Scottish Government bond issuance: FOI release

Information requested

On the 4th of December 2024, the Scottish Government published a factsheet on borrowing policy and progress towards a future bond issuance.

It states, "In the right market conditions, a bond could represent better value-for-money than borrowing through the UK National Loans fund in net-present-value terms."

I would like disclosure of these specific "right market circumstances" as this is a clearly worded statement which must have detailed backing.

Response

While our aim is to provide information whenever possible, in this instance the costs of locating, retrieving and providing the information requested would exceed the upper cost limit of £600. This is due to the volume of relevant material related to the request. Under section 12 of FOISA public authorities are not required to comply with a request for information if the authority estimates that the cost of complying would exceed the upper cost limit, which is currently set at £600 by Regulations made under section 12.

Although you may wish to consider narrowing the scope of your request to bring it within the cost limit, we note that the material underpinning the assessment referenced in the December 2024 factsheet relates to the Scottish Government’s ongoing policy development around potential bond issuance. As such, even if the request were reduced in scope, much of the information may be exempt from disclosure under the following provisions of FOISA:

Section 29(1)(a) - formulation or development of Scottish Government policy;

Section 33(1)(b) - commercial interests.

Where such exemptions are applied, they are subject to the public interest test. In responding to a previous, related FOI request, we considered the balance between the public interest in transparency and the need to protect the integrity of policy formulation and commercial sensitivity. On that basis, some information was withheld.

We would also draw your attention to the statement made in the Scottish Government’s Medium-Term Financial Strategy published on 25 June 2025, which provides updated context around the progress of bond preparations:

The Scottish Government is progressing its due diligence on Scottish Government Bonds. This continues to suggest bonds offer a valuable tool to support the capital borrowing policy and broader fiscal and economic objectives. Preparations continue to define the structure and policy parameters for a successful inaugural bond issuance and a sustainable framework for future years. An update on progress will be provided ahead of the 2026-27 Scottish Budget.”

This reflects that work is ongoing, and further public updates are planned in due course.

You may also find it helpful to look at the Scottish Information Commissioner’s ‘Tips for requesting information under FOI and the EIRs’ available at:

http://www.itspublicknowledge.info/YourRights/Tipsforrequesters.aspx

About FOI

The Scottish Government is committed to publishing all information released in response to Freedom of Information requests. View all FOI responses at https://www.gov.scot/foi-responses.