Nomura Europe Finance N.V. has told investors that the NEXT NOTES High Beta 30 (Net Return) ETN, listed in Tokyo under code 2068, has not traded since October 1. Its last market close, ¥39,800 on September 30, now sits well below the per-unit redemption value shown in the notice.
Seven days, one stale price
In a notice dated October 13, the issuer said the redemption value per unit, which it calls the reference value, has diverged from the market price by 5% or more for seven consecutive business days from October 1. Every row in its table uses the same ¥39,800 market price, which the notice footnotes as the September 30 closing price.
The reference value ranged from ¥42,374 on October 1 to ¥44,247 on October 6. The gap peaked at -10.05% on October 6 and was -6.44% on October 9, the last date shown.
| Date | Market price (¥) | Redemption value per unit (¥) | Divergence |
|---|---|---|---|
| Oct 1 | 39,800 | 42,374 | -6.07% |
| Oct 2 | 39,800 | 42,744 | -6.89% |
| Oct 5 | 39,800 | 43,663 | -8.85% |
| Oct 6 | 39,800 | 44,247 | -10.05% |
| Oct 7 | 39,800 | 43,642 | -8.80% |
| Oct 8 | 39,800 | 42,580 | -6.53% |
| Oct 9 | 39,800 | 42,541 | -6.44% |
What the notice asks of investors
Because the market price is a last close rather than a price struck during the period, the gap measures an old quote against a redemption value reported for each day. The notice itself says only that no trades occurred. It warns that depending on supply and demand, a divergence between reference value and market price may occur again, and asks investors to take care when buying or selling. It points them to the product overview and risk disclosures on the NEXT NOTES website and to the Japan Exchange Group's ETN risk page.
The notice does not say the product is suspended, and it gives no redemption terms or timetable. Its contact is the structured products department at Nomura Securities.