TBILLEQ function: Description, Usage, Syntax, Examples and Explanation

Syntax of TBILLEQ function

TBILLEQ(settlement, maturity, discount)

The TBILLEQ function syntax has the following arguments:

• Settlement: 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: The Treasury bill’s maturity date. The maturity date is the date when the Treasury bill expires.
• Discount: The Treasury bill’s discount rate.

TBILLEQ formula explanation

• 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, TBILLEQ returns the #VALUE! error value.
• If discount ≤ 0, TBILLEQ returns the #NUM! error value.
• If settlement > maturity, or if maturity is more than one year after settlement, TBILLEQ returns the #NUM! error value.
• TBILLEQ is calculated as TBILLEQ = (365 x rate)/(360-(rate x DSM)), where DSM is the number of days between settlement and maturity computed according to the 360 days per year basis.

Example of TBILLEQ function

Steps to follow:

1. Open a new Excel worksheet.

2. Copy data in the following table below and paste it in cell A1

Note: For formulas to show results, select them, press F2 key on your keyboard and then press Enter.

You can adjust the column widths to see all the data, if need be.