Nomura Europe Finance N.V., issuer of the NEXT NOTES Tokyo Stock Exchange REIT Net Total Return US Dollar Hedged Index ETN (ticker 2066), told the market on September 16 that the note's screen price no longer reflects what the note is worth. The security has not traded since August 6, 2026. Any quote a broker or investor pulls up is still the closing price from August 5: ¥24,690. Meanwhile the ETN's redemption value, the amount the issuer would actually pay to unwind a unit, has sat well below that frozen number for more than a week.
The gap has stayed above the 5% level Nomura treats as material for seven consecutive business days, from September 7 through September 15.
| Date | Market price | Redemption value | Divergence |
|---|---|---|---|
| Sept 7 | ¥24,690* | ¥23,381 | 5.60% |
| Sept 8 | ¥24,690* | ¥23,140 | 6.70% |
| Sept 9 | ¥24,690* | ¥23,131 | 6.74% |
| Sept 10 | ¥24,690* | ¥23,305 | 5.94% |
| Sept 11 | ¥24,690* | ¥23,018 | 7.26% |
| Sept 14 | ¥24,690* | ¥23,352 | 5.73% |
| Sept 15 | ¥24,690* | ¥23,392 | 5.55% |
The widest split came on September 11, when the redemption value fell to ¥23,018 against the still-frozen ¥24,690 quote, a 7.26% gap. By September 15, the most recent session in the filing, the redemption value had recovered slightly to ¥23,392, but that was still 5.55% below the stale market price.
The mismatch is not a market move in the ordinary sense: no trade has actually happened to reprice the note since early August. What has changed is the redemption value, while the last printed trade sits untouched on screens. Anyone pricing an order off that August 5 figure would be transacting against a number the issuer itself says is out of step with the note's actual worth.
Nomura's notice does not name a buyer, a seller, or a reason trading stopped. It says only that further divergence is possible depending on supply and demand, and it points investors to the NEXT NOTES product materials and the Japan Exchange Group's general ETN risk disclosures before they trade. For anyone still holding or considering the note, the operative fact is simple: the price on the screen is six weeks old, and the issuer's own valuation has moved against it for seven consecutive business days since September 7.