How to use TBILLYIELD Function in Excel

The Excel TBILLYIELD function returns the yield for a Treasury bill.

Syntax:= TBILLYIELD (settlement, maturity, price)

The TBILLYIELD 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.
  • Pr    Required. The Treasury bill’s price per $100 face value.

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

The following example shows the Excel Tbillyield function used to calculate the yield on a treasury bill with settlement date 01-Jun-2020, maturity date 01-Dec-2020 and a price of $97.34 per $100 face value:

TBILLYIELD Function 1 - How to use TBILLYIELD Function in Excel

Syntax:  =TBILLYIELD(B1,B2,B3)

Result:

TBILLYIELD Function - How to use TBILLYIELD Function in Excel

Note:

  1. #NUM! error – Occurs if either:
    1. The settlement date is greater than or equal to the maturity date or the maturity date is more than 1 year after the settlement date
    2. The supplied pr argument is less than or equal to 0.
  2. #VALUE! error – Occurs if either:
    1. Any of the supplied arguments are non-numeric
    2. The settlement or the maturity arguments are not valid dates.
  3. Settlement and maturity are truncated to integers.
  4. TBILLYIELD is calculated as follows: TBILLYIELD Function in Excel - How to use TBILLYIELD Function in ExcelWhere:DSM = number of days from settlement to maturity, excluding any maturity date that is more than one calendar year after the settlement date
    1. The settlement and maturity arguments should be supplied to the function as either:
      1. References to cells containing dates
      2. Dates returned from other functions or formulas.

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