Sovereign Bond Disputes Caseload: Basis for Legal Strategies in International Investment Law Arbitration

31 Pages Posted: 2 May 2018

See all articles by Tomas D. Rodriguez Correa (LL.M. int. Heidelberg Universität)

Tomas D. Rodriguez Correa (LL.M. int. Heidelberg Universität)

Max Planck Society for the Advancement of the Sciences - Max Planck Institute for Comparative Public Law and International Law

Date Written: April 24, 2018

Abstract

This article is part of the master thesis “Dispute Settlement after Sovereign Debt Defaults: A Forum Menu for Holdout Creditors”. The article analyses issues that holdout creditors should take into account when initiating arbitral proceedings before an international investment tribunal, particularly under the International Centre for Settlement of Investment Disputes rules. The article also analyses aspects of financial law, mainly by examining hypothetical situations where treaty shopping can be executed through International Central Securities Depositories such as Euroclear and Clearstream. The article provides an objective analysis of the main pros and cons of resolving sovereign debt disputes before investment tribunals. Finally, the article demonstrates that bondholders who have acquired their bonds in the secondary market should not go before ICSID looking for full enforcement of sovereign bonds’ terms, as the compensation awarded might be considerably limited, having regard only to the bonds’ market value.

Keywords: sovereign bond disputes, secondary market, International Central Securities Depository, treaty shopping, International

Suggested Citation

Rodriguez Correa, Tomas D., Sovereign Bond Disputes Caseload: Basis for Legal Strategies in International Investment Law Arbitration (April 24, 2018). Max Planck Institute for Comparative Public Law & International Law (MPIL) Research Paper No. 2018-05. Available at SSRN: https://ssrn.com/abstract=3167788 or http://dx.doi.org/10.2139/ssrn.3167788

Tomas D. Rodriguez Correa (Contact Author)

Max Planck Society for the Advancement of the Sciences - Max Planck Institute for Comparative Public Law and International Law ( email )

Im Neuenheimer Feld 535
69120 Heidelberg, 69120
Germany

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