# tbillprice

Price Treasury bill

## Syntax

```Price = tbillprice(Rate, Settle, Maturity, Type)
```

## Arguments

 `Rate` Bond-equivalent yield, money-market yield, or discount rate in decimal. `Settle` Settlement date. `Settle` must be earlier than `Maturity`. `Maturity` Maturity date. `Type` (Optional) Rate type. Determines how to interpret values entered in `Rate`. 1 = money market (default). 2 = bond-equivalent. 3 = discount rate.

All arguments must be a scalar or some Treasury bills (`NTBILLS`) by 1 or `1`-by-`NTBILLS` vector.

 Note   The bond-equivalent yield basis is actual/365. The money-market yield basis is actual/360. The discount rate basis is actual/360.

## Description

`Price = tbillprice(Rate, Settle, Maturity, Type)` computes the price of a Treasury bill given a yield or discount rate.

`Price` is an `NTBILLS`-by-`1` vector of T-bill prices for every \$100 face.

## Examples

Example 1. Given a Treasury bill with these characteristics, compute the price of the Treasury bill using the bond-equivalent yield as input.

```Rate = 0.045; Settle = '01-Oct-02'; Maturity = '31-Mar-03'; Type = 2; Price = tbillprice(Rate, Settle, Maturity, Type)```
```Price = 97.8172 ```

Example 2. Use `tbillprice` to price a portfolio of Treasury bills.

```Rate = [0.045; 0.046]; Settle = {'02-Jan-02'; '01-Mar-02'}; Maturity = {'30-June-02'; '30-June-02'}; Type = [2 3]; Price = tbillprice(Rate, Settle, Maturity, Type)```
```Price = 97.8408 98.4539 ```

## References

This function adheres to SIA Fixed Income Securities Formulas for Price, Yield, and Accrued Interest, Volume 1, 3rd edition, pp. 44 - 45 (on Treasury bills), and Money Market and Bond Calculation by Stigum and Robinson.