TBILLYIELD function

This article describes the formula syntax and usage of the TBILLYIELD 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 yield for a Treasury bill.

Syntax

TBILLYIELD(settlement, maturity, pr)

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

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, TBILLYIELD returns the #VALUE! error value.
  • If pr ≤ 0, TBILLYIELD returns the #NUM! error value.
  • If settlement ≥ maturity, or if maturity is more than one year after settlement, TBILLYIELD returns the #NUM! error value.
  • TBILLYIELD is calculated as follows:

Equation

where:

  • DSM = number of days from settlement to maturity, excluding any maturity date that is more than one calendar year after the settlement date.

Example

The example may be easier to understand if you copy it to a blank worksheet.

ShowHow do I copy an example?

  1. Select the example in this article. If you are copying the example in Excel Web App, copy and paste one cell at a time.Important Do not select the row or column headers.

Selecting an example from Help

Selecting an example from Help

  1. Press CTRL+C.
  2. Create a blank workbook or worksheet.
  3. In the worksheet, select cell A1, and press CTRL+V. If you are working in Excel Web App, 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.

  1. 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.

 
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A B
Data Description
March 31, 2008 Settlement date
June 1, 2008 Maturity date
98.45 Price per $100 face value
Formula Description (Result)
=TBILLYIELD(A2,A3,A4) The yield, for the treasury bill with the terms above (0.091417 or 9.1417 percent)
 
 
Applies to:
Excel 2010, Excel Web App, SharePoint Online for enterprises, SharePoint Online for professionals and small businesses