Scottish Government Bond Legal Counsel Services

The Scottish Government is seeking external legal counsel to support the issuance of sterling public bonds. This follows the assignment of inaugural credit ratings (Aa3 by Moody's and AA by Standard & Poor's) and reflects updated capital borrowing policy under the revised Fiscal Framework. The Scottish Government has annual borrowing limits of GBP 450 million and a cumulative limit of GBP 3 billion, increased in line with inflation through the 2023 Fiscal Framework review. A GBP 1.5 billion bond programme is expected to commence over the next parliament, with a debut benchmark bond issuance anticipated for late 2026 or early 2027, subject to Scottish Parliament election outcomes, borrowing requirements, and market conditions. Key objectives include diversifying capital funding sources, enhancing fiscal sustainability, raising Scotland's profile among financial investors, and developing institutional fiscal discipline. Legal counsel will play a critical role in structuring and executing bond issuances, ensuring compliance with regulatory requirements, and managing documentation and legal due diligence throughout the issuance process.