UK names 6 banks to lead first digitally native government bond
Summary
The UK has appointed Barclays, HSBC, Lloyds, Morgan Stanley, NatWest and RBC Capital Markets to lead its first digitally native government bond, the Digital Gilt Instrument (DIGIT), with a pilot expected by the first quarter of 2027. The banks will handle underwriting, investor engagement and distribution. Issued through the UK’s Digital Securities Sandbox, the pilot will test distributed ledger technology across bond issuance and its lifecycle, including onchain settlement. It follows HSBC’s appointment as DLT supplier. Industry participants say the project’s success will depend on connecting digital securities to existing cash, custody and settlement systems, supported by common standards and legal certainty.
