Bermuda is a self-governing British Overseas Territory comprising the Bermuda, or Somers, Islands, an archipelago of some 150 islands in the Atlantic Ocean about 570 nautical miles south-east of North Carolina. Bermuda covers an area of approximately 21 square miles and has a population of approximately 64,237 as of May 2010. Per capita nominal GDP in 2010 was US$89,739.00, one of the highest in the world.

As at December 2012 the Government currently holds long-term foreign currency credit ratings of 'Aa3e' from Moody's Investor Services, and 'AA-e' from Fitch Inc. As at July 2012 there was a 'AA-'  from Standard and Poor's.

The Notes have NOT been registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any other jurisdiction. The Notes are denominated in Bermuda dollars and will be offered only to Permitted Purchasers as defined in the Offering Memorandum.