Companies will often seek to exchange their securities to extend maturities, reduce debt outstanding or convert debt into equity.

For example, companies can sometimes convert debt that they owe into equity in themselves.

If the structure involves converting debt into equity, current shareholders may oppose the dilution of ownership.

It would prefer to raise about 26 billion from a combination of a rights issue, converting debt into equity and disposals.

The bank has proposed raising about 26 billion using other means, including an 11 billion rights issue plus about 15 billion from converting debt into equity and through disposals.