In 2000, Morgan Stanley lead-managed an $801MM Enhanced Equipment Trust Certificate (EETC) transaction for United Airlines and served as the lead manager, structuring agent and arranger for a €496MM EETC issued by Spanish airline Iberia. AirFinance Journal recently recognized both deals during their annual review of the aircraft financing sector. The United transaction was awarded "Deal of the Year, North America" for an innovative structure allowing floating rate lease debt and making use of the first-ever Section 1110 eligible swap. The Iberia EETC took home honors as the "Deal of the Year, Europe" and represents the first EETC structured and issued on behalf of a European airline to include tax leases.