# tbilldisc2yield

Convert Treasury bill discount to equivalent yield

## Syntax

``[BEYield,MMYield] = tbilldisc2yield(Discount,Settle,Maturity)``

## Description

example

````[BEYield,MMYield] = tbilldisc2yield(Discount,Settle,Maturity)` converts the discount rate on Treasury bills into their respective money-market or bond-equivalent yields.```

## Examples

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This example shows how to convert the discount rate on Treasury bills into their respective money-market or bond-equivalent yields, given a Treasury bill with the following characteristics.

```Discount = 0.0497; Settle = '01-Oct-02'; Maturity = '31-Mar-03'; [BEYield MMYield] = tbilldisc2yield(Discount, Settle, Maturity)```
```BEYield = 0.0517 ```
```MMYield = 0.0510 ```

This example shows how to use `datetime` inputs to convert the discount rate on Treasury bills into their respective money-market or bond-equivalent yields, given a Treasury bill with the following characteristics.

```Discount = 0.0497; Settle = datetime(2002,10,1); Maturity = datetime(2003,3,31); [BEYield MMYield] = tbilldisc2yield(Discount, Settle, Maturity)```
```BEYield = 0.0517 ```
```MMYield = 0.0510 ```

## Input Arguments

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Discount rate of the Treasury bills, specified as a scalar of a `NTBILLS`-by-`1` vector of decimal values. The discount rate basis is actual/360.

Data Types: `double`

Settlement date of the Treasury bill, specified as a scalar or a `NTBILLS`-by-`1` vector using a datetime array, string array, or date character vectors. `Settle` must be earlier than `Maturity`.

To support existing code, `tbilldisc2yield` also accepts serial date numbers as inputs, but they are not recommended.

Data Types: `char` | `string` | `datetime`

Maturity date of the Treasury bill, specified as a scalar or a `NTBILLS`-by-`1` vector using a datetime array, string array, or date character vectors.

To support existing code, `tbilldisc2yield` also accepts serial date numbers as inputs, but they are not recommended.

Data Types: `char` | `string` | `datetime`

## Output Arguments

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Bond equivalent yields of the Treasury bills, returned as a `NTBILLS`-by-`1` vector. The bond-equivalent yield basis is actual/365.

Money-market yields of the Treasury bills, returned as a `NTBILLS`-by-`1` vector. The money-market yield basis is actual/360.

 SIA Fixed Income Securities Formulas for Price, Yield, and Accrued Interest. Volume 1, 3rd edition, pp. 44–45.

 Krgin, D. Handbook of Global Fixed Income Calculations. Wiley, 2002.

 Stigum, M., Robinson, F. Money Market and Bond Calculation. McGraw-Hill, 1996.