1  –  newname

    The new name for this object. This name must not already exist in
    the database for this object type, nor be the name of a synonym.
    The one exception is when the synonym references the oldname
    object.

    If this is a RENAME TABLE, RENAME VIEW or RENAME SEQUENCE then
    the newname cannot be the name of an existing table, sequence or
    view.

2  –  oldname

    The name of an existing object in the database. If the object
    type keyword is specified then an object must exist of that type.
    The name may also be a synonym for an object of the specified
    type.