To prioritize the most promising prospects for originating a hybrid bond transaction, a bank should target companies that already have a track record of issuing hybrid securities (perpetual subordinated bonds). These companies are already familiar with the instrument, have the necessary corporate and rating agency frameworks in place, and will periodically need to issue new hybrids to refinance their existing ones as they approach their first call dates. Additionally, the size of the existing hybrid capital and the entity's overall funding needs are strong indicators of the potential fee pool and likelihood of near-term issuance. 1. **Entity A (ENI S.P.A.)**: This is the most promising prospect. The data shows Eni has a substantial track record with hybrid bonds, explicitly reporting "Perpetual Subordinated Bonds" within equity. They had massive issuances recently (€3 billion in 2020 and €2 billion in 2021) and paid significant coupons on these instruments (€138 million in 2022). Given the sheer scale of Eni (Total Assets of >€152 billion) and their large existing stock of hybrids, they represent the largest and most recurring fee pool for a bank's capital markets team. 2. **Entity B (TenneT Holding B.V.)**: This is the second most promising prospect. TenneT also has a proven track record, carrying a constant €2.125 billion in "Hybrid Capital" on its balance sheet and paying €57 million in annual distributions to hybrid owners. Furthermore, TenneT has aggressive funding needs driven by massive capital expenditures (purchases of PP&E over €4.4 billion in 2022) while generating negative operating profit (-€976 million). This profile makes them highly reliant on equity-like instruments such as hybrid bonds to fund the energy transition without tripping debt leverage limits and losing their credit ratings. 3. **Entity C (REDEIA CORPORACION SA)**: This is the least promising of the three. Redeia does not currently report any hybrid capital, perpetual bonds, or related coupon payments in its equity structure. While it operates in the utility/transmission sector (which is typical for hybrid issuers), the lack of any existing hybrid capital means that originating a transaction would require a first-time, inaugural structuring effort. This makes it a lower-probability and longer-lead-time prospect compared to established, frequent issuers like Eni and TenneT. A,B,C