Contract award notice
Results of the procurement procedure
Section I: Contracting
entity
I.1) Name and addresses
Scottish Government
Victoria Quay
Edinburgh
EH6 6QQ
UK
Contact person: Michael Brydon
E-mail: michael.brydon@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.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 Bond 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 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.
II.1.6) Information about lots
This contract is divided into lots:
No
II.1.7) Total value of the procurement
Value excluding VAT:
900 000.00
GBP
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.2.5) Award criteria
Quality criterion: Quality
/ Weighting: 75
Price
/ Weighting:
25
II.2.11) Information about options
Options:
No
II.2.13) Information about European Union funds
The procurement is related to a project and/or programme financed by European Union funds:
No
Section IV: Procedure
IV.1) Description
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) Administrative information
IV.2.1) Previous publication concerning this procedure
Notice number in the OJ S:
2026/S 000-007629
Section V: Award of contract
Contract No: 798981
A contract/lot is awarded:
Yes
V.2 Award of contract
V.2.1) Date of conclusion of the contract
18/06/2026
V.2.2) Information about tenders
Number of tenders received: 8
Number of tenders received from SMEs: 0
Number of tenders received from tenderers from EU Member States: 0
Number of tenders received from tenderers from non-EU Member States: 0
Number of tenders received by electronic means: 8
The contract has been awarded to a group of economic operators:
No
V.2.3) Name and address of the contractor
Clifford Chance LLP
10 Upper Bank Street
London
E14 5JJ
UK
NUTS: UK
The contractor is an SME:
No
V.2.4) Information on value of the contract/lot (excluding VAT)
Total value of the contract/lot:
: 900 000.00
GBP
V.2.5) Information about subcontracting
Section VI: Complementary information
VI.3) Additional information
The contractor pays all staff at a rate higher than or equal to the Real Living Wage and will continue to pay that wage rate through the duration of this contract.
(SC Ref:835013)
VI.4) Procedures for review
VI.4.1) Review body
Edinburgh Sheriff Court & Justice of the Peace Court
27 Chambers St
Edinburgh
EH1 1LB
UK
VI.5) Date of dispatch of this notice
25/06/2026