# tbillyield

Yield on Treasury bill

## Syntax

```[MMYield, BEYield, Discount] = tbillyield(Price, Settle, Maturity)
```

## Arguments

 `Price` Price of Treasury bills for every \$100 face value. `Settle` Settlement date. `Settle` must be earlier than `Maturity`. `Maturity` Maturity date.

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

## Description

```[MMYield, BEYield, Discount] = tbillyield(Price, Settle, Maturity)``` computes the yield of U.S. Treasury bills given `Price`, `Settle`, and `Maturity`. `MMYield` is the money-market yields of the Treasury bills. `BEYield` is the bond equivalent yields of the Treasury bills. `Discount` is the discount rates of the Treasury bills.

All outputs are `NTBILLS`-by-`1` vectors.

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

## Examples

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### Compute the Yield of U.S. Treasury Bills

This example shows how to compute the yield of U.S. Treasury bills, given a Treasury bill with the following characteristics.

```Price = 98.75; Settle = '01-Oct-02'; Maturity = '31-Mar-03'; [MMYield, BEYield, Discount] = tbillyield(Price, Settle,... Maturity) ```
```MMYield = 0.0252 BEYield = 0.0255 Discount = 0.0249 ```

## 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.