What is the syntax for TBILLEQ in Excel?

The syntax for TBILLEQ is: =TBILLEQ(settlement, maturity, discount)

What are common errors with TBILLEQ?

#NUM! if maturity > 1 year from settlement

What is TBILLEQ used for?

TBILLEQ converts a T-bill discount rate to a bond-equivalent yield, allowing fair comparison with coupon bonds. T-bills use discount rates (360-day year); bonds use yields (365-day year). TBILLEQ bridges this gap.

Why can't I directly compare T-bill rates to bond yields?

T-bill discount rates are calculated on face value using a 360-day year. Bond yields are calculated on price using a 365-day year. A 5% T-bill discount rate doesn't equal a 5% bond yield. TBILLEQ converts to make them comparable.

How do I compare T-bill returns to other investments?

Convert T-bill discount to bond-equivalent yield: =TBILLEQ(settlement, maturity, discount). Then compare to bond yields, CD rates, or other investments. The bond-equivalent yield is always higher than the discount rate.

Financial

TBILLEQ Function in Excel

Returns the bond-equivalent yield for a Treasury bill.

Syntax

=TBILLEQ(settlement, maturity, discount)

Arguments

settlement (required): Settlement date
maturity (required): Maturity date
discount (required): Discount rate

Examples

=TBILLEQ("3/31/2024", "6/1/2024", 0.0914) - Bond-equivalent yield - Result: 0.0942

TBILLEQ modeling tips

Align rate and period units (annual rate ÷ 12 for monthly models).
Use consistent cash-flow signs (outflows negative, inflows positive).
Hub: [Financial functions guide](/guides/excel-financial-functions-guide/).

Common errors

#NUM! if maturity > 1 year from settlement

Use cases

T-bill analysis
Yield comparison
Fixed income

Frequently asked questions

What is TBILLEQ used for? TBILLEQ converts a T-bill discount rate to a bond-equivalent yield, allowing fair comparison with coupon bonds. T-bills use discount rates (360-day year); bonds use yields (365-day year). TBILLEQ bridges this gap.
Why can't I directly compare T-bill rates to bond yields? T-bill discount rates are calculated on face value using a 360-day year. Bond yields are calculated on price using a 365-day year. A 5% T-bill discount rate doesn't equal a 5% bond yield. TBILLEQ converts to make them comparable.
How do I compare T-bill returns to other investments? Convert T-bill discount to bond-equivalent yield: =TBILLEQ(settlement, maturity, discount). Then compare to bond yields, CD rates, or other investments. The bond-equivalent yield is always higher than the discount rate.

Editorial review

Reviewed by Excel.Directory Editorial Team. Updated May 2026.