This article describes the formula syntax and usage of the TBILLEQ function (function: A prewritten formula that takes a value or values, performs an operation, and returns a value or values. Use functions to simplify and shorten formulas on a worksheet, especially those that perform lengthy or complex calculations.) in Microsoft Excel.
Description
Returns the bondequivalent yield for a Treasury bill.
Syntax
TBILLEQ(settlement, maturity, discount)
Important Dates should be entered by using the DATE function, or as results of other formulas or functions. For example, use DATE(2008,5,23) for the 23rd day of May, 2008. Problems can occur if dates are entered as text.
The TBILLEQ function syntax has the following arguments (argument: A value that provides information to an action, an event, a method, a property, a function, or a procedure.):
 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.
Remarks
 Microsoft Excel stores dates as sequential serial numbers so they can be used in calculations. By default, January 1, 1900 is serial number 1, and January 1, 2008 is serial number 39448 because it is 39,448 days after January 1, 1900.
 Settlement and maturity are truncated to integers.
 If settlement or maturity is not a valid date, TBILLEQ returns the #VALUE! error value.
 If discount ≤ 0, TBILLEQ returns the #NUM! error value.
 If settlement > maturity, or if maturity is more than one year after settlement, TBILLEQ returns the #NUM! error value.
 TBILLEQ is calculated as TBILLEQ = (365 x rate)/(360(rate x DSM)), where DSM is the number of days between settlement and maturity computed according to the 360 days per year basis.
Example
The example may be easier to understand if you copy it to a blank worksheet.
How do I copy an example?
 Select the example in this article. If you are copying the example in Excel Online, copy and paste one cell at a time.
Important: Do not select the row or column headers.
Selecting an example from Help
 Press CTRL+C.
 Create a blank workbook or worksheet.
 In the worksheet, select cell A1, and press CTRL+V. If you are working in Excel Online, repeat copying and pasting for each cell in the example.
Important: For the example to work properly, you must paste it into cell A1 of the worksheet.
 To switch between viewing the results and viewing the formulas that return the results, press CTRL+` (grave accent), or on the Formulas tab, in the Formula Auditing group, click the Show Formulas button.
After you copy the example to a blank worksheet, you can adapt it to suit your needs.

A 
B 
Data 
Description 
March 31, 2008 
Settlement date 
June 1, 2008 
Maturity date 
9.14% 
Percent discount rate 
Formula 
Description (Result) 
=TBILLEQ(A2,A3,A4) 
The bond equivalent yield, for the Treasury bill with the terms above (0.094151 or 9.42%) 

Note To view the result as a percentage, select the cell, and then on the Home tab, in the Number group, click the arrow next to Number Format, and click Percentage.