Based on the provided facts and guidelines, the entity should be advised to issue **0%** hybrid bonds.

Here is the detailed reasoning:

1.  **Current Issuance Status and Guidance:** The facts state that VERBUND has "never" issued hybrid bonds and did not issue any in 2021 or 2022. The guidance explicitly notes that "an entity's previous levels of hybrid bond issuance is a *strong* indicator of a reasonably advisable level for the next 18 months. In particular, if the entity has not issued hybrid bonds recently, it is a reliable signal that it has reasons not to do so either in the future." This is a primary and powerful signpost against any issuance.

2.  **Credit Metric Strength and Rating Profile:** The company's financial profile for 2022 is exceptionally strong.
    *   **Leverage and Coverage:** The provided S&P metrics show a Net Debt/EBITDA ratio of 1.6x and FFO/Net Debt of 51.74%. These metrics are extremely robust and are consistent with a very strong investment-grade rating, likely in the "A" range or higher.
    *   **Profitability Surge:** Revenue more than doubled from €4.78bn to €10.35bn, and Profit from Operating Activities surged from €1.27bn to €2.63bn. EBITDA increased from €1.58bn to €3.16bn.
    *   This aligns with the "0%" guideline: *"Strong rating profile, 'A' range, and no extraordinary capex needs"* and *"Limited to no deterioration or improvement of credit metrics"*. There is no leverage pressure that requires mitigation through equity-credit instruments.

3.  **Refinancing and Capex Needs:**
    *   **Capex:** Capital expenditure on PPE and intangibles is around €1.1bn, which is comfortably covered by the €2.02bn in cash flow from operating activities. This does not constitute an "extraordinary" or "transformational" program that would strain the balance sheet.
    *   **Refinancing:** The company generated significant positive free cash flow after investments and dividends. Dividends paid increased from €478m to €478m, and cash at year-end stands at €409m. The company's need for debt market access is for general corporate purposes, not to address a funding cliff.

4.  **Cost of Hybrid Capital:** The provided market data shows that swap rates have risen sharply. In 2022, the 5Y swap averaged 1.726% and the 10Y swap 1.927%, up from negative territory in 2020/21. A corporate hybrid bond, especially a subordinated one, would price well above the senior unsecured curve (as indicated by the SUB-SEN DELTA of ~200bps over the corporate index). The cost of a perpetual or long-dated hybrid would be significantly higher than the interest expense VERBUND currently pays (Interest Expense was €102m in 2022 on gross financial debt of ~€4bn, implying an average cost well below current hybrid yields). This aligns perfectly with the guideline: *"Cost of hybrid will materially increase the current cost of debt"*.

5.  **Industry Context:** VERBUND is a dominant electricity generator with a significant hydro portfolio. While it operates in the "unregulated" space, its asset mix (hydro, renewables), scale, and the surge in profitability give it an extremely strong business risk profile. The Moody's "Deteriorating" adjusted leverage trend is a note of caution, but from an extremely strong starting point, this does not create a need for the structural subordination and higher cost of a hybrid.

**Conclusion:** The combination of no prior hybrid issuance, extremely strong credit metrics that provide ample rating headroom, and a cost of hybrid capital that is materially higher than the company's current cost of debt all point to a 0% issuance advice.

<answer>0%</answer>