Iberdrola hybrid lands deep inside fair value
![Iberdrola_from corp website_Jan23.jpg](https://assets.euromoneydigital.com/dims4/default/2e0e1c8/2147483647/strip/true/crop/2832x4256+0+0/resize/840x1262!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2F51%2F7e%2Fc3c5b633476382f0235f8f3edca9%2Fiberdrola-from-corp-website-jan23.jpg)
Spanish utility continues trend of corporate hybrids with negative concessions
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