UK Appoints 6 Banks to Lead First Digital-Native Gilt Issuance, Expected in Q1 2027
Odaily News: The UK government has appointed Barclays, HSBC, Lloyds, Morgan Stanley, NatWest, and RBC Capital Markets as joint lead managers for the first digital-native gilt, the Digital Gilt Instrument (DIGIT), 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 Digital Securities Sandbox and will test the use of distributed ledger technology in gilt issuance and across its full lifecycle, including on-chain settlement. Lucy Rigby, Economic Secretary to the Treasury, said the project aims to explore the application of distributed ledger technology in the sovereign debt market and to advance the UK's digital financial infrastructure.
HSBC was appointed as the distributed ledger technology provider for the pilot in February and reached an agreement with London Stock Exchange Group in July to develop a digital securities depository connectivity solution. (Cointelegraph)