Bills

Syntax

Bills(Func, InputBasis, Price_Disc, SettlementDate, MaturityDate)

Func is the desired return value: 1 Money Market (simple) Yield

2 Bond Equivalent Yield

3 Price

4 Discount Amount

5 Discount Rate

6 Duration

7 Reserved for future use

8 Value of an .01 (basis point)

9 Simple (365 day) Yield

10 Annualized Yield

InputBasis is the basis of pricing input, either 1 for the price, or 2 for the discount rate

Price_Disc is either the current selling price or the discount rate for the bill, depending on the value of the Input Basis.

SettlementDate is the desired date of valuation of the security.

e.g. October 10, 1995

[Excel] either 10/10/95 or =DATE(95,10,10)

MaturityDate is the date of maturity of the security. Format is the same as for SettlementDate.

Remarks

If the function returns a value of the form "Arg?" where Arg is an argument name, it indicates invalid input. Valid input ranges are:

1  Func  10

InputBasis is 1 or 2

Price_Disc  0

1/1/1900  SettlementDate  MaturityDate 12/31/2076.

All values are calculated based on a par value of 100.

Examples

Bills(2, 1, 99.0889, 10/10/96, 12/31/96), the bond equivalent yield of a bill selling for 99.0889 on 10/10/96 and maturing on 12/31/96. The bond equivalent yield is 4.093%.

Bills(5, 1, 99.0889, 10/10/96, 12/31/96), the discount rate of a bill selling for 99.0889 on 10/10/96 and maturing on 12/31/96. The discount rate is 4%.