To determine the most promising prospects for originating a hybrid bond transaction, a bank should prioritize entities based on their historical usage, outstanding volume, and demonstrated appetite for this specific financing instrument. 1. **Entity B (ENEL - SPA) - First Priority**: Enel is the most promising prospect. The data shows it is a frequent and large-scale issuer of hybrid bonds. It had an outstanding balance of perpetual hybrid bonds of approximately €5.57 billion at the end of both 2021 and 2022 (after issuing around €3.18 billion in 2021). Frequent users with large outstanding hybrid profiles are the best targets for banks because they regularly need to manage their capital structure, refinance existing callable hybrid tranches, and typically offer the largest fee wallet. 2. **Entity C (TERNA S.P.A.) - Second Priority**: Terna is the second most promising prospect. The data indicates that it recently utilized this instrument, recording approximately €989 million in equity instruments/perpetual hybrid bonds during the 2022-2023 period. Having recently entered the hybrid market, Terna has established an appetite and internal approval for hybrid capital, making it a warm prospect for future issuances or follow-on transactions, albeit with a smaller existing profile than Enel. 3. **Entity A (A2A ENERGIA S.P.A.) - Third Priority**: A2A is the least promising prospect among the three. There is no mention of perpetual hybrid bonds or hybrid equity instruments on its balance sheet or in its cash flow activities for the reporting periods. Pitching a first-time hybrid bond to a non-user requires significantly more structural advisory, board education, and rating agency navigation, making the probability of near-term origination much lower compared to established issuers. B,C,A