Function TreasuryBillYield(SettlementDate, MaturityDate, Price)


The function TreasuryBillYield returns the yield of a Treasury bill at settlement date. A Treasury bill is a discounted security with less than one year from settlement until maturity, the number of days in one year is fixed at 360 and redemption is fixed at 100.

    SettlementDate,           ! (input) scalar string expression
    MaturityDate,             ! (input) scalar string expression
    Price                     ! (input) numerical expression



The date of settlement of the security. SettlementDate must be given in a date format.


The date of maturity of the security. MaturityDate must also be in date format and must be a date after SettlementDate.


The price the security is worth at this moment. Price must be a positive real number.

Return Value

The function TreasuryBillYield returns the annual rate the Treasury bill’s value increases as a percentage of the price.


  • This function can be used in an objective function or constraint and the input parameter Price can be used as a variable.

  • The function TreasuryBillYield is similar to the Excel function TBILLYIELD.

See also

General equations for discounted securities.