Award

LIBOR - SONIA Advice

CABINET OFFICE

This public procurement record has 1 release in its history.

Award

29 Nov 2021 at 13:54

Award Notice
Summary of the contracting process

The recent procurement process titled "LIBOR - SONIA Advice" was conducted by the Cabinet Office, focusing on the legal services industry. This selective tender aimed to provide expert advice regarding the transition from LIBOR to SONIA in project financing agreements. The tender period concluded on 1st July 2021, with the contract period set from 15th July 2021 to 31st December 2021. The total contract value was set at £43,000, with a minimum value of £36,000, based in London, United Kingdom.

This tender presents an opportunity for legal firms with expertise in financial regulations and project finance to grow their business. Companies experienced in providing legal advice related to financial instruments, particularly those familiar with the institutional requirements of transitioning interest rate calculations, would be well-suited to compete for similar contracts. Additionally, as public authorities increasingly look for specialized counsel in the evolving financial landscape, this sector is likely to grow, providing further opportunities for qualified suppliers.

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Notice Information

Notice Title

LIBOR - SONIA Advice

Notice Description

Provision of advice in relation to the requirement for consent to be given across a majority of the contracts in the PFI portfolio, in relation to the transition of the calculation of interest under project financing agreements, from LIBOR to SONIA, as required by the Bank of England. The advice will be provided in relation to the requirement for consent to be given by procuring authorities in general. Support will also be provided in the background on a pilot scheme to establish the principles on which consent should be given.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-d74d5893-3715-4f3b-b73a-2a364b3910fd
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/1bee2fd9-9b6c-4b87-b8bb-8d4e97050ce0
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Framework
Procurement Category
Services
Procurement Method
Selective
Procurement Method Details
Call-off from a framework agreement
Tender Suitability
Not specified
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

79 - Business services: law, marketing, consulting, recruitment, printing and security

CPV Codes

79100000 - Legal services

Notice Value(s)

Tender Value
£43,000 Under £100K
Lots Value
Not specified
Awards Value
£36,000 Under £100K
Contracts Value
Not specified

Notice Dates

Publication Date
29 Nov 20214 years ago
Submission Deadline
1 Jul 2021Expired
Future Notice Date
Not specified
Award Date
30 Jun 20214 years ago
Contract Period
14 Jul 2021 - 31 Dec 2021 1-6 months
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Not Specified
Awards Status
Active
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
CABINET OFFICE
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
LONDON
Postcode
SW1A 2AS
Post Town
South West London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI3 Inner London - West
Small Region (ITL 3)
TLI35 Westminster and City of London
Delivery Location
TLI London
Local Authority
Westminster
Electoral Ward
St James's
Westminster Constituency
Cities of London and Westminster

Supplier Information

Number of Suppliers
1
Supplier Name

HOGAN LOVELLS INTERNATIONAL

Further Information

Open Contracting Data Standard (OCDS)

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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