Retrieving "Primary Markets" from the archives

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1. Treasury Bills

   Linked via "primary markets"

   Discount Basis and Yield Calculation
   T-bills are sold at a discount to their face value ($FV$). The investor’s return is the difference between the purchase price ($P$) and the face value received at maturity. This return is conventionally quoted using a bond-equivalent yield ($Y_{BE}$) or, more commonly in primary markets, a discount yield ($\text{Discount Rate}$).
   The discount yield is calculated based on a $360$-day year convention, irrespective of the actual number of days to maturity: