Syntax. TBILLEQ(Settlement,Maturity,Discount)

Definition. This function calculates the equivalent annual interest rate in arrears based on 365 days for a given anticipative annual interest rate based on 360 days. The latter is usually formulated as the discount rate of the par value (disagio). It is used for U.S. treasury bills.


  • Settlement (required) The date when the ownership of the security changes

  • Maturity (required) The date of the repayment of the certified par value

  • Discount (required) The percent disagio of the par value

There are the following requirements:

  • Settlement and Maturity require a date specification without a time; decimal places are truncated. Invalid date specifications return the #VALUE! error.

  • If the start date ...

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