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Excel

TBILLEQ function in Excel

Returns the bond-equivalent yield for a Treasury bill

=TBILLEQ(settlement, maturity, discount)

TBILLEQ syntax and parameters

Three arguments, three required.

  • settlementanyRequired

    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.

  • maturityanyRequired

    The Treasury bill's maturity date. The maturity date is the date when the Treasury bill expires.

  • discountnumberRequired

    The Treasury bill's discount rate.

TBILLEQ examples

Formulas you'll actually reuse.

  1. The bond-equivalent yield of the 4.5% discount — comparable with coupon bonds:

    =TBILLEQ(DATE(2026, 3, 15), DATE(2026, 6, 14), 4.5%)

    Result0.0462

  2. How much the bond-equivalent yield exceeds the quoted discount:

    =TBILLEQ(B2, C2, D2) - D2

TBILLEQ in Google Sheets

Same name — your formula ports as-is.

Try TBILLEQ in the playground

Edit the example — nothing to install.

Preloaded with the TBILLEQ formula from Example 1 — change anything and watch it respond.

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Related functions

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