REUTERS The International Swaps and Derivatives Association (ISDA) said on Monday that Ukraine&#39;s deal with bondholders to restructure $18 billion of debt constituted a credit event, The Financial Times reports. As such, holders of insurance on the country&#39;s sovereign debt (via so-called credit default swaps) can seek payment. The ISDA&#39;s determinations committee said an auction to determine the payout that CDS holders would receive will take place on October 6. Read alsoISDA assesses Ukraine credit event as $500 million bond matures: BloombergLast year, Argentina&#39;s default triggered a payout of EUR 2.5 billion to investors who had purchased the insurance-like contracts against the event. Ukraine recently agreed a restructuring deal with a group of international creditors holding around $9 billion of the country&#39;s outstanding debt and this week the country&#39;s parliament backed the plan, which requires investors to accept a 20% haircut on the face value of their bonds and pushing back debt repayment dates. Read alsoRada green-lights sovereign debt restructuringIn August, credit rating agency S&P said that the exchange, which is part of a $40 billion IMF rescue plan for the country, would classify as a default.