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
Economic and financial affairs
Section II: Object
II.1) Scope of the procurement
II.1.1) Title
DFSED-SG Bond Bookrunners
Reference number: 798980
II.1.2) Main CPV code
66110000
II.1.3) Type of contract
Services
II.1.4) Short description
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.
II.1.6) Information about lots
This contract is divided into lots:
No
II.1.7) Total value of the procurement
Value excluding VAT:
5 000 000.00
GBP
II.2) Description
II.2.2) Additional CPV code(s)
66120000
66100000
II.2.3) Place of performance
NUTS code:
UKM
II.2.4) Description of the procurement
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.
II.2.5) Award criteria
Quality criterion: Quality
/ Weighting: 80
Price
/ Weighting:
20
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.1.3) Information about a framework agreement or a dynamic purchasing system
The procurement involves the establishment of a framework agreement
IV.1.8) Information about Government Procurement Agreement (GPA)
The procurement is covered by the Government Procurement Agreement:
No
IV.2) Administrative information
IV.2.1) Previous publication concerning this procedure
Notice number in the OJ S:
2026/S 000-007581
Section V: Award of contract
Contract No: 798980
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: 14
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: 14
The contract has been awarded to a group of economic operators:
Yes
V.2.3) Name and address of the contractor
Banco Santander, S.A., London Branch
2 Triton Square
London
NW1 3AN
UK
NUTS: UKI31
The contractor is an SME:
No
V.2.3) Name and address of the contractor
Barclays Bank PLC
Floor 5, 120 Bothwell Street
Glasgow
G2 7JT
UK
NUTS: UKM82
The contractor is an SME:
No
V.2.3) Name and address of the contractor
Citigroup Global Markets Limited
Citigroup Centre, 33 Canada Square, Canary Wharf
London
E14 5LB
UK
NUTS: UKI4
The contractor is an SME:
No
V.2.3) Name and address of the contractor
Deutsche Bank AG, London Branch
21 Moorfields
LONDON
EC2Y 9DB
UK
NUTS: UK
The contractor is an SME:
No
V.2.3) Name and address of the contractor
HSBC Bank plc
HSBC Bank plc, 1st Floor, 141 Bothwell Street,
Glasgow
G2 7EQ
UK
NUTS: UK
The contractor is an SME:
No
V.2.3) Name and address of the contractor
Merrill Lynch International
2 King Edward St
London
EC1A 1HQ
UK
NUTS: UK
The contractor is an SME:
No
V.2.3) Name and address of the contractor
NatWest Markets Plc
6 - 8 George Street
Edinburgh
EH2 2PF
UK
NUTS: UKM75
The contractor is an SME:
No
V.2.3) Name and address of the contractor
RBC Europe Limited
100 Bishopsgate
London
EC2M 1GT
UK
NUTS: UK
The contractor is an SME:
No
V.2.3) Name and address of the contractor
Standard Chartered Bank
1 Basinghall Avenue
London
EC2V 5DD
UK
NUTS: UKI31
The contractor is an SME:
No
V.2.4) Information on value of the contract/lot (excluding VAT)
Total value of the contract/lot:
: 5 000 000.00
GBP
V.2.5) Information about subcontracting
Section VI: Complementary information
VI.3) Additional information
All suppliers on this framework are committed to offering differing packages of Fair Work Practices, packages include the payment of the Real Living Wage or higher for the duration of this framework.
(SC Ref:834996)
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