Introduction

Recent investment arbitration cases suggest a tendency towards an ever-broader subject-matter jurisdiction of tribunals over disputes between investors and the host state. Firstly, in a series of cases bearing on government debts/debts of a state owned enterprise, tribunals confirmed that security entitlements deriving from sovereign bonds, and rights under derivative contracts, fall within the scope of an 'investment' covered both by Article 25(1) of the ICSID Convention and the relevant investment treaties: Abaclat v. Argentina , Ambiente v. Argentina and Deutsche ...