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DFSED-SG Bond Bookrunners

Tender Overview

ORGANIZATION

Scottish Government

LOCATION

Scotland, United Kingdom

VALUE

£5,000,000

DEADLINE

February 16, 2026 at 12:00

CATEGORY

Other

CPV CODE

66110000

REFERENCE

007581-2026

Project Timeline

Contact Information

View Original

Original Tender Description

The Scottish Government is seeking to appoint 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.
⚠️

MANDATORY EXCLUSION GROUNDS

  • (No specific requirements identified from the provided information.)

ELIGIBILITY REQUIREMENTS

  • Register for the upcoming Supplier Information Day for interested parties.
🔧

TECHNICAL CAPABILITY REQUIREMENTS

  • Possess expertise in accessing the sterling public bond market.
  • Demonstrate expertise in financial markets.
  • Have the capability to assist with a GBP 1.5 billion public bond market programme.
  • Be capable of providing banking services relevant to public bond market access (CPV 66110000).
💰

FINANCIAL REQUIREMENTS

  • Demonstrate the financial capacity to manage a contract with an estimated value of 5,000,000 EUR.
📋

SUBMISSION REQUIREMENTS

  • Submit the bid by the deadline of 2026-02-16 at 12:00:00+00:00.

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DOC
OCDS Record
OCDS Data007581-2026_ocds_record.json
Summary:
The Scottish Government is seeking external service providers for a £1.5 billion public bond market programme, and this OCDS record details an upcoming Supplier Information Day for interested parties to register for.
DOC
OCDS Release Package
OCDS Data007581-2026_ocds_release.json
Summary:
The Scottish Government is seeking external service providers to assist in accessing the sterling public bond market for a GBP 1.5 billion programme, with a debut issuance anticipated in late 2026 or early 2027, requiring expertise in financial markets.
PDF
Official PDF Version
General Information007581-2026_official.pdf
Summary:
The Scottish Government is seeking external service providers to assist in accessing the sterling public bond market for a GBP 1.5 billion programme, with a debut bond issuance anticipated for late 2026 or early 2027.
HTM
Tender Notice
Administrative Documents007581-2026.html
Summary:
This document is a contract award notice detailing the successful completion of a deer population survey in the New Forest by Digital Fauna Limited for Natural England, valued at £29,018.

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36
Needs Improvement

Tender Quality Score

Overall, this tender documentation has critical deficiencies, particularly concerning an irrelevant document and the absence of evaluation criteria, which severely compromises transparency and fairness.

Score Breakdown

Legal Compliance40/100

While the procedure type and CPV code are correct, and the submission period is reasonable (19 days), the tender suffers from a critical flaw: Document 1, titled 'Tender Notice,' is actually a contract award notice for an entirely different service (deer survey). This fundamental error in documentation raises serious legal compliance concerns regarding the accuracy and integrity of the published tender information. The absence of specific mandatory exclusion grounds also represents a compliance gap.

Irrelevant 'Tender Notice' document (Document 1)
Missing specific mandatory exclusion grounds
Clarity50/100

The tender description provides a clear and detailed background of the Scottish Government's bond program objectives. However, clarity is severely undermined by the complete absence of specified evaluation criteria, making it impossible for potential bidders to understand how their proposals will be assessed. The AI-extracted requirements are clear but not comprehensive.

No evaluation criteria specified
Completeness40/100

Basic information such as title, organization, value, duration, and CPV code are present. However, the tender is significantly incomplete due to the critical error of including an irrelevant document (Document 1) and the complete omission of evaluation criteria and specific mandatory exclusion grounds. These are fundamental components of a complete tender package.

Irrelevant 'Tender Notice' document (Document 1)
Missing evaluation criteria
Fairness20/100

The most significant fairness issue is the complete lack of specified evaluation criteria, which prevents objective and transparent assessment of bids and makes it impossible for suppliers to compete on an equal footing. While the requirements appear generic and e-procurement is indicated, the presence of a completely irrelevant document also compromises fair access to accurate tender information.

No evaluation criteria specified
Irrelevant 'Tender Notice' document (Document 1)
Practicality50/100

The tender indicates support for e-procurement and clearly specifies the contract duration and estimated value, which are practical aspects. However, the presence of a critically irrelevant document within the tender package significantly hinders practical engagement and the ability of bidders to rely on the provided information. The contract start date is also not specified.

Irrelevant 'Tender Notice' document (Document 1)
Contract start date not known
Data Consistency10/100

While most key fields are populated and there are no reported disputes, the tender exhibits a catastrophic data consistency failure. Document 1, labeled 'Tender Notice,' contains a summary of a contract award for a completely unrelated service (deer population survey). This severe inconsistency undermines the reliability and trustworthiness of the entire tender data.

Document 1 content is completely inconsistent with the tender
Sustainability20/100

The tender does not include any explicit mention of green procurement, social aspects, or innovation focus. While this is not uncommon for financial services, it indicates a lack of integration of modern sustainability considerations.

No explicit sustainability, social, or innovation criteria

Strengths

Clear and detailed description of the project background and objectives
Estimated value, duration, and CPV code are clearly specified
E-Procurement is indicated, promoting accessibility
Requirements for technical and financial capability appear generic and reasonable
No reported disputes or suspensions

Concerns

Critical error: Document 1 ('Tender Notice') is completely irrelevant, detailing a different contract award
Major omission: No evaluation criteria are specified, severely impacting fairness and clarity
Missing specific mandatory exclusion grounds
Lack of explicit sustainability, social, or innovation considerations
Missing contract start date

Recommendations

1. Immediately rectify the error in Document 1 by replacing it with the correct tender notice or removing the misleading entry.
2. Clearly define and publish comprehensive evaluation criteria to ensure transparency and fairness.
3. Provide specific mandatory exclusion grounds in line with relevant procurement regulations.

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D
Tender Quality Score
36/ 100 · Needs Improvement

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