> For the complete documentation index, see [llms.txt](https://bluegamma.io/documentation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://bluegamma.io/documentation/integrations/excel-add-in/how-to-guides/how-to-pull-bond-yields-in-excel.md).

# How to Pull Bond Yields in Excel

Government bond yields are essential for financial modelling — whether you're building discount rates for a DCF, benchmarking credit spreads, or setting hurdle rates for project finance. BlueGamma's Excel Add-in lets you pull live treasury yields directly into your model.

### Common Use Cases

* **Discount rates** — Use treasury yields as the risk-free component in WACC calculations
* **DCF models** — Pull yields for specific maturities matching your cashflow dates
* **Credit spread analysis** — Compare corporate yields to government benchmarks
* **Project finance** — Set base rates for long-dated infrastructure models

### Before You Start

To follow this guide, make sure you have:

* Installed the BlueGamma Excel Add-in
* Signed in through the BlueGamma tab in Excel
* An active BlueGamma trial or subscription

If you haven't set this up yet, see:

{% content-ref url="/pages/cIh9SrulGOViAKc9OE27" %}
[Installation & Setup](/documentation/integrations/excel-add-in/installation-and-setup.md)
{% endcontent-ref %}

***

### 1. The GOV\_YIELD Function

Use the BlueGamma function to fetch government bond yields:

```
=BlueGamma.GOV_YIELD(country_code, maturity, [forward_start], [valuation_date])
```

| Parameter        | Type                | Description                                              |
| ---------------- | ------------------- | -------------------------------------------------------- |
| `country_code`   | string              | ISO 2-letter country code (e.g., `US`, `DE`, `GB`)       |
| `maturity`       | string              | Maturity as a tenor (e.g., `10Y`) or date (`2035-12-15`) |
| `forward_start`  | string *(optional)* | Forward start tenor or date. Defaults to spot.           |
| `valuation_date` | string *(optional)* | Historical valuation date. Defaults to live.             |

**Returns:** Zero-coupon yield as a decimal (e.g., `0.0419` for 4.19%)

***

### 2. Pull a Single Yield

To get the current 10-year US Treasury yield:

```
=BlueGamma.GOV_YIELD("US", "10Y")
```

To get the 5-year German Bund yield:

```
=BlueGamma.GOV_YIELD("DE", "5Y")
```

**Tip:** Multiply by 100 to display as a percentage:

```
=BlueGamma.GOV_YIELD("US", "10Y") * 100
```

***

### 3. Build a Full Yield Curve

Set up your spreadsheet to pull yields across multiple maturities:

| Cell | Content      |
| ---- | ------------ |
| A1   | Country Code |
| B1   | US           |

| Row | A (Tenor) | B (Yield Formula)                 |
| --- | --------- | --------------------------------- |
| 3   | 1Y        | `=BlueGamma.GOV_YIELD($B$1, A3)`  |
| 4   | 2Y        | `=BlueGamma.GOV_YIELD($B$1, A4)`  |
| 5   | 3Y        | `=BlueGamma.GOV_YIELD($B$1, A5)`  |
| 6   | 5Y        | `=BlueGamma.GOV_YIELD($B$1, A6)`  |
| 7   | 7Y        | `=BlueGamma.GOV_YIELD($B$1, A7)`  |
| 8   | 10Y       | `=BlueGamma.GOV_YIELD($B$1, A8)`  |
| 9   | 20Y       | `=BlueGamma.GOV_YIELD($B$1, A9)`  |
| 10  | 30Y       | `=BlueGamma.GOV_YIELD($B$1, A10)` |

This gives you a complete yield curve you can chart or use in calculations.

{% hint style="success" %}
**Need live treasury yields in your model?** Book a demo and we'll get you set up on a trial. [Book a demo →](https://app.lemcal.com/@alivohra/website-demo?back=1)
{% endhint %}

***

### 4. Use Specific Maturity Dates

For DCF models, you often need yields for exact dates rather than standard tenors. The `maturity` parameter accepts dates:

```
=BlueGamma.GOV_YIELD("US", "2030-06-15")
```

This returns the interpolated yield for a bond maturing on that specific date — perfect for matching your cashflow schedule.

***

### 5. Build Discount Rates for a DCF

Here's a practical example: building discount rates for a 5-year DCF model.

**Setup:**

| Cell | Parameter     | Value |
| ---- | ------------- | ----- |
| B1   | Country       | US    |
| B2   | Credit Spread | 1.50% |

**Cashflow Schedule (Row 5 = headers, Row 6+ = data):**

| Column | Header          | Formula (Row 6)                  |
| ------ | --------------- | -------------------------------- |
| A      | Year            | 1, 2, 3, 4, 5                    |
| B      | Cashflow Date   | Your cashflow dates              |
| C      | Risk-Free Rate  | `=BlueGamma.GOV_YIELD($B$1, B6)` |
| D      | Discount Rate   | `=C6 + $B$2`                     |
| E      | Discount Factor | `=1 / (1 + D6) ^ A6`             |
| F      | Cashflow        | Your projected cashflows         |
| G      | Present Value   | `=F6 * E6`                       |

The risk-free rate pulls directly from the treasury curve, and you add your credit spread to get the full discount rate.

***

### 6. Historical Yields

For backtesting or historical analysis, add a valuation date:

```
=BlueGamma.GOV_YIELD("US", "10Y", , "2024-06-30")
```

Note the empty parameter for `forward_start` — use a comma to skip it when you only need the valuation date.

***

### 7. Forward-Starting Yields

Need the yield for a bond starting in the future? Use `forward_start`:

```
=BlueGamma.GOV_YIELD("US", "10Y", "1Y")
```

This returns the 10-year yield, 1 year forward — useful for forward-looking project finance models.

***

### Available Countries

| Country Code | Description                       | Currency |
| ------------ | --------------------------------- | -------- |
| `US`         | US Treasury yields                | USD      |
| `UK`         | UK Gilt yields                    | GBP      |
| `DE`         | German Bund yields                | EUR      |
| `FR`         | French OAT yields                 | EUR      |
| `IT`         | Italian BTP yields                | EUR      |
| `ES`         | Spanish Bonos yields              | EUR      |
| `JP`         | Japanese Government Bond yields   | JPY      |
| `CA`         | Canadian Government Bond yields   | CAD      |
| `AU`         | Australian Government Bond yields | AUD      |

***

### Formula Reference

| Use Case           | Formula                                                 |
| ------------------ | ------------------------------------------------------- |
| Spot yield (tenor) | `=BlueGamma.GOV_YIELD("US", "10Y")`                     |
| Spot yield (date)  | `=BlueGamma.GOV_YIELD("US", "2030-06-15")`              |
| Forward yield      | `=BlueGamma.GOV_YIELD("US", "10Y", "1Y")`               |
| Historical yield   | `=BlueGamma.GOV_YIELD("US", "10Y", , "2024-06-30")`     |
| Full parameters    | `=BlueGamma.GOV_YIELD("US", "10Y", "1Y", "2024-06-30")` |

***

### Troubleshooting

| Issue                   | Solution                                                       |
| ----------------------- | -------------------------------------------------------------- |
| #VALUE! error           | Check country code is valid (e.g., "US" not "USA")             |
| Yield seems wrong       | Verify you're using the correct country code for your currency |
| Historical data missing | Check the valuation date is a valid business day               |

***

### Key Conventions

Government bond yields in BlueGamma use the following conventions:

* **Compounding:** Semi-annual
* **Day Count:** Actual/Actual
* **Output:** Zero-coupon yields

For more details on methodology, see [Government Bond Curves](/documentation/methodology/government-bond-curves.md)

***

**Ready to pull live treasury yields into your model?**

[Create a free BlueGamma trial](https://auth.bluegamma.io/sign-up) and start using the Excel Add-in today.


---

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