The company’s current reliance on hybrid bonds is modest (about 4 % of total capital). Hybrid bonds carry a cost slightly above senior debt but well below equity, providing a tax‑deductible financing option that can be treated as equity by rating agencies, thereby improving leverage ratios and reducing refinancing risk. However, given the relatively high interest‑rate environment in 2022 (swap yields around 1.9 % and credit spreads around 2.3 % leading to debt costs of roughly 4 % pre‑tax) and the company’s already high leverage (debt/EBITDA ≈ 4.8×), a very high share of hybrid financing would increase financial risk. A moderate level—around one‑quarter of total capital—balances the benefit of lower cost versus equity and the need to keep leverage manageable, while avoiding the extreme positions represented by the other options.

<answer>25%</answer>