We need to select a share of hybrid bonds (0-15% of total adjusted capital) that Iberdrola should issue over the next 18 months, given 2022 data. Use the provided checklist style and rating methodology for hybrids (credit risk, capex, leverage, etc.). Also consider S&P cap: maximum 15% of total adjusted capital (equity + adjusted debt) for equity credit on hybrids. Key data points from provided figures (selected): - Equity: 58,114,000,000 EUR (2023-01-01), but we need 2022 year-end for comparability; however, data shows 2023 and 2022 figures; "Equity" 2023-01-01: 58.114b; "Equity" 2022-01-01: 56.051b. So around 56-58b. - Noncurrent Financial Liabilities: 44.216b; Noncurrent Liabilities total: 67.714b; Current Liabilities 28.839b. Total Liabilities + Equity matches Assets. - Hybrid instruments (per notes): "Instrumentos De Capital Con Caracteristicas De Pasivo Financiero No Corriente" 576,000,000 EUR (2023-01-01); "Emision De Obligaciones Perpetuas Subordinada" data shows prior years: 2021-2022; current 2023 value not stated; "Devengo De Intereses De Obligaciones Perpetuas Subordinadas" negative 169,000,000 EUR; Also "Instrumentos De Capital Con Caracteristicas De Pasivo Financiero Corriente" 87,000,000 EUR (current). So hybrids exist: around 663m total? There is also "Treasury Shares" adjustments etc. The line items show "Instrumentos De Capital Con Caracteristicas De Pasivo Financiero No Corriente" = 576m; "Corriente" 87m; Total hybrids ~663m at 2023-01-01. Could be older outstanding hybrids. If current starting point is low (~0.66b) and total adjusted capital base around Equity + Adjusted Debt. Adjusted debt = Noncurrent Liabilities + Current Liabilities? But hybrids count towards capital; "total adjusted capital" = Equity + Adjusted Debt. We need estimate. If total debt ~ Noncurrent Liabilities 67.714b + Current Liabilities 28.839b = ~96.553b. Add equity 58.114b -> ~154.7b. But "adjusted debt" includes hybrids? Yes, hybrids considered equity-like but counted as debt for some calculations; but "equity + adjusted debt" would include hybrids in adjusted debt maybe? The question wants to cap at 15% of total adjusted capital; which is 0.15 * (Equity + Adjusted Debt). If existing hybrids are 0.663b, percentage currently = ~0.663 / (Equity + Adjusted Debt). If adjusted debt equals total debt excluding hybrids? Unclear. Given the info, Iberdrola has moderate to high capex (renewables expansion), large regulated utility with moderate leverage. They likely have capacity to issue hybrids to optimize leverage. The provided guidelines: 7.5% is a "moderate refinancing or acquisition needs; rating headroom moderately constrained; hybrid issuance meaningfully improves adjusted leverage metrics; cost slightly higher." 11.25% is for high capex intensity, large pipeline; rating preservation; marginal debt cost impact. 15% for transformational capex. Iberdrola in 2022 had large capex in renewables, but still investment grade and strong rating in A-range. Hybrid issuance 7.5% could improve adjusted leverage without materially raising cost. Also starting point: there is existing hybrids ~0.66b; relative to total adjusted capital around 150b, that's ~0.4%. So there is headroom to issue more, up to 15%. Recommendation: 7.5% seems balanced: use to fund capex/acquisition needs and improve leverage gradually, with modest cost impact. Thus final answer: 7.5%. 7.5%