# UK Treasury Appoints Digital Bond Managers

HM Treasury completed the competitive procurement for the UK’s first digitally native government bond pilot by appointing six Joint Lead Managers to provide underwriting, investor engagement, and distribution services. The Digital Gilt Instrument (DIGIT) pilot is expected by Q1 2027 and will test distributed ledger technology across bond issuance and lifecycle processes. The lead-manager procurement is closed; HSBC was also identified as the DLT supplier in February 2026.

- The appointments establish the financial-services group supporting the pilot; the supplied entity list names HSBC, Barclays, Lloyds, Morgan Stanley, and NatWest, but does not identify the sixth manager.
- Companies pursuing UK digital-finance work should distinguish the completed lead-manager competition from potential follow-on infrastructure activity; no value or open solicitation is specified in the signal.
- The Q1 2027 pilot timetable gives technology and financial-services providers a concrete reference point for assessing relevant digital bond issuance and lifecycle capabilities.

**Jurisdictions:** international
**Industries:** Information Technology
**Topics:** Digital Infrastructure
**Published:** October 06, 2026

### Government Entities
- HM Treasury (HMT)

### Vendors
- HSBC (Joint Lead Manager and DLT supplier)
- Barclays (Joint Lead Manager)
- Lloyds (Joint Lead Manager)
- Morgan Stanley (Joint Lead Manager)
- NatWest (Joint Lead Manager)

### Key Quotes
> Digitalisation is central to ensuring that the UK can be a global hub for digital assets and the government’s commitment to the issuance of a digital gilt is a core part of this agenda. The appointment of Lead Managers marks an important step as we work towards issuance early next year.
> — Lucy Rigby, Economic Secretary to the Treasury

### Sources
- [UK takes next step towards first digitally native government bond - GOV.UK](https://www.gov.uk/government/news/uk-takes-next-step-towards-first-digitally-native-government-bond) - GOV.UK