STJ Advisors acted as independent advisor to Indra Sistemas, a leading European consulting and technology company and IBEX-35 constituent, on the issue of a €250m convertible bond (“CB”) due 2023 and partial buyback of their outstanding convertible bond due 2018. Indra is a repeat issuer of CBs. The 7 year put 5 CB priced with a 1.25% coupon and 25% conversion premium and was set off a reference price near 26 month highs. Indra achieved stable intraday reference share price, with the stock closing price at a 1.67% discount to the previous close. STJ provided advice to Indra on all key aspects of the transaction including timing, structuring, delta-hedge management strategy and syndicate selection.