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%

**Syntax**: =TBILLEQ(B1,B2,B3)

**Result**:

**Note**:

- The TBILLEQ function was introduced in Excel 2003 and is available in all subsequent Excel versions.
- The settlement and maturity arguments are truncated to integers.
- #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.

- #VALUE! error – Occurs when:
- Settlement date is an invalid date.
- Maturity date is an invalid date.
- The arguments provided are non-numeric.