Let’s break this down step by step.

**1. Understand the S&P hybrid cap rule**  
S&P Global Ratings caps equity credit from hybrid bonds at **15% of total adjusted capital**, where total adjusted capital = total debt + total equity.

**2. Find total equity for Bouygues at end of 2022**  
From the data:  
- Equity at 2023-01-01 = **€13,932 million**.

**3. Find total debt**  
We can approximate total debt as:  
- Long-term borrowings: €11,586 million  
- Current borrowings (including current portion of noncurrent): €1,361 million  
- Current overdrafts & short-term borrowings: €418 million  

Sum = **€13,365 million**.

**4. Total adjusted capital**  
Equity + Debt = €13,932M + €13,365M = **€27,297M**.

**5. 15% cap in euros**  
15% × €27,297M = **€4,094.55 million** — this is the maximum hybrid amount that can get equity credit.

**6. Consider current hybrid usage**  
The data doesn’t explicitly mention hybrids, so it’s likely none are currently issued. In that case, the company has the full 15% room available.

**7. Assess market conditions**  
Given rising rates in 2022 (5Y swap moving from -0.264% avg in 2021 to 1.726% in 2022) and wider credit spreads, hybrid issuance costs would have increased. However, hybrids still provide cheaper equity credit than common equity and can optimize capital structure. Given the sizable equity base and acquisition activity (large cash outflow for subsidiaries in 2022), some hybrid issuance could be justified, but possibly not the full 15% given deteriorating market conditions.

**8. Conclusion**  
Full utilization may be too aggressive given market conditions and leverage increase. A partial use — e.g., 75% — seems reasonable to balance cost and capital efficiency, but the question is about *extent* relative to the cap. If the cap is fully utilized, answer is 100%. However, given rate and spread environment, not maxing out is plausible. Without a statement of actual issuance plans, a moderate approach seems appropriate, but the question likely expects reasoning to lead to a single choice.

Given typical corporate behavior — using hybrids for rating support and M&A funding — and the significant increase in net debt (from €941M to €7,440M), maximizing hybrid capacity could be appealing.

<answer>100%</answer>