deuda que vaya venciendo

Rueda99

Member
Slovak
Para ello, el BCE dotará de la máxima flexibilidad a las reinversiones de deuda que vaya venciendo del PEPP, que en lugar de acabar en 2022 lo hará en 2023.
Information:
BCE is a Central European Bank.
PEPP = pandemics-related bonds buying program
Source: El BCE reducirá las compras de deuda en 2022 pero no subirá los tipos de interés

This phrase is comprehensible by me to some extent. I assumed that:
1. Dotar de la -> provide the
dotará de la máxima flexibilidad -> provide the maximum flexibility
2. Dotar a -> equip the
dotará a las reinversiones -> equip the reinvestments

Problem
1. I do not know how to translate vaya venciendo del X. I would say that "vaya venciendo" means "goes overcoming / overcomes". How would you translate this phrase?
 
  • Rueda99

    Member
    Slovak
    What I learned so far:
    - vencer can be used as a synonym of expiration.
    This is equal to reaching assets maturity, which means that the issuer of the bonds is obligated to buy them back.
    - vaya venciendo = becomes purchased back by the issuer.

    Does it then mean that the BCE (Banco Central Europeo) will be flexible on the bonds by buying them again after the 2022 sale, and keeping them until 2023?
     

    SuperScuffer

    Senior Member
    English - GB
    What I learned so far:
    - vencer can be used as a synonym of expiration.
    This is equal to reaching assets maturity, which means that the issuer of the bonds is obligated to buy them back.
    - vaya venciendo = becomes purchased back by the issuer.

    Does it then mean that the BCE (Banco Central Europeo) will be flexible on the bonds by buying them again after the 2022 sale, and keeping them until 2023?
    It looks like they will re-invest the funds from the expiring bonds in buying more bonds, under a different program, so that it doesn't suddenly all come to an end.
     

    Rueda99

    Member
    Slovak
    2022 = vaya venciendo = expiration of the bonds = purchased back by the issuer = the money goes back to PEPP/EBC
    2022 = PEPP/EBC buying the expired bonds again, under a different program
    2023 = the new date of "vaya venciendo"/expiration
    Is it like that?

    vencer | Diccionario de la lengua española
    vencer - 13. intr. Dicho de una deuda u otra obligación: Hacerse exigible por haberse cumplido la condición o el plazo necesarios para ello.
     
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    SuperScuffer

    Senior Member
    English - GB
    No, the "vaya venciendo" means something like "while the bonds are expiring", or "during the period of time that they are expiring" so as they are expiring, they will re-invest in new bonds as part of the other program.

    Maybe a native Spanish speaker can give more insight into the "vaya + gerundio" construction?

    From the house dictionary:-

    vencer vi(plazo: terminar) (deadline)be vi
    fall due, come due, become due vi phrasal
    run out vi phrasal
    El plazo para pagar el impuesto vence el 23 de agosto.
    The deadline for paying the tax is August 23.
    vencer vi(contrato, ley: perder validez)expire vi
    Nuestro contrato con la alcaldía venció el mes pasado y no fue posible renovarlo.
    Our contract with the mayor's office expired last month and couldn't be renewed.
     

    Rueda99

    Member
    Slovak
    This is perfect. I do not know how to thank you SuperScuffer!
    Lets wait for a native opinion

    Para ello, el BCE dotará de la máxima flexibilidad a las reinversiones de deuda que vaya venciendo del PEPP, que en lugar de acabar en 2022 lo hará en 2023. - For that, BCE will equip with maximum flexibility the reinvestments of debt, which expires OF PEPP? -> vaya venciendo del PEPP <- this is the problem
     
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    Joe Esquire

    Senior Member
    Spanish Spain- English US
    The context is that the ECB has purchased bonds from member countries under PEPP, some of them are maturing, and are being renewed or rolled-over, extending PEPP until 2023.

    “To that end, the ECB will provide maximum flexibility in the reinvestment of maturing debt (it holds) from the PEPP (Pandemic Emergency Purchase Program), so that instead of ending in 2022, (the Program) will now expire in 2023.


    Here is the English version of the same news from Reuters
    Life after PEPP: Five questions for the ECB

    Regards,

    JE
     
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    Rueda99

    Member
    Slovak
    To remind the unsolved mystery quote is attached
    Para ello, el BCE dotará de la máxima flexibilidad a las reinversiones de deuda que vaya venciendo del PEPP, que en lugar de acabar en 2022 lo hará en 2023.
    I still do not understand what does the phrase state exactly.

    1
    Thank you for your answer Joe Esquire.
    Its impossible that the phrase says PEPP will end in 2023 because the article states otherwise, evidenced by the picture
    https://www.reuters.com/resizer/leN...ng.com/reuters/7ZJV4E5SCVJMNDIE6CRNQGWIOE.jpg
    I personally think that "que en lugar de acabar" refers to something different.

    2
    "Vaya venciendo" means "mature", here means the date when assets become purchased back by the issuer, giving the money back to the buyer.
    "Vaya venciendo del PEPP" means "mature - as part of? - PEPP"?
    What do you think?

    I am dying to understand it! :rolleyes:
     
    Last edited:

    Joe Esquire

    Senior Member
    Spanish Spain- English US
    Impossible?

    The article I sent you above, from Reuters CLEARLY states that the program will continue into 2023. It’s addressed at Question No.1. Short term debt matures and gets rolled-over for 1 more year. The graph you cite shows the ending before the proposed extension.

    It would be useful to you to read-up on the PEPP program. The ECB lends money on short term to the member national banks. (Buys the bonds (asset purchase) issued by Banco de Espana, for example). When the debt matures, it has to be paid back, rolled-over or replaced. In this case, at least 1 more year is being granted.

    “Vaya venciendo” it’s reflexive: ..as the bonds become due…

    See official comunique from the ECB indicating that program will continue “at least till the end of 2023.”

    Pandemic Emergency Purchase Programme
     

    Rueda99

    Member
    Slovak
    Joe, you are very engaged in helping me out. I really appreciate it!
    Is it that simple then, that "vaya venciendo del PEPP" means "become due to PEPP meaning PEPP asks for their money back"?

    Impossible?

    The article I sent you above, from Reuters CLEARLY states that the program will continue into 2023. It’s addressed at Question No.1. Short term debt matures and gets rolled-over for 1 more year. The graph you cite shows the ending before the proposed extension.

    It would be useful to you to read-up on the PEPP program. The ECB lends money on short term to the member national banks. (Buys the bonds (asset purchase) issued by Banco de Espana, for example). When the debt matures, it has to be paid back, rolled-over or replaced. In this case, at least 1 more year is being granted.

    “Vaya venciendo” it’s reflexive: ..as the bonds become due…

    See official comunique from the ECB indicating that program will continue “at least till the end of 2023.”

    Pandemic Emergency Purchase Programme
    I guess I just have to thank you for help!
     
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