Chamber and committees

All proceeds from a future bond issuance would be used exclusively for capital investment in line with the capital borrowing powers outlined in the Fiscal Framework agreement between the Scottish and UK Governments.

Final external costs in 2025-26 were £430,000, excluding VAT, set against an original budget allocation of £1 million.

Strategic objectives for the Bond Programme were published in December 2023. These are:

1. To ensure the Scottish Government can access diverse and cost-effective sources of capital funding and enhance Scotland’s fiscal sustainability;

2. To raise Scotland’s profile to financial investors; and

3. To develop Scotland’s institutions and fiscal disciplines.

The Scottish Government met with the credit rating agencies in Autumn 2025, prior to the inaugural credit rating announcements. Further meetings occurred in Spring 2026 as part of the normal interim review cycle. The full range of factors considered by the agencies are available in the rating reports they each published in November 2025.

I refer the member to the answer to question S7W-02134 on 17 August 2026. All answers to written Parliamentary Questions are available on the Parliament's website, the search facility for which can be found at https://www.parliament.scot/chamber-and-committees/written-questions-and-answers.

The Scottish Government has a total programme budget of £2.1 million for 2026-27. Costs are expected to remain within this budget.

In any subsequent year in which Scottish Bonds are issued, programme costs are not expected to exceed the 2026-27 requirement.

Final decisions on tenor will be confirmed closer to issuance.

In November 2025 the Scottish Government published a summary Outline Business Case (OBC) assessing the case for the Bonds Programme. This provides an assessment of the potential benefits generated by a bond issuance programme.

The Summary OBR can be accessed from Scottish Government bonds programme: outline business case summary - gov.scot

I refer the member to the answer to question S7W-02130 on 17 August 2026. All answers to written Parliamentary Questions are available on the Parliament's website, the search facility for which can be found at https://www.parliament.scot/chamber-and-committees/written-questions-and-answers.

The Scottish Government is working closely with its appointed bookrunners to assess market conditions and achieve the most favourable terms available.

Releasing information on the criteria underpinning a potential bond issuance prior to execution could prejudice the Government's position in the market. Such disclosure may shape investor expectations, constrain pricing flexibility and adversely affect the terms on which borrowing can be secured. To do so before a transaction has taken place could therefore risk higher costs to the taxpayer and poorer value for money.