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

KBRA
Credit Markets
Inflation
Federal Reserve
Private Credit
S&P 500
Tariffs
Economic Growth
Consumer Spending
Labor Market
Artificial Intelligence
Consumer Confidence
US Economy
Oil Prices
US Exceptionalism
Walmart
Interest Rates
Q2 Earnings
Stagflation
Q3 Earnings
Commercial Real Estate

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

PublishesWeeklyEpisodes252Founded6 years ago
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Artwork for Van Hesser's 3 Things in Credit

Latest Episodes

This week, our 3 Things are:

* Uncertainty returns. That improved visibility we enjoyed in 2H 2025 has diminished.

* The Forward Look. Our latest quarterly publication dimensions key issues shaping credit.

* Leveraged finance trends. Several m... more

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This week, our 3 Things are:

* The long end. What’s known, what’s changing.

* Easy financial conditions. What’s all this concern about rates???

* Retailer week. Housing in focus.

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This week, our 3 Things are:

* Caterpillar earnings. A blowout, but what does it say about the AI story?

* Data center dimensions. Driver of the broadening out.

* Bonds as a hedge. Checking in on correlation.

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This week, our 3 Things are:

* Q2 GDP. It’s better than the headline, but… .

* Consumer resilience. Visa and Capital One provide views across the consumer landscape.

* Recalculating inflation. Improvements are on the way.

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Recent Guests

Eddie Ardeni
Veteran strategist who coined the term bond vigilantes in 1983
Episode: The Long End, Easy Financial Conditions, and Retailer Week
Eric Rosenthal
KBRA Analytics researcher focused on defaults across broadly syndicated loans, high-yield, and direct lending
KBRA Analytics
Episode: Waller Redirect, Income Slowdown, and 2026 Default Forecasts.
Gordon Kerr
KBRA's European Macro Strategist
KBRA
Episode: Complacency, Trade Progress, and European Appeal
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
Host of the show and KBRA Chief Market Strategist (multiple listings reflect role across episodes)

Reviews

4.9 out of 5 stars from 40 ratings
  • Great weekly podcast

    Great weekly insights into credit trends

    Apple Podcasts
    5
    Dr Chezwick
    United States6 years ago

Listeners Say

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

Clear, data-driven analysis that translates macro signals into portfolio moves
Consistently solid insights for credit-focused investors
Well-structured episodes with actionable takeaways for risk management

Chart Rankings

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Talking Points

Recent interactions between the hosts and their guests.

Waller Redirect, Income Slowdown, and 2026 Default Forecasts.
Q: What are the updated 2026 direct lending defaults expectations and what drove the change?
The forecast was raised to about 2.5% defaults with roughly $7.6 billion of volume, driven mainly by the inclusion of healthcare issuers undergoing restructurings and other specific names that increased projected defaults.
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.

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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?

A concise, host-led briefing that centers three thematic threads shaping credit markets, with practical takeaways for investors and lenders. Episodes typically cover macro drivers (inflation, rates, and policy), sector dynamics (credit correlations, defaults, and earnings), and the evolving role of AI and technology in credit. A standout pattern is the data-driven, research-backed tone, often citing KBRA analyses and market signals to translate complex movements into actionable insights for fixed income portfolios.

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Which podcasts are similar to Van Hesser's 3 Things in Credit?

These podcasts share a similar audience with Van Hesser's 3 Things in Credit:

1. The Credit Edge by Bloomberg Intelligence
2. FICC Focus
3. Capital Allocators – Inside the Institutional Investment Industry
4. At Any Rate
5. Thoughts on the Market

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Van Hesser's 3 Things in Credit launched 6 years ago and published 252 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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What guests have appeared on Van Hesser's 3 Things in Credit?

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

1. Eddie Ardeni
2. Eric Rosenthal
3. Gordon Kerr
4. Joan Feldbaum-Vidra
5. Scott Slayton
6. Craig Packer

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