---
title: "DFSED-Financial Advisor for Scottish Government Bonds"
ocid: "ocds-r6ebe6-0000784958"
canonical_url: "https://d3tenders.com/contract/?ocid=ocds-r6ebe6-0000784958"
markdown_url: "https://d3tenders.com/contract/ocds-r6ebe6-0000784958.md"
json_url: "https://d3tenders.com/contract/ocds-r6ebe6-0000784958.json"
source: "Public Contracts Scotland"
current_stage: "Award"
buyer: "SCOTTISH GOVERNMENT"
published: "2025-04-10"
---

# DFSED-Financial Advisor for Scottish Government Bonds

Buyer: SCOTTISH GOVERNMENT  
Current stage: Award  
OCID: ocds-r6ebe6-0000784958

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## Summary

The Scottish Government has undergone a comprehensive public procurement process to secure a financial advisor for its inaugural Scottish Government Bond issuance. The contract was awarded to Ernst & Young LLP (EY). The procurement, classified under general public services, focused on the provision of independent financial advisory services to assist with determining specific conditions and policy parameters for the bond issuance. Significant dates in this process include the award date of 7 April 2025, with work continuing from that point. The procurement followed an open procedure, and key locations involved were Glasgow and Edinburgh within the UKM region.

This tender presents substantial opportunities for businesses specialising in financial advisory services, particularly those with expertise in government bonds and public financing. Large consultancy firms with experience in bond issuances, market conditions analysis, and economic objectives will find this tender particularly advantageous. The contract includes options for extension, providing potential for long-term engagement and growth. Given the emphasis on quality over price (70% to 30% weighting), firms with a robust track record in delivering high-quality, independent advice are well-suited to compete. The project's assignment to a renowned firm like Ernst & Young underscores the significance and scale of the opportunity.

## Notice

As outlined in the Scottish Government Borrowing Memorandum (link below) the Scottish Government is continuing to work towards an inaugural Scottish Government Bond Issuance. For the next stage of the due diligence process the Scottish Government is seeking a financial advisor to assist in determining the specific conditions, and policy parameters, which will frame a successful Bond issuance. This will focus on, but not be limited to, the following: - Timing considerations for an inaugural issuance given market conditions and related events. - The frequency of issuances to best meet Scottish Government fiscal and economic objectives. - Consideration of formal "Use of Proceeds" such as "Green Bonds". The link to the Scottish Government Borrowing Memorandum is: https://www.gov.scot/publications/scottish-budget-2025-2026-scottish-government-borrowing/

### Lot Information

Lot 1

The Service Provider will provide The Purchaser with independent advice on (1) evaluating the merits of, and (2) undertaking all the preparatory steps required for, the issue of an inaugural credit rating(s) and a public, listed bond. For the avoidance of doubt, the appointment will not include the role of bookrunning of any such bond issue.

Options: Option to extend for a further two 12-month periods at the sole discretion of the Scottish Government.

Renewal: Option to extend for a further two 12-month periods at the sole discretion of the Scottish Government.

## Key Details

| Field | Value |
| --- | --- |
| Publication source | Public Contracts Scotland |
| Latest notice | https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=APR528164 |
| 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 |
| All stages | Planning, Tender, Award |

## Dates

| Field | Value |
| --- | --- |
| Publication date | 10 Apr 2025 |
| Submission deadline | 20 Feb 2025 |
| Future notice date | 13 Jan 2025 |
| Award date | 7 Apr 2025 |
| Contract period | Not specified |
| Recurrence | Not specified |

## Values

| Field | Value |
| --- | --- |
| Tender value | £1,500,000 |
| Lots value | Not specified |
| Awards value | Not specified |
| Contracts value | £494,975 |

## Status

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

## Buyer

| Field | Value |
| --- | --- |
| Main buyer | SCOTTISH GOVERNMENT |
| Locality | GLASGOW |
| Post town | Glasgow |
| Postcode | G2 8EA |
| 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 |

## Supplier

| Field | Value |
| --- | --- |
| Number of suppliers | 1 |
| Supplier names | ERNST & YOUNG LLP (EY |

## CPV Codes

### Divisions

- 66 - Financial and insurance services

### Codes

- 66171000 - Financial consultancy services

## Release History

- 10 Apr 2025 at 00:00 - Award - OJEU - F3 - Contract Award Notice - https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=APR528164
- 22 Jan 2025 at 00:00 - TenderUpdate - OJEU - F14 - Corrigendum - https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=JAN522247
- 22 Jan 2025 at 00:00 - Tender - OJEU - F2 - Contract Notice - https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=JAN522244
- 6 Dec 2024 at 00:00 - Planning - OJEU - F1 - Prior Information Notice - https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=DEC519741

## Documents

- https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=DEC519741
  DFSED-Financial Advisor for Scottish Government Bonds - As outlined in the Scottish Government Borrowing Memorandum (link below) the Scottish Government is continuing to work towards an inaugural Scottish Government Bond Issuance. For the next stage of the due diligence process the Scottish Government is seeking a financial advisor to assist in determining the specific conditions, and policy parameters, which will frame a successful Bond issuance. This will focus on, but not be limited to, the following: - Timing considerations for an inaugural issuance given market conditions and related events. - The frequency of issuances to best meet Scottish Government fiscal and economic objectives. - Consideration of formal "Use of Proceeds" such as "Green Bonds". The link to the Scottish Government Borrowing Memorandum is: https://www.gov.scot/publications/scottish-budget-2025-2026-scottish-government-borrowing/
- https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=JAN522244
  DFSED-Financial Advisor for Scottish Government Bonds - As outlined in the Scottish Government Borrowing Memorandum (link below) the Scottish Government is continuing to work towards an inaugural Scottish Government Bond Issuance. For the next stage of the due diligence process the Scottish Government is seeking a financial advisor to assist in determining the specific conditions, and policy parameters, which will frame a successful Bond issuance. This will focus on, but not be limited to, the following: - Timing considerations for an inaugural issuance given market conditions and related events. - The frequency of issuances to best meet Scottish Government fiscal and economic objectives. - Consideration of formal "Use of Proceeds" such as "Green Bonds". The link to the Scottish Government Borrowing Memorandum is: https://www.gov.scot/publications/scottish-budget-2025-2026-scottish-government-borrowing/
- https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=APR528164
  DFSED-Financial Advisor for Scottish Government Bonds - As outlined in the Scottish Government Borrowing Memorandum (link below) the Scottish Government is continuing to work towards an inaugural Scottish Government Bond Issuance. For the next stage of the due diligence process the Scottish Government is seeking a financial advisor to assist in determining the specific conditions, and policy parameters, which will frame a successful Bond issuance. This will focus on, but not be limited to, the following: - Timing considerations for an inaugural issuance given market conditions and related events. - The frequency of issuances to best meet Scottish Government fiscal and economic objectives. - Consideration of formal "Use of Proceeds" such as "Green Bonds". The link to the Scottish Government Borrowing Memorandum is: https://www.gov.scot/publications/scottish-budget-2025-2026-scottish-government-borrowing/

## Notice URLs

- http://
- http://www.scotland.gov.uk
- https://api.publiccontractsscotland.gov.uk/v1/Notice?id=ocds-r6ebe6-0000784958
- https://www.gov.scot/publications/scottish-budget-2025-2026-scottish-government-borrowing/
- https://www.publictendersscotland.publiccontractsscotland.gov.uk/
- https://www.publictendersscotland.publiccontractsscotland.gov.uk/esop/pts-host/public/pts/web/login.html

## 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-r6ebe6-0000784958. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-r6ebe6-0000784958.json.