This article describes the formula syntax and usage of the TBILLEQ function in Microsoft Excel.


Returns the bond-equivalent yield for a Treasury bill.


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:



Copy the example data in the following table, and paste it in cell A1 of a new Excel worksheet. For formulas to show results, select them, press F2, and then press Enter. If you need to, you can adjust the column widths to see all the data.

3/31/2008Settlement date
6/1/2008Maturity date
9.14%Percent discount rate
=TBILLEQ(A2,A3,A4)The bond equivalent yield, for the Treasury bill using the terms in A2, A3, and A4 (0.09415, or 9.42%).9.42%

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