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Van Hesser's 3 Things in Credit - A KBRA Podcast

KBRA
Inflation
Credit Markets
Credit Card Loan Losses
Small Businesses
Banking Sector
Apparel Companies
Consumer Spending
S&P 500
Housing
Equity Market
Slack
Presidential Elections
Capital Expenditures
Commercial Real Estate
Interest Rates
C-Suite Confidence
US Exceptionalism
Consumer Lending
Single B Spreads
CPI

Each week, KBRA's Chief Strategist, Van Hesser will address three things that caught his attention in credit markets that are relevant to credit investors.

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Latest Episodes

This week, our 3 Things are:

1. Shock risk. Risk is rising, but will credit reprice?

2. Loan growth surge. Where did that come from?

3. Earnings relief. Good news is on the horizon.

This week, our 3 Things are:

1. Earnings vs. oil. We have an interesting comparison between the two.

2. Systemic leverage. Don’t lose sight of where we stand.

3. Stagflation. Is it really back?

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This week, our 3 Things are:

1. Bond havens. The flight to quality has shifted.

2. Oracle reassures. An AI lightning rod reports earnings and outlook.

3. Risk reprice. Where is it happening?

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This week, our 3 Things are:

Productivity boom or savings drain? Peeling the onion on sources of growth.

Labor pessimism. Is the jobs picture really “weak and fragile”?

Inflation pressure. It’s building.

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Recent Guests

Gordon Kerr
The European Macro Strategist at KBRA
KBRA
Episode: Big Bank Color, Labor Sensitivity, and European Update Description
Joan Feldbaum-Vidra
Senior Managing Director and Head of Sovereign Ratings Group
KBRA
Episode: Policy Guardrails, Private Credit Shock Absorber, Canada and Mexico
Scott Slayton
Chief Strategist of Capitol Creek Partners
Capitol Creek Partners
Episode: Tight Spreads, Big Bank Credit Color, and Consumer Expectations
Craig Packer
Co-President and Head of Blue Isle Capital's $85 billion direct lending credit platform
Blue Isle Capital
Episode: Economic Slack, Equity Outlook, and Consumer Lenders

Host

Van Hesser
Chief Market Strategist at KBRA, KBRA

Reviews

4.9 out of 5 stars from 37 ratings
  • Great weekly podcast

    Great weekly insights into credit trends

    Apple Podcasts
    5
    Dr Chezwick
    United States5 years ago

Listeners Say

Key themes from listener reviews, highlighting what works and what could be improved about the show.

Guests and host deliver clear takes on risk factors and investment opportunities.
Listeners appreciate data-driven market context and practical takeaways for portfolios.
Shows are consistently insightful about credit markets and macro trends.

Chart Rankings

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Talking Points

Recent interactions between the hosts and their guests.

What We’re Watching, Visa/Mastercard Spending Update, and KBRA DLD Default Forecasts
Q: Which sectors are expected to generate the most defaults?
The chemicals, glass, plastics, and packaging sectors are expected to see the largest volume of liquid defaults.
What We’re Watching, Visa/Mastercard Spending Update, and KBRA DLD Default Forecasts
Q: What is your forecast for high yield default rates in 2026?
We're calling for a 1.75 percent default rate in 2026, equating to roughly 25 billion of volume.
What We’re Watching, Visa/Mastercard Spending Update, and KBRA DLD Default Forecasts
Q: What were the results for 2025 liquid credit?
The liquid market default rates came in largely as expected, with defaults closely tracking forecasts.
Credit’s Durability, Risk Concentrations, and Distressed Debt Exchanges
Q: What are the main takeaways from your paper examining Distressed Debt Exchanges?
The original DDE functioned largely as a band-aid, and within five years, roughly half the sample suffered a second negative event.
Slowdown, Leveraged Loan Surge, and Default Forecasts
Q: So, Eric, your 2025 forecast called for broadly syndicated loans to finish at 3.75% and for high yield at 2.25% on a volume basis.
Our forecasts remain unchanged, even amid the uncertainties posed by tariffs and other macroeconomic issues.

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Frequently Asked Questions About Van Hesser's 3 Things in Credit

What is Van Hesser's 3 Things in Credit about and what kind of topics does it cover?

Three-part, data-driven discussions on credit markets, macro risk, and investment themes drive a consistent focus on how productivity, labor dynamics, inflation, and policy signals shape risk assets and fixed income. Episodes frequently explore central bank stance, credit cycles, sector rotations, and the role of private credit and AI-driven investment activity. Noteworthy angles include HALOs—defensive assets resilient to tech disruption—and the growing impact of private markets on traditional credit indices. The format tends to connect current data releases and policy commentary to actionable implications for credit investors and asset allocators, making it useful for listeners who manage risk, research, or client portfolios. A standout t... more

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1. The Credit Edge by Bloomberg Intelligence
2. FICC Focus
3. The View From Apollo
4. Odd Lots
5. Here's Why

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Van Hesser's 3 Things in Credit launched 5 years ago and published 234 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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Recent guests on Van Hesser's 3 Things in Credit include:

1. Gordon Kerr
2. Joan Feldbaum-Vidra
3. Scott Slayton
4. Craig Packer

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