TBILLEQ
A Treasury bill's yield restated so it can be compared with a bond's.
Group: Financial. Compatible with DAX.
Syntax
TBILLEQ ( <settlement>, <maturity>, <discount> )| Parameter | Type | Description |
|---|---|---|
settlement | Date | The day the buyer takes the security over; later than its issue. |
maturity | Date | The day the security ends and its face value is repaid. |
discount | Number | How far below its face value the bill is sold, as a yearly rate. |
Returns
Number. The yield the bill would show if it were a bond, as a decimal.
Remarks
- It makes a bill comparable with a bond: the yield on a 365-day year that a bond with half-yearly coupons would need to earn the same. For a bill of up to half a year it is 365 × discount / (360 − discount × days).
- A discount of 0 or less is an error. A bill runs at most a year: settlement on or after maturity, or a maturity more than a year after settlement, is an error. The days are actual days, and the dates whole days.
Examples
A 91-day bill at a 4 % discount
EVALUATE
ROW (
"Bond-equivalent yield", TBILLEQ ( DATE ( 2026, 11, 2 ), DATE ( 2027, 2, 1 ), 0.04 ),
"Price", TBILLPRICE ( DATE ( 2026, 11, 2 ), DATE ( 2027, 2, 1 ), 0.04 )
)| Bond-equivalent yield | Price |
|---|---|
| 0.040969805814345 | 98.9888888888889 |