UK Names Six Banks to Lead First Digital Gilt Issuance in Early 2027
The pilot will test onchain settlement and could broaden investor access as the Treasury seeks to modernize sovereign debt markets.
- On Tuesday, Economic Secretary to the Treasury Lucy Rigby announced that Barclays, HSBC, Lloyds, Morgan Stanley, NatWest, and RBC Capital Markets will serve as joint lead managers for the Digital Gilt Instrument pilot, expected by the first quarter of 2027.
- Operating within the Digital Securities Sandbox, the pilot tests distributed ledger technology and on-chain settlement for sovereign debt, aiming to explore how DLT improves financial market infrastructure.
- Richard Baker, CEO of Tokenovate and member of the Wholesale Digital Markets Industry Taskforce, emphasized the pilot must address connectivity: "On-chain settlement will need to connect with cash, custody and existing settlement infrastructure."
- Marius Jurgilas, CEO of Axiology, said the potential impact of DIGIT could extend beyond government borrowing, as connecting issuance through regulated infrastructure could broaden the investor base and create more funding options.
- Previous efforts include HSBC's appointment as the DLT supplier in February 2026 and an agreement between HSBC and the London Stock Exchange Group to develop a digital securities depository link, establishing foundations for cross-border capital movement.
14 Articles
14 Articles
UK names six banks to lead first digital gilt issuance in early 2027
The UK government has appointed six banks to lead its first digital gilt issuance, with the pilot expected by the first quarter of 2027. HM Treasury announced on Oct. 6 that Barclays, HSBC, Lloyds, Morgan Stanley, NatWest and RBC Capital…
UK appoints six banks for digital government bond pilot
Britain has appointed six banks to manage its first digitally native government bond pilot, with issuance expected by the first quarter of 2027. The Treasury announced the appointments on 6 October, allowing preparations with potential investors to begin.
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BITRSSUK Selects Six Banks to Underpin First Digitally Native Gilts
The UK government has taken a concrete step toward its first digitally native government bond by naming six major banks to lead the pilot issuance of the Digital Gilt Instrument, or DIGIT. The program is expected to run on a distributed ledger technology (DLT) platform within the UK’s Digital Securities Sandbox, with an initial pilot [...]
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