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DFSED-SG Bond Legal Counsel

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 has completed the procurement process for appointing Clifford Chance LLP as the legal counsel for the "DFSED-SG Bond Legal Counsel" project, aimed at accessing the sterling public bond market. The contract, valued at £900,000, was signed on 18 June 2026. The procurement followed an open procedure and covered services under CPV classification 79100000. Key milestones included initiating the tender in December 2025, with the anticipation of commencing a bond issuance programme by late 2026 or early 2027, contingent on market conditions and legislative outcomes in the Scottish Parliament. The project marks a strategic move to diversify Scotland's capital funding sources and enhance fiscal sustainability across the region.

This legal counsel opportunity presents significant business growth prospects, particularly for large firms capable of delivering specialised legal advisory services related to public bond issuances. Such tenders are ideal for organisations with a robust understanding of financial markets, public sector fiscal policies, and legislative frameworks. The contract not only highlights the capacity to deliver high-quality legal services but also underscores the potential for expansion within governmental financial sectors. Businesses aligning with these requirements will benefit from increased visibility and opportunities for collaboration with governmental authorities like the Scottish Government, enhancing their profile within the economic affairs industry category.

How relevant is this notice?

Notice Information

Notice Title

DFSED-SG Bond Legal Counsel

Notice Description

The Scottish Government has appointed an 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 Legal Adviser will provide SG with support on all relevant legal and regulatory requirements related to a debut public listed bond issue.

Renewal: To be confirmed pre-contract award.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-r6ebe6-0000817584
Publication Source
Public Contracts Scotland
Latest Notice
https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=JUN558751
Current Stage
Award
All Stages
Planning, Tender, Award

Procurement Classification

Notice Type
OJEU - F3 - Contract Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure
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
£1,800,000 £1M-£10M
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
£900,000 £500K-£1M

Notice Dates

Publication Date
25 Jun 20262 months ago
Submission Deadline
27 Feb 2026Expired
Future Notice Date
19 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
1
Supplier Name

Clifford Chance LLP

Further Information

Notice Documents

  • https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=DEC545192
    DFSED-SG Bonds Legal Counsel - 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.
  • https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=JAN548250
    DFSED-SG Bond Legal Counsel - 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.
  • https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=JUN558751
    DFSED-SG Bond Legal Counsel - The Scottish Government has appointed an 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.

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