Scottish Government bonds
We plan to issue the first Scottish Government bonds in 2026 to 2027.
Bonds are a way of borrowing money to invest in infrastructure and public services.
This is part of a £1.5 billion programme running from 2026 to 2027, to 2030 to 2031. It is subject to the outcome of the May 2026 election, borrowing needs, and market conditions.
We have published a summary outline business case.
Credit rating
In November 2025, we received high investment grade credit ratings (Aa3 and AA) from global agencies Moody's and S&P Global. Both match the corresponding UK ratings. Receiving a credit rating is a key milestone toward plans for a Scottish Government bond issuance.
Background
The Scotland Act 2016 gave Scotland powers to issue government bonds for capital investment. Strategic objectives for the Bond Programme were published in December 2023, with an update in the 2025 to 2026 Budget.
Further information
- Next steps on bonds plan news release (January 2026)
- Credit rating news release (November 2025)
- Bonds launch plans news release (November 2025)
- Borrowing and Bonds Memorandum (December 2024)
- Bonds Memorandum (December 2023)
Contact
Email: bondspolicyengagement@gov.scot