What problem is a horse said to have when he takes loud rasping breaths while exercising?

A horse taking loud rasping breaths while exercising is likely experiencing "Heaves", also known as "Chronic Obstructive Pulmonary Disease (COPD)".

This is a serious respiratory condition that affects the horse's ability to breathe efficiently, especially during exertion. It's characterized by inflammation and narrowing of the airways, leading to wheezing, coughing, and difficulty breathing.