The UK government has appointed Barclays, HSBC, Lloyds, Morgan Stanley, NatWest and RBC Capital Markets as joint lead managers for its first digital-native government bond, the Digital Gilt Instrument, or DIGIT. The issuance is expected in the first quarter of 2027.
The six banks will handle underwriting, investor communication and distribution. DIGIT is set to be issued through a platform operating within the UK’s Digital Securities Sandbox, where authorities plan to test the use of distributed ledger technology across the issuance and full lifecycle of a sovereign bond, including on-chain settlement.
Lucy Rigby, Economic Secretary to the Treasury, said the project 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. Separately, HSBC was appointed 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, according to Cointelegraph.
The UK government has appointed Barclays, HSBC, Lloyds, Morgan Stanley, NatWest and RBC Capital Markets as joint lead managers for its first digital-native government bond, the Digital Gilt Instrument, or DIGIT. The bond is expected to be issued in the first quarter of 2027.
The six banks will provide underwriting, investor communication and distribution services. DIGIT will be issued through a platform within the UK’s Digital Securities Sandbox and will test the use of distributed ledger technology across sovereign bond issuance and the instrument’s full lifecycle, including on-chain settlement.
DIGIT pilot structure
Lucy Rigby, Economic Secretary to the Treasury, said the project is designed to explore the use of distributed ledger technology in sovereign debt markets and support the development of the UK’s digital financial infrastructure.
According to Cointelegraph, HSBC was appointed in February as the distributed ledger technology provider for the pilot. In July, it also reached an agreement with London Stock Exchange Group to develop a connectivity solution for a digital securities depository.
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