HM Treasury appoints six lead managers for DIGIT pilot programme
09 October 2026 UK
Image: Tupungato/stock.adobe.com
HM Treasury has appointed Barclays, HSBC, Lloyds, Morgan Stanley, NatWest, and RBC Capital Markets as joint lead managers for the Digital Gilt Instrument (DIGIT) pilot issuance.
The selections follow a competitive procurement process that evaluated suppliers against 鈥渢ransparent and objective鈥� criteria, and are a 鈥渒ey step鈥� towards the DIGIT pilot issuance.
The lead managers will support the UK government by providing traditional services, including underwriting, investor engagement, and distributing DIGIT on issuance day.
The DIGIT pilot is anticipated to take place by Q1 2027 and will explore the application of distributed ledger technology (DLT) across the issuance and lifecycle of the bond.
HM Treasury says the pilot programme will show how the 鈥淯K can turn its ambition for digital markets into practical action鈥�.
DIGIT forms part of the UK government鈥檚 wider strategy to digitise wholesale financial markets and keep the UK competitive as DLT alters how finance works.
The government is also testing new infrastructure and 鈥渉elping create the conditions for firms to innovate and invest鈥�.
Speaking on the initiative, Lucy Rigby KC MP, Economic Secretary to the Treasury, says: 鈥淒igitalisation is central to ensuring that the UK can be a global hub for digital assets, and the government鈥檚 commitment to the issuance of a digital gilt is a core part of this agenda.
鈥淭he appointment of lead managers marks an important step as we work towards issuance early next year.鈥�
The selections follow a competitive procurement process that evaluated suppliers against 鈥渢ransparent and objective鈥� criteria, and are a 鈥渒ey step鈥� towards the DIGIT pilot issuance.
The lead managers will support the UK government by providing traditional services, including underwriting, investor engagement, and distributing DIGIT on issuance day.
The DIGIT pilot is anticipated to take place by Q1 2027 and will explore the application of distributed ledger technology (DLT) across the issuance and lifecycle of the bond.
HM Treasury says the pilot programme will show how the 鈥淯K can turn its ambition for digital markets into practical action鈥�.
DIGIT forms part of the UK government鈥檚 wider strategy to digitise wholesale financial markets and keep the UK competitive as DLT alters how finance works.
The government is also testing new infrastructure and 鈥渉elping create the conditions for firms to innovate and invest鈥�.
Speaking on the initiative, Lucy Rigby KC MP, Economic Secretary to the Treasury, says: 鈥淒igitalisation is central to ensuring that the UK can be a global hub for digital assets, and the government鈥檚 commitment to the issuance of a digital gilt is a core part of this agenda.
鈥淭he appointment of lead managers marks an important step as we work towards issuance early next year.鈥�
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