Barclays (BCS), HSBC (HSBC), Lloyds (LYG), Morgan Stanley (MS), NatWest (NWG), and Royal Bank of Canada's (RY) RBC Capital Markets have been named joint lead managers for the UK's Digital Gilt Instrument, or DIGIT, pilot, the UK government said Tuesday.

The appointment of the lead managers is a key step toward issuance of the digital bond, the government said, adding the banks will provide traditional lead manager services like underwriting, supporting investor engagement, and distributing the digital bond on issuance day.

Issuance of the digital bond, which is expected to happen by Q1 2027, will explore how distributed ledger technology can be used during issuance and lifecycle of a bond, the government said.

Price: 23.87, Change: +0.28, Percent Change: +1.17