---
title: "DFSED-SG Bond Legal Counsel"
ocid: "ocds-r6ebe6-0000817584"
canonical_url: "https://d3tenders.com/contract/?ocid=ocds-r6ebe6-0000817584"
markdown_url: "https://d3tenders.com/contract/ocds-r6ebe6-0000817584.md"
json_url: "https://d3tenders.com/contract/ocds-r6ebe6-0000817584.json"
source: "Public Contracts Scotland"
current_stage: "Award"
buyer: "SCOTTISH GOVERNMENT"
published: "2026-06-25"
---

# DFSED-SG Bond Legal Counsel

Buyer: SCOTTISH GOVERNMENT  
Current stage: Award  
OCID: ocds-r6ebe6-0000817584

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## Summary

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.

## Notice

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.

## Key Details

| Field | Value |
| --- | --- |
| Publication source | Public Contracts Scotland |
| Latest notice | https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=JUN558751 |
| 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 | 25 Jun 2026 |
| Submission deadline | 27 Feb 2026 |
| Future notice date | 19 Jan 2026 |
| Award date | 18 Jun 2026 |
| Contract period | Not specified |
| Recurrence | Not specified |

## Values

| Field | Value |
| --- | --- |
| Tender value | £1,800,000 |
| Lots value | Not specified |
| Awards value | Not specified |
| Contracts value | £900,000 |

## Status

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

## Buyer

| Field | Value |
| --- | --- |
| Main buyer | SCOTTISH GOVERNMENT |
| Locality | GLASGOW |
| Post town | Glasgow |
| Postcode | G2 8LU |
| 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 | 1 |
| Supplier names | CLIFFORD CHANCE |

## CPV Codes

### Divisions

- 79 - Business services: law, marketing, consulting, recruitment, printing and security

### Codes

- 79100000 - Legal 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=JUN558751
- 28 Jan 2026 at 00:00 - Tender - OJEU - F2 - Contract Notice - https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=JAN548250
- 8 Dec 2025 at 00:00 - Planning - OJEU - F1 - Prior Information Notice - https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=DEC545192

## 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.

## Notice URLs

- http://
- http://www.scotland.gov.uk
- https://api.publiccontractsscotland.gov.uk/v1/Notice?id=ocds-r6ebe6-0000817584
- 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-r6ebe6-0000817584. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-r6ebe6-0000817584.json.