Difference between revisions of "Documentation/How Tos/Calc: TBILLEQ function"
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:: where <tt>'''number_of_days_in_the_term'''</tt> are the actual number of days between <tt>'''settlementdate'''</tt> and <tt>'''maturitydate'''</tt>. | :: where <tt>'''number_of_days_in_the_term'''</tt> are the actual number of days between <tt>'''settlementdate'''</tt> and <tt>'''maturitydate'''</tt>. | ||
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| + | : An error results if the term given is not less than one year. | ||
=== Example: === | === Example: === | ||
<tt>'''TBILLEQ("2008-07-14"; "2009-01-14"; 4%)'''</tt> | <tt>'''TBILLEQ("2008-07-14"; "2009-01-14"; 4%)'''</tt> | ||
: returns approximately <tt>'''0.0414'''</tt>, or <tt>'''4.14%'''</tt>. | : returns approximately <tt>'''0.0414'''</tt>, or <tt>'''4.14%'''</tt>. | ||
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=== Issues: === | === Issues: === | ||
* This function may assist with US Treasury bills if used carefully. The underlying formula may not apply to Treasury bills issued by other governments. | * This function may assist with US Treasury bills if used carefully. The underlying formula may not apply to Treasury bills issued by other governments. | ||
| + | |||
| + | {{SeeAlso|EN| | ||
| + | * [[Documentation/How_Tos/Calc: TBILLPRICE function|TBILLPRICE]] | ||
| + | * [[Documentation/How_Tos/Calc: TBILLYIELD function|TBILLYIELD]] | ||
| + | |||
| + | * [[Documentation/How_Tos/Calc: Date & Time functions#Financial date systems|Financial date systems]] | ||
| + | |||
| + | * [[Documentation/How_Tos/Calc: Financial functions|Financial functions]] | ||
| + | |||
| + | * [[Documentation/How_Tos/Calc: Functions listed alphabetically|Functions listed alphabetically]] | ||
| + | * [[Documentation/How_Tos/Calc: Functions listed by category|Functions listed by category]]}} | ||
| + | [[Category: Documentation/Reference/Calc/Financial functions]] | ||
Latest revision as of 09:37, 17 July 2018
TBILLEQ
Returns the bond-equivalent-yield (BEY) for a US Treasury bill.
Syntax:
TBILLEQ(settlementdate; maturitydate; discount)
- settlementdate: the settlement (purchase) date of the Treasury bill.
- maturitydate: the maturity (redemption) date of the Treasury bill.
- discountrate: the discount rate of the Treasury bill.
- A Treasury bill is a short term (up to a year) Government security, sold at a discount to its par value (face value). It pays no interest and is redeemed at par value.
- This function calculates the yield that a bond would need, in order to provide growth equivalent to the Treasury bill. The bond considered assumes 365 days in the year, and pays interest only at the end of the term (ie interest is not compounded).
- The Treasury bill has a 360 day year basis.
- The formula for TBILLEQ is :
- 365 * discountrate / (360 - discountrate * number_of_days_in_the_term)
- where number_of_days_in_the_term are the actual number of days between settlementdate and maturitydate.
- An error results if the term given is not less than one year.
Example:
TBILLEQ("2008-07-14"; "2009-01-14"; 4%)
- returns approximately 0.0414, or 4.14%.
Issues:
- This function may assist with US Treasury bills if used carefully. The underlying formula may not apply to Treasury bills issued by other governments.
See Also
