---
title: "DFSED-SG Bond Bookrunners"
ocid: "ocds-h6vhtk-05f12f"
canonical_url: "https://d3tenders.com/contract/?ocid=ocds-h6vhtk-05f12f"
markdown_url: "https://d3tenders.com/contract/ocds-h6vhtk-05f12f.md"
json_url: "https://d3tenders.com/contract/ocds-h6vhtk-05f12f.json"
source: "Find A Tender Service"
current_stage: "Tender"
buyer: "SCOTTISH GOVERNMENT"
published: "2026-01-28"
---

# DFSED-SG Bond Bookrunners

Buyer: SCOTTISH GOVERNMENT  
Current stage: Tender  
OCID: ocds-h6vhtk-05f12f

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[Download OCDS JSON](https://d3tenders.com/contract/ocds-h6vhtk-05f12f.json)

## Summary

The Scottish Government is conducting a tender process titled "DFSED-SG Bond Bookrunners" to appoint external service providers to help access the sterling public bond market. This is part of a planned GBP 1.5 billion programme associated with the Scottish Government's capital borrowing strategy, influenced by the updated 2023 Fiscal Framework. The procurement falls under the services industry category, specifically banking services, with a focus on financial service provision. The main procurement method is through an open procedure, with a tender stage currently active. The opportunity involves setting up a multi-supplier framework agreement, which is exempt from certain public contracts regulations but adheres to principles of transparency and value for money. Key dates include a submission deadline of 16 February 2026, and the contract period is anticipated to begin in July 2026. The buying organisation is based in Glasgow, Scotland.

This tender presents significant opportunities for businesses in the banking and investment sectors, particularly those experienced in debt issuance and financial market engagement. The planned multi-supplier framework allows for diverse participation, expected to involve up to ten banks, with roles potentially extending beyond the initial bond issuance. Firms involved in investment banking services, particularly those with expertise in managing public sector and government fiscal instruments, would be well-positioned to benefit. The procurement aims to diversify capital funding and enhance fiscal sustainability, which aligns with businesses looking to expand their client base within governmental financial projects. Additionally, the focus on sustainability and fiscal discipline underscores the importance of having robust economic and technical capabilities, making it suitable for firms that can offer competitive cost structures and strategic financial advisory services.

## Notice

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.

### Lot Information

Lot 1

The Scottish Government intends to establish a multi-supplier framework agreement, expected to run for four years and cover multiple debt issuance. The framework will include several banks, each with the opportunity to act as Lead Manager for the inaugural and any future bond issuance. Please note: -This requirement is exempt from the Public Contracts (Scotland) Regulations 2015 under regulation 11(1)(f). -It is also excluded under Section 4 of the Procurement Reform (Scotland) Act 2014. Despite these exemptions, the Scottish Government will adhere to the principles set out in the Scottish Procurement Policy Handbook, ensuring: -Value for Money (VfM) -Transparency, fairness, and accountability -Compliance with internal procurement policies and financial regulations.

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.

## Key Details

| Field | Value |
| --- | --- |
| Publication source | Find A Tender Service |
| Latest notice | https://www.find-tender.service.gov.uk/Notice/007581-2026 |
| Notice type | Planning Notice |
| Procurement type | Framework |
| Procurement category | Services |
| Procurement method | Open |
| Procurement method details | Open procedure |
| Tender suitability | Not specified |
| Awardee scale | Not specified |
| All stages | Planning, Tender |

## Dates

| Field | Value |
| --- | --- |
| Publication date | 28 Jan 2026 |
| Submission deadline | 16 Feb 2026 |
| Future notice date | 28 Jan 2026 |
| Award date | Not specified |
| Contract period | Not specified |
| Recurrence | Not specified |

## Values

| Field | Value |
| --- | --- |
| Tender value | £5,000,000 |
| Lots value | Not specified |
| Awards value | Not specified |
| Contracts value | Not specified |

## Status

| Field | Value |
| --- | --- |
| Tender status | Active |
| Lots status | Active |
| Awards status | Not specified |
| Contracts status | Not specified |

## Buyer

| Field | Value |
| --- | --- |
| Main buyer | SCOTTISH GOVERNMENT |
| Locality | GLASGOW |
| Post town | Glasgow |
| Postcode | G2 8LU |
| Country | Scotland |
| ITL 1 | TLM Scotland |
| ITL 2 | TLM3 West Central Scotland |
| ITL 3 | TLM32 Glasgow City |
| Local authority | Glasgow City |
| Electoral ward | Anderston/City/Yorkhill |
| Westminster constituency | Glasgow North |
| Delivery location | TLM Scotland |

## CPV Codes

### Divisions

- 66 - Financial and insurance services

### Codes

- 66100000 - Banking and investment services
- 66110000 - Banking services
- 66120000 - Investment banking services and related services

## Release History

- 28 Jan 2026 at 12:53 - Tender - Tender Notice - https://www.find-tender.service.gov.uk/Notice/007581-2026
- 8 Dec 2025 at 16:52 - Planning - Planning Notice - https://www.find-tender.service.gov.uk/Notice/080798-2025

## Notice URLs

- http://www.publiccontractsscotland.gov.uk/info/InfoCentre.aspx?ID=2343
- http://www.publiccontractsscotland.gov.uk/info/InfoCentre.aspx?ID=2363
- http://www.scotland.gov.uk
- https://api.publiccontractsscotland.gov.uk/v1/Notice?id=ocds-r6ebe6-0000815799
- https://www.publiccontractsscotland.gov.uk/search/Search_AuthProfile.aspx?ID=AA10482
- https://www.publictendersscotland.publiccontractsscotland.gov.uk

## Provenance

This Markdown file is an alternate public rendering of the D3 Tenders contract record. The canonical page is https://d3tenders.com/contract/?ocid=ocds-h6vhtk-05f12f. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-h6vhtk-05f12f.json.