Nine banks have been appointed to a framework that will advise and support on the delivery of the Scottish Government’s £1.5billion bonds programme over the next five years.
As part of this process, HSBC Bank Plc, Merrill Lynch International, NatWest Markets Plc and RBC Europe Limited have been selected to act as the joint bookrunners – lead managers for the bonds for the Scottish Government’s inaugural bond issuance.
Other banks on the framework will have the opportunity to support any subsequent bond sales.
Law firm Clifford Chance LLP has been appointed as legal adviser to assist with its inaugural issue.
Last year the Scottish Government was given the same high credit rating as the UK as part of preparations for the bond programme.
Deputy First Minister Jenny Gilruth said: “This new framework will play an important role in supporting the delivery of the Scottish Government’s bond programme, bringing together a range of market expertise.
“The funding raised from these bonds will help support delivery of the capital infrastructure projects outlined in the Spending Review, while allowing the Scottish Government to diversify its borrowing. Bonds are a standard form of borrowing for governments around the world.
“The Scottish Government’s bond programme is underpinned by high investment grade credit ratings from two global credit rating agencies. These are an endorsement of the strength of the Scottish economy and efforts we are making to drive that forward.”