# UK Treasury Selects DIGIT Lead Managers

HM Treasury has completed its selection of Barclays, HSBC, Lloyds, NatWest, Morgan Stanley, and RBC as joint lead managers for the UK’s first digitally native government bond pilot, the Digital Gilt Instrument (DIGIT). Issuance is planned for Q1 2027 through the Digital Securities Sandbox using HSBC Orion, with the pilot testing distributed-ledger issuance and settlement connected to existing market infrastructure. The manager selection is complete; the signals identify no contract value, open solicitation, or procurement contact.

- The selected banks will support investor engagement and issuance preparations. The lead-manager appointment is not an open opportunity for additional bidders.
- Firms providing digital securities, settlement, compliance, or market-connectivity services may find relevant commercial activity around the pilot and its supporting infrastructure, but the signals do not identify a specific solicitation.
- Companies assessing UK public-sector digital-asset work should distinguish the completed DIGIT appointments from any future procurements; no further procurement timeline is specified beyond planned Q1 2027 issuance.

**Jurisdictions:** international
**Industries:** Professional Services, Information Technology
**Topics:** Digital Infrastructure
**Published:** October 07, 2026

### Government Entities
- HM Treasury (HMT)
- Bank of England (BoE)
- Financial Conduct Authority (FCA)
- UK Government

### Vendors
- HSBC (Joint lead manager and DLT supplier)
- Barclays (Joint lead manager)
- Lloyds (Joint lead manager)
- NatWest (Joint lead manager)
- Morgan Stanley (Joint lead manager)

### Sources
- [UK Picks Barclays, HSBC, Lloyds, NatWest, Morgan Stanley, RBC for Digital Gilt](https://www.cryptotimes.io/2026/10/07/uk-picks-barclays-hsbc-lloyds-natwest-morgan-stanley-rbc-for-digital-gilt) - The Crypto Times
- [UK Treasury sets digital assets push ahead of 2027 DIGIT issuance](https://tradersunion.com/news/geopolitics-trade/show/3684794-uk-treasury-digital-assets-2027) - Traders Union