TBILLYIELD Function
Calculates the yield for a Treasury bill.
Syntax
Parameters
| Parameter | Description | Required |
|---|---|---|
| settlement | Date the security is purchased. | Required |
| maturity | Date the security expires. | Required |
| pr | Price per $100 face value. | Required |
Basic Example
Yield of a 6-month T-bill
=TBILLYIELD(DATE(2024,1,1), DATE(2024,7,1), 97.5)A 6-month T-bill priced at $97.50 per $100 face value has a yield of about 5.13%.
Advanced Examples
Example 1: Short-term T-bill
Money market analysisYield of a 3-month T-bill
=TBILLYIELD(DATE(2024,1,1), DATE(2024,4,1), 98.75)How TBILLYIELD Works
TBILLYIELD calculates the yield using the formula (100 - pr) / pr * (360 / days to maturity). This is the standard T-bill yield calculation based on the bank discount method.
Important Notes & Limitations
Maturity must be within one year of settlement.
Price must be less than 100 for a positive yield.
Uses actual/360 day count.
Common Errors & Fixes
#NUM! errorMaturity is more than one year after settlement or price is invalid.Fix: Verify dates are within one year and price is less than 100.
#VALUE! errorDates are not recognized.Fix: Use DATE function or valid date serial numbers.
Download Practice File
TBILLYIELD
tbillyieldPractice TBILLYIELD with Real Data
Download a sample CSV file with pre-populated data and practice exercises for the TBILLYIELD function. Works in both Excel and Google Sheets.
File format: CSV (comma-separated values) - opens in Excel, Google Sheets, and all spreadsheet apps