To determine the appropriate utilization of hybrid bonds relative to S&P Global Ratings' 15% equity credit cap, we evaluate VERBUND AG's financial position at the end of 2022.

1.  **Financial Data Analysis (2022):**
    *   **Equity:** 6,362,949,000 EUR
    *   **Noncurrent Financial Liabilities:** 1,834,155,000 EUR
    *   **Current Financial Liabilities:** 1,462,453,000 EUR
    *   **Total Debt (Financial Liabilities):** 3,296,608,000 EUR
    *   **Total Adjusted Capital (Debt + Equity):** 9,659,557,000 EUR

2.  **S&P Hybrid Cap Calculation:**
    *   The 15% limit on total adjusted capital is: 0.15 * 9,659,557,000 = 1,448,933,550 EUR.
    *   This represents the maximum amount of hybrid capital that can receive equity credit.

3.  **Strategy Assessment:**
    *   VERBUND AG maintains a robust equity base and a solid investment-grade financial profile. The market data provided (e.g., rising swap rates and bond yields) indicates an environment where the cost of debt has increased significantly compared to 2020/2021.
    *   While hybrid bonds provide equity-like credit, they are generally more expensive than senior debt. Given that the company’s "Profit Loss" increased significantly (from ~985M EUR to ~1.95B EUR) and operating cash flows are strong (2.02B EUR in 2022), the company has significant internal liquidity and access to traditional capital markets.
    *   Considering the goal of optimizing capital costs and maintaining credit ratings, the company is not in a position that necessitates a heavy reliance on expensive hybrid instruments to meet equity ratios. Utilizing hybrid bonds at the full 100% of the S&P cap would be inefficient. A moderate utilization (25%) is appropriate to provide financial flexibility without incurring the disproportionate costs of maximizing hybrid usage.

<answer>25%</answer>