Difference between revisions of "Documentation/How Tos/Calc: TBILLPRICE function"
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Revision as of 09:49, 24 November 2009
TBILLPRICE
Returns the issue price for a US Treasury bill, per $100 par value, given a discount rate.
Syntax:
TBILLPRICE(settlementdate; maturitydate; discountrate)
- 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.
- The Treasury bill here has a 360 day year basis.
- The formula for TBILLPRICE is :
- 100 * ( 1 - (discountrate * number_of_days_in_the_term / 360) )
- 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:
TBILLPRICE("2008-07-14"; "2009-01-14"; 4%)
- returns approximately 97.99.
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.
