estaban canjeando
-they/you were exchanging
Imperfect progressiveellos/ellas/ustedesconjugation ofcanjear.

canjear

Este quebranto griego fue no obstante un buen negocio para los tenedores de bonos que recibieron el 50% del valor nominal cuando los mismos bonos se estaban canjeando por el 35% del valor y consiguieron un incentivo en 'cash'.
The Greek writedown was a very good deal for bondholders who were paid 50% of the face value at a time when those same bonds were actually trading for around 35% value–and they got a cash incentive.
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