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DFSED-SG Bond Legal Counsel

Tender Overview

ORGANIZATION

Scottish Government

LOCATION

Scotland, United Kingdom

VALUE

£1,800,000

DEADLINE

February 27, 2026 at 12:00

CATEGORY

Other

CPV CODE

79100000

REFERENCE

007629-2026

Project Timeline

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Contact Information

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View Original

Original Tender 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.
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MANDATORY EXCLUSION GROUNDS

  • No specific mandatory exclusion grounds are detailed in the provided tender notice. Bidders should refer to the full tender documents for standard public procurement exclusion criteria.
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ELIGIBILITY REQUIREMENTS

  • The bidder must be a qualified legal adviser or a legal firm.
  • The bidder must be capable of providing legal advice related to accessing the sterling public bond market.
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TECHNICAL CAPABILITY REQUIREMENTS

  • Demonstrate expertise in advising on the legal aspects of sterling public bond issuance.
  • Possess the capacity to advise on a GBP 1.5 billion bond programme.
  • Ability to provide legal services for a contract duration of 60 months.
  • Understanding of the Scottish Government's objectives for bond issuance, including diversifying capital funding, enhancing fiscal sustainability, raising Scotland’s profile among financial investors, and developing institutional fiscal discipline.
  • Familiarity with the context of the Scottish Government's credit ratings (Aa3/AA from Moody's/S&P) and its updated capital borrowing policy under the revised Fiscal Framework limits.
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FINANCIAL REQUIREMENTS

  • No specific financial requirements (e.g., minimum annual turnover, specific financial ratios) are detailed in the provided tender notice. Bidders should refer to the full tender documents for any financial standing requirements.
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SUBMISSION REQUIREMENTS

  • Submit the bid by the deadline of 2026-02-27T12:00:00+00:00.
  • Access and adhere to all instructions and requirements detailed in the full tender documents, which are available separately.

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DOC
OCDS Record
OCDS Data007629-2026_ocds_record.json
Summary:
The Scottish Government is seeking a legal adviser to provide expertise and assistance for its planned GBP 1.5 billion sterling public bond issuance program, aiming to diversify funding and enhance fiscal sustainability.
DOC
OCDS Release Package
OCDS Data007629-2026_ocds_release.json
Summary:
This OCDS Release Package details the Scottish Government's tender for a legal adviser to assist with its planned GBP 1.5 billion sterling public bond market programme, aiming for a debut issuance in late 2026 or early 2027.
PDF
Official PDF Version
Administrative Documents007629-2026_official.pdf
Summary:
The Scottish Government is seeking a legal adviser to assist with its planned GBP 1.5 billion sterling public bond issuance program, following recent credit ratings and updated borrowing policies.
HTM
Tender Notice
Administrative Documents007629-2026.html
Summary:
The Scottish Government is seeking a legal adviser for its proposed GBP 1.5 billion bond programme, and this document serves as a contract notice providing details on the procurement and where to access full tender documents.

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61
Good

Tender Quality Score

This tender provides a clear description of the required legal services for bond issuance but suffers from critical omissions regarding evaluation criteria, significantly impacting clarity, completeness, and fairness for potential bidders.

Score Breakdown

Legal Compliance75/100

The tender defines an Open procedure and assigns appropriate CPV codes. The submission deadline provides a reasonable preparation period from today's date. However, the absence of a specific reveal date in the provided data prevents full verification of the minimum publication period.

•Missing reveal date in the provided data
Clarity55/100

The tender description is highly detailed and provides excellent context for the required legal services. AI-extracted eligibility and technical requirements are clear and specific. However, the critical absence of specified evaluation criteria significantly hinders bidders' understanding of how their proposals will be assessed.

•No evaluation criteria specified
Completeness60/100

Basic information such as title, reference, organization, value, duration, and CPV/NUTS codes are well-populated. Documents are listed as available. Nevertheless, the crucial omission of evaluation criteria renders the tender incomplete regarding the award process.

•Missing evaluation criteria
Fairness50/100

The tender discloses the estimated value and supports e-procurement, promoting equal access. Requirements appear specialized but not overtly tailored. However, the lack of specified evaluation criteria creates a significant transparency deficit, making it difficult for bidders to prepare competitive and relevant proposals, thus compromising fairness.

•No evaluation criteria specified
Practicality65/100

The tender supports e-procurement, which is a positive for accessibility. However, the absence of a direct document URL in the basic information is a practical inconvenience. The contract start date is not explicitly stated, only the duration.

•No direct document URL provided in basic information
Data Consistency80/100

Most key fields are populated, and dates are logical. There are no reported disputes or suspensions. Minor inconsistencies include an empty 'Liable Person' field and a contradiction between 'E-Procurement' characteristic and an automated flag of 'No e-submission'.

•Empty 'Liable Person' field
•Contradiction regarding e-submission
Sustainability20/100

The tender does not include any explicit criteria or mentions related to green procurement, social aspects, or innovation. It is also not indicated as EU-funded, which often correlates with higher sustainability standards.

•No sustainability, social, or innovation criteria

Strengths

Clear and detailed description of services required
Estimated value and contract duration are specified
E-procurement is supported
Relevant CPV and NUTS codes are provided
AI-extracted eligibility and technical requirements are clear

Concerns

Critical absence of evaluation criteria
No direct URL for tender documents in basic information
Lack of sustainability, social, or innovation considerations
Missing reveal date in the provided data
Contradiction regarding e-submission functionality

Recommendations

1. Immediately publish comprehensive evaluation criteria to ensure transparency and fairness.
2. Provide a direct URL to the full tender documents in the main notice.
3. Consider integrating sustainability, social, or innovation aspects into future tenders where applicable.

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Tender Quality Score
61/ 100 · Good
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