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

1.  **Business Profile:** Iberdrola is a major integrated global utility. Regulated and infrastructure-like utilities with high cash flow visibility are prime candidates for hybrid instruments, which are often used to balance the capital structure while protecting credit ratings during heavy investment cycles (like renewable energy development).
2.  **Financial Profile and Metrics:** Iberdrola's 2022 S&P Net Debt/EBITDA is approximately 3.9x, and FFO/Net Debt is ~19.65%. These metrics are consistent with a solid investment-grade rating in the BBB category, which is the typical sweet spot for hybrid capital optimization.
3.  **Track Record:** The data confirms that Iberdrola has been an active issuer of hybrid bonds since 2013 and specifically issued them in 2021/2022. According to the provided guidelines, having a history of hybrid issuance is a strong indicator of suitability, as it demonstrates management's comfort with the instrument as a core funding tool and established investor appetite.
4.  **Rationale:** The company continues to invest heavily in its asset base (Property, Plant, and Equipment increased from ~79.9B EUR in 2022 to ~86.3B EUR in 2023). Using hybrid capital to maintain credit headroom while supporting these substantial, long-term capital-intensive investments is a classic and highly suitable use case for this utility.
5.  **Market Context:** Despite the rising interest rate environment in 2022 (evidenced by the shift in the swap curves), Iberdrola’s stable financial metrics and its status as a frequent issuer ensure that it retains access to institutional capital markets.

Given that Iberdrola is a large-scale regulated utility with a proven history of hybrid issuance, a clear need for ongoing capital-intensive investment, and credit metrics that benefit from the equity-credit characteristics of hybrids, it aligns perfectly with the "Strongly Suitable" category.

<answer>Strongly Suitable</answer>