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DFSED-SG Bond Bookrunners

Scottish Government

This public procurement record has 3 releases in its history.

Award

25 Jun 2026 at 01:00

OJEU - F3 - Contract Award Notice
Tender

28 Jan 2026 at 00:00

OJEU - F2 - Contract Notice
Planning

08 Dec 2025 at 00:00

OJEU - F1 - Prior Information Notice
Summary of the contracting process

The Scottish Government, operating from Victoria Quay, Edinburgh, has completed the award stage of a procurement process titled "DFSED-SG Bond Bookrunners". This initiative aims to assist in accessing the sterling public bond market, with a keen focus on enhancing capital funding diversity and fiscal sustainability. The industry category falls under economic affairs and general public services, with the services classified under CPV codes 66120000 and 66100000. In June 2026, a GBP 1.5 billion bond programme was set to get underway, involving a multi-supplier framework agreement. This framework, running for four years, included major financial institutions like Banco Santander, Barclays, and HSBC among others. The procurement method employed was an open procedure, aligning with the principles of transparency, accountability, and value for money, and adhering to internal procurement policies despite certain regulatory exemptions.

This procurement process represents a substantial opportunity for businesses across the financial services sector, particularly those equipped to provide capital market services and bond issuance management. The framework is open to banks and financial institutions that can act as Lead Managers for bond issuances, offering a platform to enhance Scotland's fiscal standing and connect with international investors. Large-scale organisations with expertise in managing public debt issuance will find significant growth potential, as the framework aims to handle capital borrowing responsibly and strategically with a projected value cap of GBP 5 million for call-off contracts. Moreover, this initiative allows businesses to align with government policies on sustainability and fiscal prudence, presenting further strategic advantages in environmental and financial governance.

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Notice Information

Notice Title

DFSED-SG Bond Bookrunners

Notice Description

The Scottish Government has appointed nine external service providers 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. A GBP 1.5 billion programme is expected to commence 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.

Lot Information

Lot 1

The Scottish Government has established a multi-supplier Framework Agreement with a duration of four years to cover multiple debt issuance. The framework will include nine banks, each with the opportunity to act as Lead Manager for any future bond issuance. The top four ranked tenderers will act as Lead Manager on the inaugural bond issuance. While this requirement was exempt from the Public Contracts (Scotland) Regulations 2015 under Regulation 11(1)(f) and excluded from the scope of the Procurement Reform (Scotland) Act 2014 under Section 4, the Scottish Government conducted the procurement in accordance with the principles set out in the Scottish Procurement Policy Handbook. Throughout the procurement process, consideration was given to: - Achieving Value for Money (VfM) - Ensuring transparency, fairness and accountability - Compliance with internal procurement policies and financial regulations The framework value of 5milllion GBP represents the maximum aggregate value of call-off contracts over the duration of the framework / bond programme and is expected to cover multiple bond issuances if required. Fees payable in relation to individual issuances are commercially sensitive and will not be disclosed.

Renewal: The Framework Agreement is anticipated to commence in July 2026 for an initial period of 36 months, with the option to extend for one further 12-month period.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-r6ebe6-0000815799
Publication Source
Public Contracts Scotland
Latest Notice
https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=JUN558755
Current Stage
Award
All Stages
Planning, Tender, Award

Procurement Classification

Notice Type
OJEU - F3 - Contract Award Notice
Procurement Type
Framework
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure
Tender Suitability
Not specified
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66100000 - Banking and investment services

66110000 - Banking services

66120000 - Investment banking services and related services

Notice Value(s)

Tender Value
£5,000,000 £1M-£10M
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
£5,000,000 £1M-£10M

Notice Dates

Publication Date
25 Jun 20262 months ago
Submission Deadline
16 Feb 2026Expired
Future Notice Date
28 Jan 2026Expired
Award Date
18 Jun 20262 months ago
Contract Period
Not specified - Not specified
Recurrence
Not specified

Notice Status

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

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
EDINBURGH
Postcode
EH6 6QQ
Postcode Area
Edinburgh
Country
Scotland
Major Region (ITL 1)
TLM Scotland
Basic Region (ITL 2)
TLM1 East Central Scotland
Small Region (ITL 3)
TLM13 City of Edinburgh
Delivery Location
TLM Scotland
Local Authority
City of Edinburgh
Electoral Ward
Leith
Westminster Constituency
Edinburgh North and Leith

Supplier Information

Number of Suppliers
9
Supplier Names

Banco Santander, S.A., London Branch

Barclays Bank PLC

Citigroup Global Markets Limited

Deutsche Bank AG, London Branch

HSBC Bank plc

Merrill Lynch International

NatWest Markets Plc

RBC Europe Limited

Standard Chartered Bank

Further Information

Notice Documents

  • https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=DEC545191
    DFSED-SG Bonds Bookrunners - The Scottish Government is seeking to appoint external service providers 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. A GBP 1.5 billion programme is expected to commence 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. The Scottish Government intends to host a Supplier Information Day at Scotland House, London, during the last week of January. Further details can be found in the Additional Information section of this Prior Information Notice (PIN).
  • https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=JAN548234
    DFSED-SG Bond Bookrunners - The Scottish Government is seeking to appoint external service providers 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. A GBP 1.5 billion programme is expected to commence 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.
  • https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=JUN558755
    DFSED-SG Bond Bookrunners - The Scottish Government has appointed nine external service providers 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. A GBP 1.5 billion programme is expected to commence 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.

Open Contracting Data Standard (OCDS)

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