The Friday Review

What we are reading:

A week defined by the question of what happens when structures designed for one environment get tested in another. Private credit liquidity, GSE rate risk, and SpaceX bonds all ran into that wall this week. A Ghanaian witch doctor and a World Cup knockout matchup also made the list.

🏛️ Fannie Mae and Freddie Mac have ramped up interest-rate risk in their MBS portfolios to levels that rattled Wall Street two decades ago. A half-point rate move would now cost Fannie ~$1.2B and Freddie ~$1.6B. https://ca.finance.yahoo.com/news/fannie-freddie-boost-risk-levels-110000638.html

💸 Apollo gated its $26B retail private credit fund for the second straight quarter after investors sought to redeem 16.8% of shares. Blackstone did the same with BCRED. https://www.reuters.com/business/apollo-private-credit-fund-limits-investor-withdrawals-after-requests-surge-2026-06-22/

🚀 SpaceX's $25B bond offering drew $90B in demand at pricing and is already sitting on $305M in mark-to-market losses. Fast-money accounts appear to have flipped the deal. Traders say they can't recall another investment-grade deal widening this fast. https://www.advisorperspectives.com/articles/2026/06/26/bond-traders-stunned-losses-spacexs-debt-growing

🌍 Ghana's most famous witch doctor vowed to curse Harry Kane ahead of England's World Cup group match. Kane logged 19 touches and misfired on a late winner. England drew 0-0. The curse has since been lifted. https://www.bavarianfootballworks.com/germany-international-soccer/218389/bayern-munich-england-star-harry-kane-targeted-by-ghanian-witch-doctor

⚽ The USMNT meets Bosnia in the knockout round. Bosnia is the tallest team at the 2026 World Cup and comes in with real threat on set pieces. Three reasons to not overlook them. https://www.si.com/soccer/three-reasons-why-bosnia-herzegovina-could-upset-usmnt-in-world-cup-knockout-clash