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WorksheetFunction.TBillEq Method

Office 2007
Returns the bond-equivalent yield for a Treasury bill.

Syntax

expression.TBillEq(Arg1, Arg2, Arg3)

expression   A variable that represents a WorksheetFunction object.

Parameters

NameRequired/OptionalData TypeDescription
Arg1RequiredVariantSettlement - 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.
Arg2RequiredVariantMaturity - the Treasury bill's maturity date. The maturity date is the date when the Treasury bill expires.
Arg3OptionalVariantDiscount - the Treasury bill's discount rate.

Return Value
Double

Remarks

 Important   Dates should be entered by using the DATE function, or as results of other formulas or functions. For example, use DATE(2008,5,23) for the 23rd day of May, 2008. Problems can occur if dates are entered as text.

  • 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. Microsoft Excel for the Macintosh uses a different date system as its default.
  • 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.



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