Prior information notice
This notice is for prior information only
Section I: Contracting
authority
I.1) Name and addresses
Scottish Government
5 Atlantic Quay, 150 Broomielaw
Glasgow
G2 8LU
UK
Contact person: Caitlin Fullarton
Telephone: +44 412425466
E-mail: caitlin.fullarton@gov.scot
NUTS: UKM
Internet address(es)
Main address: http://www.scotland.gov.uk
Address of the buyer profile: https://www.publiccontractsscotland.gov.uk/search/Search_AuthProfile.aspx?ID=AA10482
I.2) Joint procurement
The contract is awarded by a central purchasing body
I.3) Communication
Additional information can be obtained from the abovementioned address
I.4) Type of the contracting authority
Ministry or any other national or federal authority, including their regional or local subdivisions
I.5) Main activity
General public services
Section II: Object
II.1) Scope of the procurement
II.1.1) Title
DFSED-SG Bonds Legal Counsel
Reference number: 798981
II.1.2) Main CPV code
79100000
II.1.3) Type of contract
Services
II.1.4) Short description
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.
II.1.5) Estimated total value
Value excluding VAT:
800 000.00
GBP
II.1.6) Information about lots
This contract is divided into lots:
No
II.2) Description
II.2.3) Place of performance
NUTS code:
UKM
II.2.4) Description of the procurement
The Legal Adviser will provide SG with support on all relevant legal and regulatory requirements related to a debut public listed bond issue.
II.3) Estimated date of publication of contract notice:
19/01/2026
Section IV: Procedure
IV.1) Description
IV.1.8) Information about Government Procurement Agreement (GPA)
The procurement is covered by the Government Procurement Agreement:
Yes
Section VI: Complementary information
VI.3) Additional information
Please note that this PIN will not be monitored after 12 December. Any questions submitted will be addressed either before 12 December or in January 2026.
NOTE: To register your interest in this notice and obtain any additional information please visit the Public Contracts Scotland Web Site at https://www.publiccontractsscotland.gov.uk/Search/Search_Switch.aspx?ID=817584.
(SC Ref:817584)
VI.5) Date of dispatch of this notice
08/12/2025