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TBILLPRICE Function

Excel 2007+

Summary

The TBILLPRICE function calculates the price per $100 face value of a U.S. Treasury bill based on its settlement date, maturity date, and discount rate. This financial function is essential for bond traders and investors analyzing short-term government securities.

Syntax

TBILLPRICE(settlement, maturity, discount)

Parameters

Parameter	Type	Required	Description
settlement	`Date`	Yes	Settlement date when the Treasury bill is traded to the buyer (after issue date)
maturity	`Date`	Yes	Maturity date when the Treasury bill expires
discount	`Number`	Yes	Annual discount rate as a decimal (e.g., 0.09 for 9%)

Using the TBILLPRICE Function

TBILLPRICE is used in financial analysis to determine the market price of Treasury bills before maturity. Treasury bills are short-term government securities sold at a discount and redeemed at face value. The function applies the standard discount formula used by financial markets.

Common TBILLPRICE Examples

Basic Treasury Bill Pricing

=TBILLPRICE(DATE(2008,3,31),DATE(2008,6,1),0.09)

Calculates price for a T-bill settling on March 31, 2008, maturing June 1, 2008, with 9% discount rate. Returns approximately 98.45 per $100 face value.

Dynamic Date Example

=TBILLPRICE(TODAY(),DATE(YEAR(TODAY()),12,31),0.05)

Prices a T-bill from today to year-end with 5% discount rate.

Frequently Asked Questions

Excel requires proper date serial numbers. DATE() ensures dates are recognized correctly, avoiding #VALUE! errors from text dates.

Enter as decimal (0.09 for 9%). Percent formatting should be converted to decimal values.

No. If maturity exceeds 1 year from settlement, it returns #NUM! error.

Common Errors and Solutions

#VALUE! error

Cause: Settlement or maturity not recognized as valid dates

Solution: Use DATE(year,month,day) function or ensure cells are formatted as dates

#NUM! error

Cause: Discount ≤ 0, settlement > maturity, or maturity > 1 year after settlement

Solution: Verify discount > 0, settlement < maturity, and term ≤ 1 year

#NAME? error

Cause: Function name misspelled

Solution: Use exact spelling: TBILLPRICE

Notes

Prices quoted per $100 face value
Uses actual/365 day count convention
Settlement truncates to integer days
DSM = days from settlement to maturity (max 1 year)
Formula: 100 / (1 + discount × (DSM/360))

Compatibility

Available in: Excel 2007, Excel 2010, Excel 2013, Excel 2016, Excel 2019, Excel 2021, Microsoft 365

Not available in: Excel 2003 and earlier

Content last reviewed: December 9, 2025
Update frequency: As needed
Excel versions tested: Excel 2007+