To determine the extent to which VERBUND AG should utilize hybrid bonds relative to S&P Global Ratings' 15% cap, we evaluate the company's capital structure, leverage, and debt affordability.

1. **Leverage & Debt Capacity:** 
For the year ending 2022, VERBUND AG's total financial liabilities amounted to approximately €3.95 billion (Noncurrent Financial Liabilities: €2.84B + Current Financial Liabilities: €1.11B). Meanwhile, its cash and cash equivalents stood at €409 million, resulting in a net debt of roughly €3.54 billion. 
With an exceptional EBITDA of €3.16 billion in 2022, the company's Net Debt-to-EBITDA ratio is extremely low at just ~1.12x. 

2. **Profitability & Coverage:**
The company generated massive operational cash flows (€2.02 billion in 2022) and has very strong interest coverage. The EBITDA of €3.16 billion compared to an interest expense of €101.7 million yields an interest coverage ratio (EBITDA/Interest) of over 31x. 

3. **Need for Equity Credit:**
Hybrid bonds are primarily utilized by companies that are highly leveraged and seeking to protect their credit ratings, as these instruments are treated partially as equity (up to S&P's 15% cap) but are more expensive than senior debt. VERBUND AG has a conservatively capitalized balance sheet, robust profitability (bolstered by surging energy prices and its low-cost hydro generation mix), and excellent liquidity. It has ample room to issue standard, cheaper senior debt if financing is required without threatening its credit standing. 

Because VERBUND AG faces no distress and has highly favorable credit metrics, there is no financial justification for the company to incur the higher costs associated with hybrid capital. 

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