The European corporate hybrid market has been established for some time. It is dominated by investment grade issuers seeking to raise capital with limited impact on their leverage ratios, thanks to rating agency treatment that classifies hybrids as 50% equity and 50% debt from a balance sheet perspective. This treatment makes them especially attractive for firms in capital-intensive sectors such as energy, utilities, and telecoms, allowing them to access debt-like funding while preserving key credit metrics. As a result, hybrids serve as a valuable and flexible component of their capital structures.