Official UK procurement notice
DFSED-SG Bond Bookrunners · UK public procurement notice
Authority: Scottish Government (Central government)·Consortium: 2 public authorities
What is being bought
Published requirement descriptionThe 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.
CPV: Banking and investment services · Banking services · Investment banking services and related services
How this framework works
From the published notice- Places
- up to 10 suppliers · 14 bids received (1.4 per place) · 9 appointed
The lotProcurement structure
single lot · no lot value publishedLot #1The Scottish Government has established a multi-supplier Framework Agreement with a…AwardedRenewal
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.
What it takes to wini
How this buyer will score bids.
The evaluation criteria and weights exactly as published on the notice, grouped by family (price, quality, social value and so on).
Evaluation split and conditions of participation as published; the tender pack may add morei
How this buyer will score bids.
The evaluation criteria and weights exactly as published on the notice, grouped by family (price, quality, social value and so on).
Published award criteria (2)
- Quality: 80
- Price: 20
- Economic & financial standing
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: 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 l… - Technical & professional ability
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: 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 in…
- Staff
- Names and qualifications of delivery staff must be submitted
- Price carries 20 of 100 points: a 10% discount moves about 2 points. The method statement decides this lot, not the discount.
- “DFSED-SG Bond Bookrunners” is a framework: the contest is a place on its panel, up to 10 suppliers, not a single contract.
Price arithmetic assumes straight proportional scoring; the tender pack may use another formula.
Procedure terms & legal framework
From the official record · publisher note attached- Procedure method
- Open procedure
- Legal basis
- CELEX · 32014L0024 Public Contracts Regulations 2015 (Directive 2014/24/EU)
- Procurement category
- Services
- Notice status
- Awarded
- Procurement threshold
- Unspecified in notice
- Regulatory regime
- Standard
- Commercial structure
- Framework agreement
- Who may use this agreement
- Not stated in the notice; call-off rights may be limited to the establishing authority
- Competition type
- Competitive procedure
- GPA / WTO covered
- Unspecified in notice
- Recurring procurement
- No (one-off requirement)
- First published
- 8 Dec 2025, 16:52 GMT
- Last source update
- 25 Jun 2026, 12:32 BST
- Award evaluation window
- 16 Feb 2026 – …
- Authority reference
798980- FTS notice number
2026/S 000-059825- Classification (CPV)
- Delivery area
- Official registry OCID
ocds-h6vhtk-05f12fFind a Tender
Publisher note: 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)
How it was run
Official noticeTender documents are also served through a separate tool: https://www.publictendersscotland.publiccontractsscotland.gov.uk ↗
- Appointment period ends
- 16 Feb 2026, 12:00 GMT
- Submission channel
- {"electronicSubmission"}
- Accepted languages
- en
- Bid validity
- 180 days from the deadline
- Bids opened
- 16 Feb 2026, 12:00 GMT
Timeline
28 Jan 2026 → 25 Jun 2026 · 4 dates- Next notice expected273 days ago28 Jan 2026
- Admission / appointment period ends253 days ago · period end, not a bid countdown16 Feb 2026, 12:00 GMT
- Bids opened253 days ago16 Feb 2026, 12:00 GMT
- Notice published124 days ago25 Jun 2026, 12:32 BST
Notice history
5 events · 3 releases on Find a Tender · since 28 Jan 2026- Status changed to active28 Jan 2026, 12:53 GMT
- Procurement method changed28 Jan 2026, 12:53 GMT
- Deadline published: 16 Feb 2026, 12:00 GMT28 Jan 2026, 12:53 GMT
- Status changed to complete25 Jun 2026, 12:32 BST
- Buyer details updated25 Jun 2026, 12:32 BST
Commercial outcome & contract awards
Published awards, contracts and bid statistics, not a forecast1 suppliers are admitted to this framework without individual award values or dates, see the supplier list below.
Contracts
Contract 059825-2026-798980-1
- Signed
- 18 Jun 2026
- Value
- £5,000,000
- Status
- active
Bid statistics published by the authority
| Bids | SME | VCSE | Valid bid range |
|---|---|---|---|
| 14bids · 14 electronic | 0 | — | — |
Contracting authority & participating public bodies
2 public bodies on the noticeDispute resolution & review bodies
- Edinburgh Sheriff Court & Justice of the Peace CourtReview body
Framework contractors & participating bidders
9 commercial parties on the notice- Banco Santander, S.A., London BranchFramework contractor
- Barclays Bank PLCFramework contractor
- Citigroup Global Markets LimitedFramework contractor
- Deutsche Bank AG, London BranchFramework contractor
- HSBC Bank plcFramework contractor
- Merrill Lynch InternationalFramework contractor
- NatWest Markets PlcFramework contractor
- RBC Europe LimitedFramework contractor
- Standard Chartered BankFramework contractor
Official documents & specifications
Official links; attachments are not copiedNo document links were published on the notice.