The Scottish government announced plans on Thursday to issue its first sovereign bonds in 2026/27, as it looks to raise funds for infrastructure investments.

It will be the first issuance in a planned £1.5 billion ($1.97 billion) bond program that's set to be rolled out over the next parliamentary period, which begins with elections in May next year. However, officials noted that the plans were subject to the outcome of the government elections.

Scotland is part of the U.K., but operates as a devolved nation, which means it has its own government. While the Scottish parliament has certain limited powers over income tax and parts of the economy, decisions on macroeconomic policy are reserved to the U.K. government.

On Wednesday, S&P Global and Moody's gave the Scottish government its fir

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