How to use the Excel TBILLEQ function

The Excel TBILLEQ function returns the bond-equivalent yield for a Treasury bill.

Syntax: TBILLEQ (settlement, maturity, discount)

The TBILLEQ function syntax has the following arguments:

  • Settlement    Required. 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.
  • Maturity    Required. The Treasury bill’s maturity date. The maturity date is the date when the Treasury bill expires.
  • Discount    Required. The Treasury bill’s discount rate.

Example: Let’s look at some Excel TBILLEQ function examples and explore how to use the TBILLEQ function as a worksheet function in Microsoft Excel:

The following example shows the Excel Tbilleq function used to calculate the bond-equivalent yield for a treasury bill with settlement date 01-Jun-2020, maturity date 01-Dec-2020 and a discount of 10%

TBILLEQ function - How to use the Excel TBILLEQ function

Syntax:  =TBILLEQ(B1,B2,B3)

Result:

Excel TBILLEQ function - How to use the Excel TBILLEQ function

Note:

  1. The TBILLEQ function was introduced in Excel 2003 and is available in all subsequent Excel versions.
  2. The settlement and maturity arguments are truncated to integers.
  3. #NUM! error – Occurs when:
    • Settlement date is ≥ maturity date.
    • Maturity date is more than 1 year after the settlement date.
    • Discount argument is less than or equal to 0.
  4. #VALUE! error – Occurs when:
    • Settlement date is an invalid date.
    • Maturity date is an invalid date.
    • The arguments provided are non-numeric.
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