Iberia's latest promotion is 25% discount in Avios redemption till 11th of April. And the best of best is Brazil to Madrid flight. As airlines are not allowed to charge "Fuel charge", it's only 31,900 avios + £28.70 one way. If you are thinking of taking on this offer from Madrid, it's better value to book the trip separately. A return business class flight from Madrid to Rio will incur a fee of £155.40. A single flight from Madrid to Rio is £74.70, reverse is £28.70, you will save yourself £52.00 by booking separately.
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