# The Excel TBILLEQ Function

Related Functions:
TBILLPRICE
TBILLYIELD

## 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:

• References to cells containing dates
or
• Dates returned from formulas.

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%:

AB
1Settlement Date:01-Feb-2017
2Maturity 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:

• As recommended, the date arguments are supplied to the function as references to cells containing dates.
• The discount argument is input as the percentage, 2.5%. However, this could be entered as the simple numeric value 0.025.

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 dateorThe supplied discount argument is ≤ 0. #VALUE! - Occurs if either:The settlement or the maturity arguments are not a valid datesorAny of the supplied arguments are non-numeric.