Scottish First Minister, Humza Yousaf, recently announced plans to issue the first Scottish Government bond in order to support investment in key infrastructure projects.

Bonds are a commonly utilised source of borrowing for governments seeking to fund major infrastructure projects.

The introduction of a Scottish bond (already being tagged a "kilt") - in combination with the recent increase of the Scottish Government's capital borrowing limits – will serve as a source of funding for key public services (such as affordable housing projects) to meet the government's wider objectives of improving public services and building a greener and thriving economy. The issuance of the new bond is intended to bolster Scotland's credibility, profile and creditworthiness on the international market.

The process for preparing and issuing the bond will take time, with the Scottish Government commissioning initial due diligence and market testing and analysis of Scotland's economic landscape and the appetite for investment in bonds, amongst other matters.

Subject to the successful completion of those due diligence and market testing activities, the Scottish Government forecasts that the new infrastructure bond will be issued by the end of the current parliamentary session in 2026, with the bond value and structure being determined in the course of the due diligence process.

You can find out more here:


Hayley Burns


Caitlin Daly

Trainee Solicitor