---
title: "DFSED-SG Bond Bookrunners"
ocid: "ocds-r6ebe6-0000815799"
canonical_url: "https://d3tenders.com/contract/?ocid=ocds-r6ebe6-0000815799"
markdown_url: "https://d3tenders.com/contract/ocds-r6ebe6-0000815799.md"
json_url: "https://d3tenders.com/contract/ocds-r6ebe6-0000815799.json"
source: "Public Contracts Scotland"
current_stage: "Award"
buyer: "SCOTTISH GOVERNMENT"
published: "2026-06-25"
---

# DFSED-SG Bond Bookrunners

Buyer: SCOTTISH GOVERNMENT  
Current stage: Award  
OCID: ocds-r6ebe6-0000815799

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## Summary

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.

## Notice

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.

## Key Details

| Field | Value |
| --- | --- |
| Publication source | Public Contracts Scotland |
| Latest notice | https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=JUN558755 |
| 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 |
| All stages | Planning, Tender, Award |

## Dates

| Field | Value |
| --- | --- |
| Publication date | 25 Jun 2026 |
| Submission deadline | 16 Feb 2026 |
| Future notice date | 28 Jan 2026 |
| Award date | 18 Jun 2026 |
| 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 | £5,000,000 |

## Status

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

## Buyer

| Field | Value |
| --- | --- |
| Main buyer | SCOTTISH GOVERNMENT |
| Locality | EDINBURGH |
| Post town | Edinburgh |
| Postcode | EH6 6QQ |
| Country | Scotland |
| ITL 1 | TLM Scotland |
| ITL 2 | TLM1 East Central Scotland |
| ITL 3 | TLM13 City of Edinburgh |
| Local authority | City of Edinburgh |
| Electoral ward | Leith |
| Westminster constituency | Edinburgh North and Leith |
| Delivery location | TLM Scotland |

## Supplier

| Field | Value |
| --- | --- |
| Number of suppliers | 9 |
| Supplier names | BANCO SANTANDER, S.A., LONDON BRANCH; BARCLAYS BANK; CITIGROUP GLOBAL MARKETS; DEUTSCHE BANK AG, LONDON BRANCH; HSBC BANK; MERRILL LYNCH INTERNATIONAL; NATWEST MARKETS; RBC EUROPE; STANDARD CHARTERED BANK |

## 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

- 25 Jun 2026 at 00:00 - Award - OJEU - F3 - Contract Award Notice - https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=JUN558755
- 28 Jan 2026 at 00:00 - Tender - OJEU - F2 - Contract Notice - https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=JAN548234
- 8 Dec 2025 at 00:00 - Planning - OJEU - F1 - Prior Information Notice - https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=DEC545191

## 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.

## Notice URLs

- http://
- http://www.scotland.gov.uk
- https://api.publiccontractsscotland.gov.uk/v1/Notice?id=ocds-r6ebe6-0000815799
- https://www.publictendersscotland.publiccontractsscotland.gov.uk
- 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-r6ebe6-0000815799. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-r6ebe6-0000815799.json.