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question, since the inclusion of sovereign bonds within the scope of the BIT was a policy consideration that fell to be dealt with between the Contracting Parties at the time of negotiating the BIT. Since the BIT had already been concluded without excluding sovereign bonds, ‘the only relevant question’ was

In: The Journal of World Investment & Trade

. 3 Multi-Party Investment Arbitration Whereas multi-party proceedings are not necessarily rare in investment treaty arbitration, controversies arise in most cases when sovereign bonds are involved. This section thus provides a brief overview of multi-party investment arbitration to identify the

In: The Journal of World Investment & Trade

distressed sovereign debt at a lower price than the nominal value of debt obligations with the purpose of recovering the latter through direct negotiations or litigation with the sovereign issuer. 15 B. The Terms of the Bonds The issuing of sovereign bonds within specific programmes involves a

In: The Law & Practice of International Courts and Tribunals
In: Immunities in the Age of Global Constitutionalism

development. On 9 April 2015, however, the arbitral tribunal in Poštová banka v. Greece rendered an award denying its jurisdiction ratione materiae , ruling that a series of Greek sovereign bonds purchased and owned by one of the claimants did not constitute a protected ‘investment’ under the applicable

In: The Law & Practice of International Courts and Tribunals

). Translated in Foreign investment laws of Vietnam. Decree 1-2011-ND-CP (Vietnamese sovereign bonds and government guaranteed debt). In force 20 Feb 2011. Law 29-2009-QH12 of 17 Jun 2009 (public debt management). This covers government debt and government guaranteed debts.  

In: Foreign Law Guide

themselves on financial markets depends on the quality of collateral they can produce – and in a crisis, that collateral is only made of sovereign bonds. Yet not all sovereign bonds are the same – where a government has increased deficits, be it because it resorted to fiscal stimulus during a crisis, or

In: Crisis and Sequels

discern his view from his award summaries, but a slight change in tone emerges with his discussion of the award in Poštová Banka v Greece , in which he notes that the Tribunal ‘dismissed the claims of the bank for lack of jurisdiction, taking the view that sovereign bonds were not investments covered by

In: The Journal of World Investment & Trade

of Argentina’s default on sovereign bonds. Of the myriad of jurisdictional objections raised by Argentina that the Tribunal rejected, three issues stand out as particularly important to the development of international investment law. This comment focuses on those three points as discussed in the

In: The Journal of World Investment & Trade

expressed by the US Treasury (whose legislation – that of New York – was the one governing the most of sovereign bonds) and was strongly supported by the market. Yet, that preference of policy-makers did not totally obscure the debate. Th e burst of the Argentinean crises then renewed the interest for the

In: International Community Law Review