DFSED-SG Bond Bookrunners

{
  "buyer": {
    "id": "org-9",
    "name": "Scottish Government"
  },
  "date": "2026-01-28T00:00:00Z",
  "description": "The buyer is using PCS-Tender to conduct this ITT exercise. The Project code is 31063. For more information see: http://www.publiccontractsscotland.gov.uk/info/InfoCentre.aspx?ID=2343\r\n A sub-contract clause has been included in this contract. For more information see: http://www.publiccontractsscotland.gov.uk/info/InfoCentre.aspx?ID=2363\r\n The Contracting Authority does not intend to include any community benefit requirements in this contract for the following reason:\r\n Community benefits have been considered and are not directly related to the type of services required. Therefore, the standard information on the Scottish Government approach to community benefits will not be inserted into the ITT and bidders will be asked to outline their approach to community benefits as a non-scored response.\r\n However, Bond Proceeds will Be used as part of the wider Capital Borrowing strategy to fund key projects in the Infrastructure Delivery Pipeline and to support economic growth including but not limited to:\r\n -\t36,000 affordable homes\r\n -\tNHS estate upgrades\r\n -\tRoad, rail and ferry renewal\r\n -\tGreen energy investments\r\n -\tNature restoration and creation\r\n While the framework itself will not directly deliver community benefits, the wider bonds programme (and the investments it enables) will underpin many of Scotland\u00e2\u0080\u0099s national outcomes and create meaningful opportunities for community benefit delivery.\r\n (SC Ref:821880)",
  "id": "rls-15-JAN548234",
  "initiationType": "tender",
  "language": "EN",
  "links": [
    {
      "href": "https://api.publiccontractsscotland.gov.uk/v1/Notice?id=ocds-r6ebe6-0000815799",
      "rel": "canonical"
    }
  ],
  "ocid": "ocds-r6ebe6-0000815799",
  "parties": [
    {
      "address": {
        "locality": "Glasgow",
        "postalCode": "G2 8LU",
        "region": "UKM",
        "streetAddress": "5 Atlantic Quay, 150 Broomielaw"
      },
      "contactPoint": {
        "email": "Debra.MacLeod@gov.scot",
        "name": "Debra MacLeod",
        "url": "https://www.publictendersscotland.publiccontractsscotland.gov.uk/"
      },
      "details": {
        "classifications": [
          {
            "id": "Ministry or any other national or federal authority, including their regional or local subdivisions",
            "scheme": "TED_CA_TYPE"
          },
          {
            "description": "General public services",
            "id": "01",
            "scheme": "COFOG"
          },
          {
            "description": "Economic affairs",
            "id": "04",
            "scheme": "COFOG"
          }
        ],
        "url": "http://www.scotland.gov.uk"
      },
      "id": "org-9",
      "identifier": {
        "legalName": "Scottish Government"
      },
      "name": "Scottish Government",
      "roles": [
        "buyer",
        "centralPurchasingBody",
        "reviewBody"
      ]
    },
    {
      "address": {
        "locality": "Edinburgh",
        "postalCode": "EH1 1LB",
        "streetAddress": "27 Chambers St"
      },
      "contactPoint": {
        "url": "http://"
      },
      "id": "org-25",
      "identifier": {
        "legalName": "Edinburgh Sheriff Court \u0026 Justice of the Peace Court"
      },
      "name": "Edinburgh Sheriff Court \u0026 Justice of the Peace Court",
      "roles": [
        "reviewBody"
      ]
    }
  ],
  "relatedProcesses": [
    {
      "id": "1",
      "identifier": "2025/S 000-080798",
      "relationship": [
        "planning"
      ],
      "scheme": "EU-OJ"
    }
  ],
  "tag": [
    "tender"
  ],
  "tender": {
    "awardPeriod": {
      "startDate": "2026-02-16T12:00:00Z"
    },
    "bidOpening": {
      "date": "2026-02-16T12:00:00Z"
    },
    "classification": {
      "id": "66110000",
      "scheme": "CPV"
    },
    "communication": {
      "atypicalToolUrl": "https://www.publictendersscotland.publiccontractsscotland.gov.uk"
    },
    "description": "The Scottish Government is seeking to appoint external service providers to assist in accessing the sterling public bond market.\r\n From 2016, the Scottish Government\u00e2\u0080\u0099s 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.\r\n 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\u00e2\u0080\u0099s profile among financial investors, and developing institutional fiscal discipline.\r\n On 12th November 2025 Moody\u00e2\u0080\u0099s Investors Service and Standard \u0026 Poor\u00e2\u0080\u0099s assigned inaugural credit ratings for the Scottish Government of Aa3/AA respectively, both with a stable outlook. The strength and diversity of Scotland\u00e2\u0080\u0099s economy, its strong institutional framework, as well as the Scottish Government\u00e2\u0080\u0099s prudent financial management and low levels of debt are factors highlighted in the agencies\u00e2\u0080\u0099 reports.\r\n 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.",
    "documents": [
      {
        "description": "The Scottish Government is seeking to appoint external service providers to assist in accessing the sterling public bond market.\r\n From 2016, the Scottish Government\u00e2\u0080\u0099s 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.\r\n 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\u00e2\u0080\u0099s profile among financial investors, and developing institutional fiscal discipline.\r\n On 12th November 2025 Moody\u00e2\u0080\u0099s Investors Service and Standard \u0026 Poor\u00e2\u0080\u0099s assigned inaugural credit ratings for the Scottish Government of Aa3/AA respectively, both with a stable outlook. The strength and diversity of Scotland\u00e2\u0080\u0099s economy, its strong institutional framework, as well as the Scottish Government\u00e2\u0080\u0099s prudent financial management and low levels of debt are factors highlighted in the agencies\u00e2\u0080\u0099 reports.\r\n 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.",
        "documentType": "contractNotice",
        "format": "text/html",
        "id": "JAN548234",
        "title": "DFSED-SG Bond Bookrunners",
        "url": "https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=JAN548234"
      }
    ],
    "hasRecurrence": false,
    "id": "798980",
    "items": [
      {
        "additionalClassifications": [
          {
            "id": "66120000",
            "scheme": "CPV"
          },
          {
            "id": "66100000",
            "scheme": "CPV"
          }
        ],
        "deliveryAddresses": [
          {
            "region": "UKM"
          }
        ],
        "id": "1",
        "relatedLot": "1"
      }
    ],
    "legalBasis": {
      "id": "32014L0024",
      "scheme": "CELEX"
    },
    "lots": [
      {
        "awardCriteria": {
          "criteria": [
            {
              "description": "80",
              "name": "Quality",
              "type": "quality"
            },
            {
              "description": "20",
              "type": "price"
            }
          ]
        },
        "contractPeriod": {
          "durationInDays": 1440
        },
        "description": "The Scottish Government intends to establish a multi-supplier framework agreement, expected to run for four years and cover multiple debt issuance.\r\n The framework will include several banks, each with the opportunity to act as Lead Manager for the inaugural and any future bond issuance.\r\n Please note:\r\n -This requirement is exempt from the Public Contracts (Scotland) Regulations 2015 under regulation 11(1)(f).\r\n -It is also excluded under Section 4 of the Procurement Reform (Scotland) Act 2014.\r\n Despite these exemptions, the Scottish Government will adhere to the principles set out in the Scottish Procurement Policy Handbook, ensuring:\r\n -Value for Money (VfM)\r\n -Transparency, fairness, and accountability\r\n -Compliance with internal procurement policies and financial regulations.",
        "hasOptions": false,
        "hasRenewal": true,
        "id": "1",
        "renewal": {
          "description": "The Framework Agreement is anticipated to commence in July 2026 for an initial period of 36 months, with the option to extend for one further 12-month period."
        },
        "status": "active",
        "submissionTerms": {
          "variantPolicy": "notAllowed"
        }
      }
    ],
    "mainProcurementCategory": "services",
    "otherRequirements": {
      "requiresStaffNamesAndQualifications": true
    },
    "procurementMethod": "open",
    "procurementMethodDetails": "Open procedure",
    "selectionCriteria": {
      "criteria": [
        {
          "description": "4B4. The bidder confirms the name, value and/or range of the financial ratios specified in the relevant Contract Notice are as follows:\r\n 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.\r\n 4B.5 -\r\n -Public Liability 1,000,000 GBP(A sum not less than)\r\n -Professional Indemnity 1,000,000 GBP(A sum not less than)\r\n -Employers Liability (Legal Requirement) 5,000,000 GBP(A sum not less than)\r\n -Cyber Security 5,000,000 GBP(A sum not less than)",
          "type": "economic"
        },
        {
          "description": "4C.4 - Provide a statement of the relevant supply chain management and/or tracking systems used.\r\n 4C.7 - Provide details of the environmental management measures which the bidder will be able to use when performing the contract.\r\n 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 -\r\n If bidders intend to use a supply chain to deliver the requirements detailed in the\r\n 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:\r\n a)\ttheir standard payment terms\r\n b)\t\u00e2\u0089\u00a595% of all supply chain invoices being paid on time (in accordance with the terms of contract) in the last financial year.\r\n If the bidder is unable to confirm (b) they must provide an improvement plan, signed by their Director, which improves the payment performance.\r\n 4C.7 -\r\n 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\u00e2\u0080\u0099s carbon emissions.\r\n 4C.10 -\r\n Bidders will be required to confirm whether they intend to subcontract and, if so, for what proportion of the contract.",
          "type": "technical"
        }
      ]
    },
    "status": "active",
    "submissionMethod": [
      "electronicSubmission"
    ],
    "submissionMethodDetails": "https://www.publictendersscotland.publiccontractsscotland.gov.uk",
    "submissionTerms": {
      "bidValidityPeriod": {
        "durationInDays": 180
      },
      "languages": [
        "en"
      ]
    },
    "techniques": {
      "frameworkAgreement": {
        "maximumParticipants": 10.0
      },
      "hasFrameworkAgreement": true
    },
    "tenderPeriod": {
      "endDate": "2026-02-16T12:00:00Z"
    },
    "title": "DFSED-SG Bond Bookrunners",
    "value": {
      "amount": 5000000.0,
      "currency": "GBP"
    }
  }
}