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

II.1.1) Title

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: 1 800 000.00  GBP

II.1.6) Information about lots

This contract is divided into lots: No

III.1.1) Suitability to pursue the professional activity, including requirements relating to enrolment on professional or trade registers

List and brief description of conditions:

4A.1 Professional or Trade Registers enrolment

Minimum level(s) of standards required:

4A.1 - Bidders must confirm they are regulated legal practice in the UK.

III.1.2) Economic and financial standing

List and brief description of selection criteria:

4B4. The bidder confirms the name, value and/or range of the financial ratios specified in the relevant Contract Notice are as follows:

4B.5 It is a requirement of this contract that bidders hold, or can commit to obtain prior to the commencement of any subsequently awarded contract, the types and levels of insurance indicated below:

Minimum level(s) of standards required:

4B.4 - Bidders must demonstrate a Current Ratio of no less than 1. Current Ratio will be calculated as follows: Total current assets divided by Total current liabilities.

4B.5 -

-Public Liability 1,000,000 GBP(A sum not less than)

-Professional Indemnity 1,000,000 GBP(A sum not less than)

-Employers Liability (Legal Requirement) 5,000,000 GBP(A sum not less than)

-Cyber Security 5,000,000 GBP(A sum not less than)

III.1.3) Technical and professional ability

List and brief description of selection criteria:

4C.4 - Provide a statement of the relevant supply chain management and/or tracking systems used.

4C.7 - Provide details of the environmental management measures which the bidder will be able to use when performing the contract.

4C.10 - Provide details of the proportion (i.e. percentage) of the contract that you intend to subcontract: Bidders will be required to confirm whether they intend to subcontract and, if so, for what proportion of the contract.

Minimum level(s) of standards required:

4C.4 -

If bidders intend to use a supply chain to deliver the requirements detailed in the

Contract Notice, they should confirm they have (or have access to) the relevant supply chain management and tracking systems to ensure a resilient and sustainable supply chain. This will include confirmation that they have the systems in place to pay subcontractors through the

supply chain promptly and effectively, and provide evidence when requested of:

a) their standard payment terms

b) ≥95% of all supply chain invoices being paid on time (in accordance with the terms of contract) in the last financial year.

If the bidder is unable to confirm (b) they must provide an improvement plan, signed by their Director, which improves the payment performance.

4C.7 -

Production and submission of evidence of steps taken to build awareness of the climate emergency and consideration of how the organisation plans to respond to it. This should include details of planned projects and actions to reduce the bidder’s carbon emissions.

4C.10 -

Bidders will be required to confirm whether they intend to subcontract and, if so, for what proportion of the contract.

III.2.3) Information about staff responsible for the performance of the contract

Obligation to indicate the names and professional qualifications of the staff assigned to performing the contract

IV.1.1) Type of procedure

Open procedure

IV.1.8) Information about Government Procurement Agreement (GPA)

The procurement is covered by the Government Procurement Agreement: Yes

IV.2.1) Previous publication concerning this procedure

Notice number in the OJ S:

2025/S 000-080813

IV.2.2) Time limit for receipt of tenders or requests to participate

Date: 27/02/2026

Local time: 12:00

IV.2.4) Languages in which tenders or requests to participate may be submitted

EN

IV.2.6) Minimum time frame during which the tenderer must maintain the tender

Duration in months: 6 (from the date stated for receipt of tender)

IV.2.7) Conditions for opening of tenders

Date: 27/02/2026

Local time: 12:00

VI.4.1) Review body