UK names six banks for DIGIT, a digital-native gilt planned for Q1 2027

The UK government has appointed Barclays, HSBC, Lloyds, Morgan Stanley, NatWest and RBC Capital Markets as joint lead managers for Digital Gilt Instrument, or DIGIT, the country’s first digital-native government bond. The issuance is expected in the first quarter of 2027. The six banks will handle underwriting, investor communication and distribution. DIGIT will be issued through a platform operating within the UK’s Digital Securities Sandbox. The project is designed to test the use of distributed ledger technology across the issuance and full lifecycle of government debt, including on-chain settlement. The appointment gives the pilot a clearer execution structure as the government moves from policy planning toward implementation. Lucy Rigby, Economic Secretary to the Treasury, said the initiative is intended to explore how distributed ledger technology can be used in sovereign debt markets while supporting the development of the UK’s digital financial infrastructure. HSBC had already been named in February as the distributed ledger technology provider for the pilot. In July, the bank also reached an agreement with London Stock Exchange Group to develop a connectivity solution for a digital securities depository.