KBRA’s 12 Things in Credit: Key Takeaways for Investors – February 2026

Credit market participants should focus on a normalizing retail sales landscape, shifting labor dynamics, and increased issuance from hyperscalers, according to a recent report from Kroll Bond Rating Agency (KBRA). These insights, compiled from KBRA’s weekly “3 Things in Credit” podcast hosted by Chief Strategist Van Hesser, offer a comprehensive overview of current market trends.

The 12 Things in Credit

KBRA’s report consolidates insights from four episodes of the “3 Things in Credit” podcast, providing a convenient resource for investors to stay informed. The key themes identified are:

Retail Sales Disconnect

Recent retail sales data indicates a normalization trend, though the pace is slower than initially anticipated. While sales are adjusting, they aren’t as weak as the latest figures might suggest. This suggests underlying consumer resilience despite broader economic uncertainties.

Labor’s Lost Leverage

A significant shift is occurring in the distribution of economic gains, with more spoils flowing to capital rather than labor. The report raises the question of whether this trend is detrimental to the overall economy. KBRA highlights this as a key dynamic to watch.

Rising Hyperscaler Issuance

Hyperscalers – large-scale cloud computing providers – are significantly increasing their debt issuance. This surge in supply is prompting investors to reassess their strategies and the established norms within the market. Van Hesser’s podcast details this trend.

About KBRA and “3 Things in Credit”

KBRA, established in 2010, is a global full-service rating agency focused on setting standards for excellence and integrity in credit ratings. The agency aims to restore trust in the ratings process through rigorous risk assessment and transparent ratings. KBRA’s podcasts, including “3 Things in Credit,” provide timely briefings and expert analysis from its team members.

“3 Things in Credit,” hosted by Van Hesser, is released weekly and focuses on three key developments impacting credit markets. The podcast is available on YouTube, Apple Podcasts, and Spotify.

Recent Podcast Topics (January 2026)

• February 6: Retail Sales Disconnect, Labor’s Lost Leverage, and Rising Hyperscaler Issuance
• January 30: What We’re Watching, Visa/Mastercard Spending Update, and KBRA DLD Default Forecasts
• January 23: Bond Vigilantes, The Cost of Gloom, and Biggest Risks
• January 16: Housing Headwinds, Big Bank Credit Color, Supply Surge

Investors and market participants can find all of KBRA’s research, podcasts, and webinar announcements on KBRA.com.