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EoI - Lead Manager Services for HMT for pilot DIGIT

Open
Deadline
4 days left
March 31, 2026
Contract Details
Category
Open Procedure
Reference
026845-2026
Value
Not disclosed
Location
United Kingdom
Published
March 20, 2026
Organization
CPV Code
Project Timeline

Tender Published

March 24, 2026

Deadline for Questions

March 24, 2026

Submission Deadline

March 31, 2026

Contract Start Date

May 31, 2026

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Budget
Not disclosed
Duration
12 months
Location
United Kingdom
Type
Open Procedure
75
Quality Score/100
Good

Original Tender Description

HM Treasury (the Authority) is procuring for the lead manager services to support the issuance of the Digital Gilt Instrument (DIGIT). The Authority is working closely with the UK Debt Management Office in delivering this procurement process. This procurement follows the appointment of HSBC as the Distributed Ledger Technology (DLT) supplier for the DIGIT pilot in February 2026. DIGIT will be an entirely new, digitally native, UK Government debt instrument, issued onto HSBC's Orion platform. HSBC Orion will be operating within the Digital Securities Sandbox (DSS). With this pilot, the government is seeking to explore how DLT can be applied across the lifecycle of the debt issuance process and catalyse the development of DLT in UK financial markets. As part of the initial selection stage, interested suppliers are required to complete a qualification questionnaire and non-disclosure agreement, then submit to the Authority as instructed within the DIGIT Lead Manager Services - Expression of Interest document provided in this notice. Please submit your completed questionnaire and signed NDA via email to Digit@hmtreasury.gov.uk no later than noon UK time on 31 March 2026. This contract is exempt from the Procurement Act 2023 in line with Schedule 2 to that Act, therefore the provisions of the Procurement Act 2023 do not apply to this procurement or contract.

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Requirements & Qualifications

14 requirements across 5 categories

Submission (5)
Mandatory (1)
Compliance (2)
Technical (5)
Financial (1)
SUBMISSION REQUIREMENTS5
--Submit completed qualification questionnaire.
--Submit signed Non-Disclosure Agreement (NDA).
--Submit via email to Digit@hmtreasury.gov.uk.
MANDATORY EXCLUSION GROUNDS1
--None explicitly stated, but implied by the nature of government procurement.
ELIGIBILITY REQUIREMENTS2
--Interested suppliers are required to complete a qualification questionnaire.
--Interested suppliers are required to complete a non-disclosure agreement (NDA).
TECHNICAL CAPABILITY REQUIREMENTS5
--Experience in lead manager services for debt issuance.
--Understanding of Digital Gilt Instrument (DIGIT) issuance.
--Familiarity with Distributed Ledger Technology (DLT) applications in financial markets.
FINANCIAL REQUIREMENTS1
--None explicitly stated in the provided text.

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Documents

No processed documents available for this tender.

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75
Good

Tender Quality Score

This Expression of Interest (EoI) for Lead Manager Services for HM Treasury's pilot DIGIT is generally well-structured, with clear objectives and technical requirements. However, it lacks disclosed financial value and explicit evaluation criteria, and the submission deadline appears very short.

Score Breakdown

Legal Compliance75/100

The tender specifies an open competition procedure below the threshold, which is a valid approach. The CPV code is appropriate. The exemption from the Procurement Act 2023 is noted. The primary concern is the very short submission deadline, which might be considered unreasonable depending on the complexity of the required documentation (questionnaire and NDA).

Submission deadline may be too short
Clarity80/100

The description of the DIGIT pilot and the role of the lead manager is clear and provides good context. The AI-extracted requirements are well-defined, particularly the technical capabilities. However, the absence of explicit evaluation criteria leaves some ambiguity on how submissions will be assessed.

Missing evaluation criteria
Completeness70/100

Key information such as the title, organization, CPV code, and contract duration are present. The contract start date is also specified. However, the estimated value is not disclosed, and the content of the tender documents is not available, hindering a full assessment of completeness.

Value not disclosed
No document content available
Fairness85/100

The tender is open competition, which promotes fairness. The requirements, while specific to the project (DLT, DIGIT, HSBC Orion), do not appear to be tailored to a single company, but rather to the technical expertise needed. The lack of disclosed value is a minor concern for fairness, but the process itself is open.

Practicality65/100

The submission is requested via email, which is a basic form of e-submission but not a fully integrated e-procurement platform. The contract start date and duration are clear. Financing information is not provided. The short deadline also impacts practicality.

No e-submission (integrated platform)
Financing information not provided
Data Consistency90/100

Key fields such as title, reference, organization, and dates are populated. There are no reported disputes or suspensions. The dates provided (submission deadline and contract start) are logically sequenced.

Sustainability50/100

There is no explicit mention of green procurement, social aspects, or innovation within the tender description or AI-extracted requirements. This suggests a lack of focus on these areas.

Not green procurement
No social criteria

Strengths

Clear project objectives and context
Specific and relevant technical requirements
Open competition procedure
Appropriate CPV code

Concerns

Very short submission deadline
Estimated value not disclosed
Missing evaluation criteria
Lack of sustainability focus

Recommendations

1. Extend the submission deadline to allow adequate preparation time.
2. Disclose the estimated financial value of the contract.
3. Specify the evaluation criteria for the qualification questionnaire.

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