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TBILLPRICE

  • Article

Returns the price per \$100 face value for a Treasury bill.

Syntax

TBILLPRICE(<settlement>, <maturity>, <discount>)

Parameters

Term Definition
settlement The Treasury bill's settlement date. The security settlement date is the date after the issue date when the Treasury bill is traded to the buyer.
maturity The Treasury bill's maturity date. The maturity date is the date when the Treasury bill expires.
discount The Treasury bill's discount rate.

Return Value

The Treasury Bill's price per \$100 face value.

Remarks

  • Dates are stored as sequential serial numbers so they can be used in calculations. In DAX, December 30, 1899 is day 0, and January 1, 2008 is 39448 because it is 39,448 days after December 30, 1899.

  • TBILLPRICE is calculated as follows:

    $$\text{TBILLPRICE} = 100 \times (1 - \frac{\text{discount} \times \text{DSM}}{360})$$

    where:

    • $\text{DSM}$ = number of days from settlement to maturity, excluding any maturity date that is more than one calendar year after the settlement date.

  • settlement and maturity are truncated to integers.

  • An error is returned if:

    • settlement or maturity is not a valid date.
    • settlement ≥ maturity or maturity is more than one year after settlement.
    • discount ≤ 0.

  • This function is not supported for use in DirectQuery mode when used in calculated columns or row-level security (RLS) rules.

Example

Data Description
3/31/2008 Settlement date
6/1/2008 Maturity date
9.0% Percent discount rate

The following DAX query:

EVALUATE
{
  TBILLPRICE(DATE(2008,3,31), DATE(2008,6,1), 0.09)
}

Returns the Treasury Bill's price per \$100 face value, given the terms specified above.

[Value]
98.45