To determine the appropriate level of hybrid bond issuance relative to S&P Global Ratings’ cap, we first compute total adjusted capital (debt plus equity). Using the 2022 data (as of 2023‑01‑01), total debt (financial liabilities including lease liabilities) is approximately €85.4 bn and total equity is €58.1 bn, giving combined adjusted capital of roughly €143.5 bn. The S&P cap allows equity credit on hybrids up to 15 % of this total, i.e., about €21.5 bn.

Next, we assess current hybrid instruments. The company has issued perpetual subordinated obligations and other equity‑like instruments; the outstanding amount is approximately €3 bn. Assuming a typical 50 % equity‑credit assignment, the current equity credit used is around €1.5 bn, which represents only about 7 % of the allowed cap. This leaves substantial room for additional hybrid issuance.

Given the company’s strong operating cash flow (€10.4 bn in 2022), moderate leverage, and low cost of hybrid debt (market data indicate favorable rates), there is a financial incentive to utilize more of the permitted equity‑credit capacity. Although a safety margin might be prudent, the question asks for the extent relative to the cap. Since the cap is the maximum allowable and the company is well below it, the logical recommendation is to use the full capacity provided by the cap.

<answer>100%</answer>