To assess the suitability of Iberdrola, S.A. for the issuance of hybrid bonds, we evaluate the provided financial data against the specified criteria.

**1. Business Profile:**
Iberdrola operates as a major global utility, primarily engaged in the generation, transmission, and distribution of electricity. Its core activities align squarely with the "Regulated Utilities" and "Unregulated Power and Gas" categories defined in the methodology. These sectors are characterized by essential infrastructure services, high capital intensity, and stable, visible cash flows. This aligns with the "Strongly Suitable" profile for hybrid issuance.

**2. Financial Profile and Rationale:**
- **Financial Performance:** Iberdrola reported a substantial EBITDA of 13.23 billion EUR in 2022. While its revenue grew significantly, finance costs also rose, which is consistent with the global interest rate environment reflected in the provided swap curve data (moving from negative territory in 2020-2021 to ~1.7%-1.9% in 2022).
- **Capital Structure:** The group carries a significant debt burden (Noncurrent Financial Liabilities of 44.22 billion EUR plus Current Financial Liabilities of 25.08 billion EUR). 
- **Use of Proceeds:** The company has a heavy investment profile ("Property Plant And Equipment" increased from 79.98 billion EUR to 86.33 billion EUR, with 11.51 billion EUR in "Construction In Progress"). Hybrid bonds are a strategic tool for utilities to fund capital-intensive projects while managing leverage and maintaining investment-grade rating headroom.
- **Precedent:** The financial notes indicate the company has previously issued "Obligaciones Perpetuas Subordinadas" (subordinated perpetual bonds), which are hybrid instruments. The existence of these in their capital structure demonstrates both the ability to access these markets and a strategic financial policy that utilizes hybrid capital to optimize the balance sheet.

**3. Alignment with Guidelines:**
- The company fits the "Strongly Suitable" category as a regulated/energy infrastructure utility.
- It faces high capital requirements for its infrastructure and energy transition investments.
- Hybrid issuance serves as a proven method for such entities to protect credit ratings and manage leverage ratios effectively in a rising interest rate environment.

Given that Iberdrola is a major utility with clear, ongoing needs for capital-intensive infrastructure funding and a demonstrated track record of successfully utilizing hybrid instruments to manage its capital structure and ratings, the issuance of further hybrid bonds is a standard and highly suitable financing strategy.

<answer>Strongly Suitable</answer>