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DFSED-SG Bond Legal Counsel

Scottish Government

This public procurement record has 2 releases in its history.

Tender

28 Jan 2026 at 14:01

Tender Notice
Planning

08 Dec 2025 at 17:13

Planning Notice
Summary of the contracting process

The Scottish Government has successfully completed the procurement process for appointing a legal adviser, Clifford Chance LLP, to support its entry into the sterling public bond market. This contract, valued at £900,000, focuses on providing legal services essential for a debut public bond issuance. The procurement process was concluded with an active contract awarded as of 18th June 2026. The initiative is part of a broader £1.5 billion bond programme aimed at diversifying funding sources and enhancing fiscal sustainability. This procurement falls under the services category and pertains to legal services. The contract involves the buyer's headquarters located at Victoria Quay, Edinburgh, serving the UKM region. The procurement method utilised was an open procedure, signifying transparency and broad opportunity for competition.

This tender provides significant opportunities for businesses, particularly large legal firms with expertise in financial and legal consultancy related to public bond issuance. Companies can leverage this opportunity to establish or strengthen their presence in the public sector consulting space. As Scotland aims to bolster its fiscal profile and diversify its capital funding sources, there is potential for long-term partnership and further consultancy opportunities for businesses capable of navigating the complexities of public market regulations. This opportunity is ideally suited for enterprises with proven experience in managing large-scale financial transactions and adherence to stringent regulatory and legal requirements. The successful legal advisor will play a crucial role in shaping Scotland's fiscal strategies, presenting ample opportunities for growth and influence in the financial sector.

How relevant is this notice?

Notice Information

Notice Title

DFSED-SG Bond Legal Counsel

Notice Description

The Scottish Government is seeking to appoint a legal adviser to assist in accessing the sterling public bond market. From 2016, the Scottish Government's annual limit for Capital Borrowing has been GBP 450 million, with a cumulative limit of GBP 3 billion. The 2023 Fiscal Framework review increased these limits in line with inflation, and the Scottish Government has been reviewing its capital borrowing policy options under these new limits. On 4 December 2024, the Scottish Government published a memorandum detailing the outcome of the initial due diligence and its updated capital borrowing policy in the context of the revised Fiscal Framework limits. The key objectives for the issuance of bonds includes diversifying capital funding sources, enhancing fiscal sustainability, raising Scotland's profile among financial investors, and developing institutional fiscal discipline. On 12th November 2025 Moody's Investors Service and Standard & Poor's assigned inaugural credit ratings for the Scottish Government of Aa3/AA respectively, both with a stable outlook. The strength and diversity of Scotland's economy, its strong institutional framework, as well as the Scottish Government's prudent financial management and low levels of debt are factors highlighted in the agencies' reports. Following the inaugural rating assignments, the Scottish Government announced its intention to pursue a GBP 1.5 billion bond programme over the next parliament, with a debut benchmark bond issuance currently anticipated for late 2026 or early 2027, subject to the outcome of the Scottish Parliament election, in-year borrowing requirements and market conditions. To facilitate this, the Scottish Government intends to appoint a legal adviser to advise the Purchaser on this proposed issuance.

Lot Information

Lot 1

The Legal Adviser will provide SG with support on all relevant legal and regulatory requirements related to a debut public listed bond issue. The maximum value will depend on the issuance structure selected. If The Purchaser proceeds with a standalone transaction, the estimate value is 200,000 GBP - 300,000 GBP excluding VAT (including the optional extension period). If The Purchaser proceeds with a Medium-Term Note programme, the estimated value is 1,300,000 GBP - 1,800,000 GBP excluding VAT (including the optional extension period). The maximum contract value will be confirmed prior to award. Additional information: Start date and duration will be confirmed before award and align with the chosen issuance structure; expected June/July 2026. If standalone: June/July 2026 start, 2-year term to June 2028 or completion, plus 12-month extension. If MTN: June/July 2026 start, 3-year term with two 12-month extensions.

Renewal: To be confirmed pre-contract award.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-05f137
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/007629-2026
Current Stage
Tender
All Stages
Planning, Tender

Procurement Classification

Notice Type
Planning Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure
Tender Suitability
Not specified
Awardee Scale
Not specified

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
£1,800,000 £1M-£10M
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
28 Jan 20267 months ago
Submission Deadline
27 Feb 2026Expired
Future Notice Date
19 Jan 2026Expired
Award Date
Not specified
Contract Period
Not specified - Not specified
Recurrence
Not specified

Notice Status

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

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
Scottish Government
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
GLASGOW
Postcode
G2 8LU
Postcode Area
Glasgow
Country
Scotland
Major Region (ITL 1)
TLM Scotland
Basic Region (ITL 2)
TLM3 West Central Scotland
Small Region (ITL 3)
TLM32 Glasgow City
Delivery Location
TLM Scotland
Local Authority
Glasgow City
Electoral Ward
Anderston/City/Yorkhill
Westminster Constituency
Glasgow North

Further Information

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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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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