HM Treasury appoints six lead managers for DIGIT pilot programme
07 October 2026 UK
Image: Tony_Baggett/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 “transparent and objective” criteria, and are a “key step” 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 “UK can turn its ambition for digital markets into practical action”.
DIGIT forms part of the UK government’s 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 “helping create the conditions for firms to innovate and invest”.
Speaking on the initiative, Lucy Rigby KC MP, Economic Secretary to the Treasury, says: “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.”
The selections follow a competitive procurement process that evaluated suppliers against “transparent and objective” criteria, and are a “key step” 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 “UK can turn its ambition for digital markets into practical action”.
DIGIT forms part of the UK government’s 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 “helping create the conditions for firms to innovate and invest”.
Speaking on the initiative, Lucy Rigby KC MP, Economic Secretary to the Treasury, says: “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.”
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