Section one: Contracting authority
one.1) Name and addresses
Scottish Government
5 Atlantic Quay, 150 Broomielaw
Glasgow
G2 8LU
Contact
Caitlin Fullarton
Telephone
+44 412425466
Country
United Kingdom
NUTS code
UKM - Scotland
Internet address(es)
Main address
Buyer's address
https://www.publiccontractsscotland.gov.uk/search/Search_AuthProfile.aspx?ID=AA10482
one.2) Information about joint procurement
The contract is awarded by a central purchasing body
one.3) Communication
The procurement documents are available for unrestricted and full direct access, free of charge, at
https://www.publictendersscotland.publiccontractsscotland.gov.uk
Additional information can be obtained from the above-mentioned address
Tenders or requests to participate must be submitted electronically via
https://www.publictendersscotland.publiccontractsscotland.gov.uk
Electronic communication requires the use of tools and devices that are not generally available. Unrestricted and full direct access to these tools and devices is possible, free of charge, at
https://www.publictendersscotland.publiccontractsscotland.gov.uk
one.4) Type of the contracting authority
Ministry or any other national or federal authority
one.5) Main activity
General public services
Section two: Object
two.1) Scope of the procurement
two.1.1) Title
DFSED-SG Bond Legal Counsel
Reference number
798981
two.1.2) Main CPV code
- 79100000 - Legal services
two.1.3) Type of contract
Services
two.1.4) Short description
The Scottish Government is seeking to appoint a legal adviser 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.
Following the inaugural rating assignments, the Scottish Government announced its intention to pursue a GBP 1.5 billion bond programme 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.
To facilitate this, the Scottish Government intends to appoint a legal adviser to advise the Purchaser on this proposed issuance.
two.1.5) Estimated total value
Value excluding VAT: £1,800,000
two.1.6) Information about lots
This contract is divided into lots: No
two.2) Description
two.2.3) Place of performance
NUTS codes
- UKM - Scotland
two.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.
The maximum value will depend on the issuance structure selected. If The Purchaser proceeds with a standalone transaction, the estimate value is 200,000 GBP - 300,000 GBP excluding VAT (including the optional extension period).
If The Purchaser proceeds with a Medium-Term Note programme, the estimated value is 1,300,000 GBP - 1,800,000 GBP excluding VAT (including the optional extension period).
The maximum contract value will be confirmed prior to award.
two.2.5) Award criteria
Quality criterion - Name: Quality / Weighting: 75
Price - Weighting: 25
two.2.7) Duration of the contract, framework agreement or dynamic purchasing system
Duration in months
60
This contract is subject to renewal
Yes
Description of renewals
To be confirmed pre-contract award.
two.2.10) Information about variants
Variants will be accepted: No
two.2.11) Information about options
Options: No
two.2.13) Information about European Union Funds
The procurement is related to a project and/or programme financed by European Union funds: No
two.2.14) Additional information
Start date and duration will be confirmed before award and align with the chosen issuance structure; expected June/July 2026. If standalone: June/July 2026 start, 2‑year term to June 2028 or completion, plus 12‑month extension. If MTN: June/July 2026 start, 3‑year term with two 12‑month extensions.
Section three. Legal, economic, financial and technical information
three.1) Conditions for participation
three.1.1) Suitability to pursue the professional activity, including requirements relating to enrolment on professional or trade registers
List and brief description of conditions
4A.1 Professional or Trade Registers enrolment
Minimum level(s) of standards required:
4A.1 - Bidders must confirm they are regulated legal practice in the UK.
three.1.2) Economic and financial standing
List and brief description of selection criteria
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 level(s) of standards possibly required
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 less than)
-Employers Liability (Legal Requirement) 5,000,000 GBP(A sum not less than)
-Cyber Security 5,000,000 GBP(A sum not less than)
three.1.3) Technical and professional ability
List and brief description of selection criteria
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 level(s) of standards possibly required
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 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:
a) their standard payment terms
b) ≥95% of all supply chain invoices being paid on time (in accordance with the terms of contract) in the last financial year.
If the bidder is unable to confirm (b) they must provide an improvement plan, signed by their Director, which improves the payment performance.
4C.7 -
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’s carbon emissions.
4C.10 -
Bidders will be required to confirm whether they intend to subcontract and, if so, for what proportion of the contract.
three.2) Conditions related to the contract
three.2.3) Information about staff responsible for the performance of the contract
Obligation to indicate the names and professional qualifications of the staff assigned to performing the contract
Section four. Procedure
four.1) Description
four.1.1) Type of procedure
Open procedure
four.1.8) Information about the Government Procurement Agreement (GPA)
The procurement is covered by the Government Procurement Agreement: Yes
four.2) Administrative information
four.2.1) Previous publication concerning this procedure
Notice number: 2025/S 000-080813
four.2.2) Time limit for receipt of tenders or requests to participate
Date
27 February 2026
Local time
12:00pm
four.2.4) Languages in which tenders or requests to participate may be submitted
English
four.2.6) Minimum time frame during which the tenderer must maintain the tender
Duration in months: 6 (from the date stated for receipt of tender)
four.2.7) Conditions for opening of tenders
Date
27 February 2026
Local time
12:00pm
Section six. Complementary information
six.1) Information about recurrence
This is a recurrent procurement: No
six.3) Additional information
The buyer is using PCS-Tender to conduct this ITT exercise. The Project code is 31061. For more information see: http://www.publiccontractsscotland.gov.uk/info/InfoCentre.aspx?ID=2343
A sub-contract clause has been included in this contract. For more information see: http://www.publiccontractsscotland.gov.uk/info/InfoCentre.aspx?ID=2363
(SC Ref:821862)
six.4) Procedures for review
six.4.1) Review body
Edinburgh Sheriff Court & Justice of the Peace Court
27 Chambers St
Edinburgh
EH1 1LB
Country
United Kingdom