Almost a year after the launch of Avios, Iberia has finally caught up with BA and launched ‘Avios and Money’. This may be relevant to you, because Iberia redemptions booked on the Iberia website tend to carry far lower taxes than the same flight booked on ba.com (see here for more). Once your Iberia account has been open for 90 days, you can move Avios points back and forth from BA or avios.com using ‘Combine My Avios’.
A quick trial shows similar pricing to BA. A Reward Flight Saver from Madrid to Dakar in Business Class will cost you either 40,000 Avios + £34 or, on a sliding scale, down to 20,000 Avios + £194.
You are therefore effectively ‘buying’ 20,000 Avios for 0.8p each, which is a pretty good deal. I would have taken the 20,000 + £194 option in these circumstances.
The effective price is the same for economy redemptions, which are 20,000 Avios airmiles + £27 down to 10,000 Avios + £107. (Note it prices in Sterling because I am logged in with a UK address.)