TBILLEQ Function in Excel: Bond-Equivalent Yield of a T-Bill

TBILLEQ Function in Excel: Bond-Equivalent Yield of a T-Bill 1
⏱ 1 min readUpdated 5 October 2026

FinanceLevel: ExpertAvailable in: Excel 2007+

In this article
  1. Syntax
  2. Examples
  3. Example 1
  4. TBILLEQ in practice
  5. Where you will use it
  6. Worked example
  7. Mistakes people make
  8. Related functions

TBILLEQ converts a T-bill discount rate into a bond-equivalent yield, so you can compare it with coupon bonds and FDs.

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Syntax

=TBILLEQ(settlement, maturity, discount)
Argument What it means
dates Settlement, maturity and other dates as real dates
rates / prices Per 100 of face value where relevant
basis Day-count basis (0 = 30/360, 3 = actual/365)

Examples

Example 1

=ROUND(TBILLEQ(DATE(2026,10,1),DATE(2026,12,31),A2)*100,3)

Result: 6.7. See the worked example table below for more cases.

TBILLEQ in practice

Where you will use it

  • Treasury and bond desks
  • Valuing debentures and money-market instruments
  • Accrual and audit checks

Worked example

DiscountFormulaResult
0.065=ROUND(TBILLEQ(DATE(2026,10,1),DATE(2026,12,31),A2)*100,3)6.7
0.07=ROUND(TBILLEQ(DATE(2026,10,1),DATE(2026,12,31),A3)*100,3)7.225
0.06=ROUND(TBILLEQ(DATE(2026,10,1),DATE(2026,12,31),A4)*100,3)6.177

Results calculated in Excel.

Mistakes people make

MistakeWhat to do instead
Dates as textUse DATE() or real date cells
Wrong basisIndian money-market instruments usually use actual/365 (3)

PRICE · YIELD · DISC

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