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.