The Excel TBILLEQ Function

Related Functions:

Function Description

The Excel Tbilleq function calculates the bond-equivalent yield for a Treasury Bill.

The syntax of the function is:

TBILLEQ( settlement, maturity, discount )

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 settlement date).
discount - The treasury bill's percentage discount rate.

Note that the date arguments should be entered into 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.

Excel Tbilleq Function Example

The following example shows the Excel Tbilleq function used to calculate the bond-equivalent yield for a treasury bill with settlement date 01-Feb-2017, maturity date 30-Jun-2017 and a discount of 2.5%:

  A B
1 Settlement Date: 01-Feb-2017
2 Maturity Date: 30-Jun-2017
3 =TBILLEQ( B1, B2, 2.5% )

The above Tbilleq function returns the value 0.025612238, (i.e. 2.56%).

Note that, in the above example:

For further information and examples of the Excel Tbilleq function, see the Microsoft Office website.

Tbilleq Function Errors

If you get an error from the Excel Tbilleq 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 discount argument is ≤ 0.

Occurs if either:

  • The settlement or the maturity arguments are not a valid dates
  • Any of the supplied arguments are non-numeric.