

settlement - The settlement date of the treasury bill (ie. 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 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:



- If you attempt to supply the date arguments as text, it is possible that that they may be interpreted incorrectly, due to the date system and date interpretation settings on your computer.
- Although you can input the dates as serial numbers, this is not recommended, as date serial numbering varies across different computer systems.

Excel Tbillyield Function Example

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:

  A B
1 Settlement Date: 01-Feb-2011
2 Maturity Date: 30-Jun-2011
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.

Tbillyield Function Errors

If you get an error from the Tbillyield function, this is likely to be one of the following:

Common Errors
#NUM! - Occurs if either:
- The settlement date is ≥ maturity date or the maturity date is more than 1 year after the settlement date
- The supplied pr argument is ≤ 0
#VALUE! - Occurs if either:
- any of the supplied arguments are non-numeric
- the settlement or the maturity arguments are not a valid dates
#NAME? -

Occurs when Analysis ToolPak add-in is not enabled in your Excel.
You will need to enable the add-in if you want to use the Excel Tbillyield function.

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