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Financial function
TBILLEQ
Returns the bond-equivalent yield for a Treasury bill.
Rarely usedDifficulty 1500 · AdvancedUsage rank #414 of 520
When to use it
The bond-equivalent yield of a Treasury bill given its discount rate, for comparing with coupon bonds.
The shape of it
- Syntax
=TBILLEQ(settlement, maturity, discount)
Worked examples
Bond-equivalent yield
=TBILLEQ(DATE(2008,3,31),DATE(2008,6,1),0.0914) → 9.42%
A 62-day bill at a 9.14% discount.
91-day bill
=TBILLEQ(DATE(2025,1,1),DATE(2025,4,2),0.05) → 5.11%
A 91-day bill at 5%.
Six-month bill
=TBILLEQ(DATE(2025,1,1),DATE(2025,7,1),0.05) → 5.14%
A six-month bill.
Worth knowing
- Formula: 365 × rate / (360 - rate × days).
- Always above the discount rate.
- Maturity must be within a year of settlement.
Where it goes wrong
- #NUM! when maturity is more than a year out or the discount is not positive.
- Text dates return #VALUE!.
Related
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