The average bond holder could hence reasonably expect to achieve this level of return should he hold his bonds for long enough.

After five years, the housing providers repay their loans with interest and the bond holders are repaid in full.

But a lower conversion price also increases the number of shares that a bond holder gets in exchange for one bond, increasing the dilution of existing shareholders.

The loss was smaller than expected because of discounts it had negotiated in debt-restructuring deals with bond holders.

It said that 74 per cent of bond holders have already handed over their bank details.