Iberbond 2004, Iberia's securitisation of 20 Airbus A320-family aircraft, was awarded Overall Deal of the Year 2004 by Air Finance Journal.

BNP Paribas was the sole arranger of the transaction. The success of the transaction was the result of close cooperation between Aircraft Finance and Securitization teams, with the support of BNP Paribas Madrid.

This is BNP Paribas' first -ever EETC (Enhanced Equipment Trust Certificate). Originating in the US in the early 90's in reaction to a bank credit crunch, EETCs securitise aircraft and provide an alternative to bank financing.

This EETC combines senior notes rated AAA and Aa2 by Fitch and Moody's with unrated subordinated mezzanine notes, specifically tailored for the aircraft finance banks.
Iberia is Spain's leading airline and a market leader for flights between Europe and Latin America, with a fleet of around 170 aircraft.

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