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TBILLYIELD Function

Excel 2007+

Summary

The TBILLYIELD function calculates the yield on a U.S. Treasury bill based on its settlement date, maturity date, and price per $100 face value. This essential financial function helps investors and analysts determine the effective return on discount Treasury securities.

Syntax

TBILLYIELD(settlement, maturity, pr)

Parameters

Parameter Type Required Description
settlement Date Yes Settlement date when Treasury bill trades to buyer (after issue date)
maturity Date Yes Maturity date when Treasury bill expires
pr Number Yes Price per $100 face value of the Treasury bill

Using the TBILLYIELD Function

TBILLYIELD is used by financial professionals to calculate the annualized yield return on Treasury bills purchased at a discount. Enter dates using DATE function and price as decimal (e.g., 98.50 for $98.50 per $100 face value). The function uses the standard discount yield formula: Yield = ((100 - Price)/Price) × (360/DSM) where DSM is days from settlement to maturity.

Common TBILLYIELD Examples

Basic Treasury Bill Yield

=TBILLYIELD(DATE(2008,3,31),DATE(2008,6,1),98.45)

Calculates 9.14% yield for T-bill settled March 31, 2008 maturing June 1, 2008 at $98.45 per $100 face value.

Dynamic Date Reference

=TBILLYIELD(A2,B2,C2/100)

Uses cell references for dates and converts dollar price to decimal format.

Frequently Asked Questions

Always use DATE(year,month,day) function or cell references containing valid dates. Text dates cause #VALUE! errors.

Enter price per $100 face value as decimal (98.50 for $98.50, not $98.50).

Common Errors and Solutions

#VALUE!

Cause: Settlement or maturity not recognized as valid dates

Solution: Use DATE() function: DATE(2008,3,31)

#NUM!

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

Solution: Verify price > 0 and settlement < maturity ≤ 1 year

#NUM!

Cause: Price ≤ 0

Solution: Ensure pr > 0

Notes

  • Dates stored as serial numbers (Jan 1, 1900 = 1)
  • Settlement/maturity truncated to integers
  • Uses DSM = days from settlement to maturity (max 1 year)
  • Formula: ((100-pr)/pr) × (360/DSM)
  • Result is decimal yield (0.0914 = 9.14%)

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+