FT News Briefing Scottish kilts set to enter the bond market
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Nov 13, 2025 
Simeon Kerr, FT Scotland correspondent, shares insights on Scotland's inaugural bond issuance, nicknamed 'kilts', which has received an investment-grade credit rating matching the UK's. He discusses the political implications of this move for Scottish independence and the investor appetite for these bonds. Meanwhile, Owen Walker, FT Singapore correspondent, explains why wealthy Chinese families are gravitating towards Dubai and Abu Dhabi for family offices, citing stricter regulations in Singapore and appealing residency options in the Gulf.
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Scotland Wins Ratings, Prepares 'Kilts' Bond
- Scotland received investment-grade ratings identical to the UK, enabling it to plan its first bond issuance called "kilts."
- The move will test investor appetite and act as a market proxy for views on Scotland's economy and independence prospects.
Power And Purpose Behind The Bond Plan
- The Scottish government has held bond-issuing powers since 2015 and revived plans in 2023 to fund infrastructure and the net-zero transition.
- An investor panel recommended getting a credit rating and issuing bonds to tap international finance for renewables and infrastructure.
Bonds As A Credibility And Independence Signal
- Issuing its own bonds would help Scotland build credibility with international investors and demonstrate sovereign capability.
- The bond issuance could act as a stepping stone or signal in the broader debate over Scottish independence.