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When bitcoin futures were launched in December last year, there was excitement, fear and outrage all at once. Critics, including the Futures Industry Association, piled pressure on to US derivatives regulator the Commodities and Futures Trading Commission, demanding better safeguards for such products. Cheerleaders may see the asset class as a great way to earn big in markets dogged by low yields but the doubters, of which Byte Me is one, may yet be proven right.

Freddie Mac has issued a new multifamily CMBS offering from its K shelf, K-077, which is backed by a pool of mortgages on apartment properties. The deal marks Freddie Mac’s 21st K-Series deal of the year.

S&P Global Ratings knocked a notch off pet food retailer PetSmart’s corporate credit rating on Thursday, citing the firm’s ‘unsustainable’ capital structure and the increased risk of a distressed debt exchange after a portion of its subsidiary Chewy was transferred to private equity sponsors.

HSBC renminbi head quits — BAML hires Lazard’s Slaughter — BNPP revamps top US team

BNP Paribas has made a raft of changes to its senior US team, including promoting Bob Hawley to chief executive of CIB Americas. The previous CEO, Jean-Yves Fillion, becomes chairman of CIB Americas and remains CEO of BNPP’s US intermediate holding company.

The week began with that rarest of things in recent times, a welcoming political backdrop. It was marred, however, by monetary policy meetings from the two most important central banks in the world. While the US Federal Reserve’s second rate hike of the year was a foregone conclusion, it caused the dollar curve to flatten still further, making the euro market even more fertile funding territory than it has been for SSAs. But even so, euros had its own struggles this week, facing what one head of SSA syndicate called “one of the most important and unpredictable European Central Bank meetings for a long time”. Lewis McLellan reports.

JP Morgan and National Australia Bank exploited improving market conditions to print benchmark trades this week, as they jumped into the market before the Federal Reserve voted to hike rates.