All versions
Financial
The Excel TBILLEQ function returns the bond-equivalent yield of a Treasury bill, so you can compare it to coupon bonds. Settlement and maturity are dates wrap them in DATE() so Excel reads them correctly..
Quick answer:
=TBILLEQ(DATE(2026,1,1), DATE(2026,7,1), 5%) // bond-equivalent yield
Syntax
=TBILLEQ(settlement, maturity, discount)
| Argument | Description | |
|---|---|---|
settlement | Required | Settlement date. |
maturity | Required | Maturity date (within one year). |
discount | Required | The T-bill discount rate. |
How to use it
TBILLEQ returns the bond-equivalent yield of a Treasury bill, so you can compare it to coupon bonds. Settlement and maturity are dates wrap them in DATE() so Excel reads them correctly..
=TBILLEQ(DATE(2026,1,1), DATE(2026,7,1), 5%) // bond-equivalent yield
Try it: interactive demo
Live demo
This is the formula pattern TBILLEQ uses — copy it into Excel with your own numbers.
Result: computed in Excel
Practice workbook
Download the free TBILLEQ practice workbook
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Frequently asked questions
How do I enter the dates?
Wrap settlement and maturity in DATE(year,month,day) so Excel reads real dates, not text.
Which Excel versions support it?
All modern versions.
Why might it return #NUM! or #VALUE!?
Out-of-range arguments (e.g. negative rate or settlement after maturity) give #NUM!; non-numeric inputs give #VALUE!.
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