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The UK government has selected six financial institutions as joint lead managers for its first digital gilt issuance, Crypto Briefing reported. The banks are Barclays, HSBC, Lloyds, Morgan Stanley, NatWest and RBC Capital Markets.
The digital bond, known as the Digital Gilt Instrument, or DIGIT, is a pilot project that applies distributed ledger technology to processes including UK government bond issuance and settlement. DIGIT is being run as an experimental project separate from the UK government’s conventional gilt issuance program. The UK Treasury had previously said it plans to complete the first DIGIT transaction by the first quarter of next year.