Thu, 13 Nov 2025

Thu, 13 Nov 2025 Scottish government aiming to issue first bonds in 2026-27

Scottish ministers wants to use bonds to raise money from investors to fund infrastructure projects.

* The Scottish government plans to issue its first ever bonds in 2026-27, with First Minister John Swinney confirming that this is "on track" to happen.
* Two global credit rating companies, Moody's and S&P Global, have given Scotland an identical sovereign rating as the UK, of Aa3 and AA respectively.
* The Scottish government wants to issue bonds to raise money for infrastructure projects and has been given permission to borrow up to £472m for capital investment over the next year.
* The credit ratings are based on Scotland's "prudent fiscal management" and economic stability, but could be cut if Scotland moves towards independence.
* The Scottish government will engage with banks to act as joint lead managers for the bond programme.
* The bonds will allow investors to borrow money from the government in exchange for regular interest payments.
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