Evaluates the yield of a Treasury bill.

settlement—The date on which payment is made to settle a trade. For a more detailed discussion on dates see Chapter 8, Working with Date/Time Data in the PV‑WAVE User’s Guide.

maturity—The date on which the bond comes due, and principal and accrued interest are paid. For a more detailed discussion on dates see Chapter 8, Working with Date/Time Data in the PV‑WAVE User’s Guide.

price—Price per $100 face value of the Treasury bill.

result—The yield for a Treasury bill. If no result can be computed, NaN is returned.

Double—If present and nonzero, double precision is used.

Function TBILL_YIELD computes the yield for a Treasury bill.

It is computed using the following:

In the equation above, DSM represents the number of days in the period starting with the settlement date and ending with the maturity date (any maturity date that is more than one calendar year after the settlement date is excluded).

In this example, TBILL_YIELD computes the yield for a Treasury bill with the settlement date of July 1, 2000, the maturity date of July 1, 2001, and priced at $94.93.

settlement = VAR_TO_DT(2000, 7, 1)

maturity = VAR_TO_DT(2001, 7, 1)

price = 94.93

PRINT, TBILL_YIELD(settlement, maturity, price)

; PV-WAVE prints: 0.0526762