T-Bill Discount Yield Calculator Excel Template
T-Bill Discount Yield Calculator Excel Template
Interactive Excel Financial Model
Download, customize, and integrate into your own analysis
What's Included
- Interactive financial model with live Excel formulas
- All formulas visible and fully editable
- Professional formatting with color-coded inputs & outputs
- Formula reference sheet with variable definitions
- Step-by-step instructions sheet
- Compatible with Microsoft Excel 2016 and later
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Price range: $0.00 through $20.00
Convert T-bill quotes to bank discount yield, bond equivalent yield, money market yield, and effective annual yield with live Excel formulas.
Online Calculator vs Excel Template
| Feature | Online | Excel |
|---|---|---|
| Instant use — no download | ✓ | — |
| Works offline | — | ✓ |
| Customize formulas & layout | — | ✓ |
| Save & share with colleagues | — | ✓ |
| Integrate into your own models | — | ✓ |
| Print-ready formatting | — | ✓ |
About This Template
Calculate and convert T-bill yields instantly with this professional Excel template. Whether you are comparing Treasury bill quotes, analyzing short-term fixed income investments, or studying for the CFA exam, this template gives you all five standard yield measures in one place: bank discount yield, bond equivalent yield, money market yield, holding period return, and effective annual yield.
What You Can Calculate
Enter your T-bill face value, purchase price, and days to maturity to instantly see:
- Dollar Discount - Your profit at maturity in dollar terms
- Bank Discount Yield - The dealer quoting convention used in T-bill markets
- Bond Equivalent Yield - Coupon-equivalent yield for comparing to bonds
- Money Market Yield - CD-equivalent yield for money market comparisons
- Holding Period Return - Your actual return over the investment period
- Effective Annual Yield - True compound annual return
Required Inputs
You need three values from your T-bill quote or auction results:
- Face Value - The par value at maturity (typically $10,000 or $100)
- Purchase Price - The discounted price you pay today
- Days to Maturity - Calendar days until maturity (1-364 days)
Methodology
This template uses official Treasury yield conventions. Bank discount yield follows the Actual/360 day count standard. For bond equivalent yield, the template automatically switches between the simple investment rate formula (for maturities of 182 days or less) and the Treasury quadratic semiannual formula (for maturities over 182 days) per 31 CFR 356 Appendix B.
Assumptions
- Uses 365-day year approximation (Treasury may use 366 in leap years)
- No transaction costs, taxes, or bid-ask spreads included
- Effective annual yield assumes hypothetical reinvestment at the same rate
Frequently Asked Questions
Yes. The template automatically detects the maturity length and applies the correct Bond Equivalent Yield formula: the simple investment rate for bills of 182 days or less, and the official Treasury quadratic formula (31 CFR 356 Appendix B) for bills over 182 days.
Absolutely. Copy the Calculator sheet (right-click the tab and select Move or Copy) to create additional sheets for different T-bills. Each sheet calculates independently, making it easy to compare yields across maturities or prices.
The formulas match official Treasury conventions: bank discount yield uses Actual/360, bond equivalent yield uses Actual/365, and the >182-day BEY uses the Treasury published quadratic formula. Results should match TreasuryDirect quotes within rounding.
A fully interactive financial model with live Excel formulas, an Instructions sheet with usage guide, and a Formula Reference sheet with variable definitions and model assumptions. All formulas are visible and editable.
Microsoft Excel 2016 or later. The template uses standard Excel formulas only — no macros, VBA, or add-ins required.
Yes. All cells are fully editable. You can modify any formula, add your own calculations, change formatting, or integrate the model into your existing spreadsheets.
The online calculator runs in your browser for quick calculations. This Excel template gives you a portable, offline financial model you can customize, save, share with colleagues, and integrate into your own analysis.
This template is provided for educational and personal use. You may use it in your own professional analysis and presentations. Redistribution or resale of the template itself is not permitted.
You can re-download the latest version from your account or by requesting a new download link. Free downloads are limited to 5 per email address per month.
