By hybrid bond I imagine you mean a convertible bond, as in one that is able to convert to common shares at one point?
Convertible bonds are certainly an interesting investment in the fact they can fluctuate in price relative to the shares of common stock of the issuing company. Convertible bonds typically have lower coupon rates because of the ability for people to convert them to common shares. So, it's pretty hard to give you a definitive answer on what is best for you. There is no question they are riskier when looking at a normal bond. They pay lower coupon rates and will fluctuate in price much more than a traditional bond.
So I guess it all just depends on what you're trying to achieve with the bond. Would you want to convert the bond to common shares at one point? If not, I'm not sure one of these would make sense really.