This is the Drill bit UJK has for this purpose.
https://tsoproducts.com/jigs-fixtures-guides/ujk-20mm-cutter-split-stop-collar-for-parf-guide-system/?searchid=530978&search_query=20mm+Centrotec+Drill+Bit+for+Parf+Guide+System
It is part of this system.
https://tsoproducts.com/jigs-fixtures-guides/parf-guide-system/ujk-parf-guide-system-mark-ii/?revpage=12&utm_medium=cpc&utm_source=google&utm_campaign=18178634395&utm_content=618802821251&utm_adgroup=144423686150&gad_source=1&gad_campaignid=18178634395&gclid=CjwKCAjwyYPOBhBxEiwAgpT8P0QCxOyxbUnBr95TepsfOtb4nzVIugZS7k8ft7iDIlwpVQCF1g9dYBoCXbAQAvD_BwE
If those links don't work do a google search on:
UJK Parf Guide System Mark II
TSO Products sells it. Lee Valley sells it too at a considerably higher price.
Woodpeckers also has two kits:
https://www.woodpeck.com/mft-layout-assembly-square-19.html
https://www.woodpeck.com/hole-boring-jig-2019.html
They don't sell a dedicated bit because they want you to rout out the hole with a smaller router bit.
A high quality 25/32 bit may also work.