Gordon Kerr's Credit Compass: Navigating European Credit Markets

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Jun 2026

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About the show

KBRA’s Credit Compass brings you expert insights into the complex and ever-evolving European credit landscape. This podcast is hosted by KBRA’s European Macro Strategist Gordon Kerr, an industry veteran with over two decades of experience in research and trading at leading financial institutions. Gordon’s podcast delivers sharp analysis and fresh perspectives on the forces shaping bond markets, leverage, and debt across the UK and continental Europe. Whether you are a market professional, an investor, or just curious about the intricacies of the credit markets, Credit Compass will keep you informed and ahead of the curve.

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June 10, 20268 min

Securitisation Support, Consumer Surprises

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, speaks from Global ABS in Barcelona, where European securitisation markets are showing early signs of renewed momentum amid regulatory reform and growing placed issuance. Gordon also looks at why UK data continue to surprise to the upside, even as consumers remain cautious and fixed income markets navigate inflation, supply, and geopolitical uncertainty.

June 3, 2026Episode 6712 min

Expansion Comes With Bottlenecks

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, examines the latest pressure points across European credit markets: eurozone inflation, manufacturing momentum, and the UK housing slowdown. Gordon debates whether inflation pressures are becoming more persistent, whether Europe’s manufacturing rebound is genuine, and how higher-for-longer rates are affecting UK households.

May 27, 202617 min

A Gulf Deal and Private Credit Stress Test

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, explores the UK’s newly concluded trade agreement with the Gulf Cooperation Council (GCC) and what it could mean for exporters, financial services, and digital trade. He also unpacks the European Central Bank’s (ECB) latest assessment of private credit risks in Europe and considers how artificial intelligence (AI) is reshaping asset management workflows without yet proving itself as a source of investment alpha.

May 20, 202612 min

Productivity, Politics, and the Price of Debt

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, examines whether Europe’s productivity problem is more nuanced than the “US exceptionalism” narrative suggests, and what that means for credit markets, technology autonomy, and long-term investment. Gordon then turns to the UK’s growth challenge and the rise in long-dated sovereign yields, highlighting why fiscal credibility and funding costs remain central risks for European economies.

May 13, 202614 min

Canaries in the Credit Mine?

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, examines how Asia’s early response could act as a warning signal for prolonged disruption around the Strait of Hormuz that could pressure Europe through energy prices, industrial margins, and inflation risks. He also reviews March industrial production data and reported Q1 STOXX Europe 600 earnings, highlighting a market split between optimism around artificial intelligence and private credit, as well as caution over weak revenues, tight spreads, and geopolitical risk.

May 6, 202610 min

Caught Between Oil and AI

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, explores how geopolitical shocks and inflation are reshaping the European credit outlook, delaying recovery and raising stagflation risks. Gordon also examines the growing influence of Big Tech in credit markets as firms like Alphabet issue massive debt to fund artificial intelligence (AI), creating both opportunities and tensions for investors.

April 29, 202610 min

Uncertainty Prevails

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, examines what weaker surveys, tighter lending conditions, and cautious issuance mean for credit markets and central bank policy. Gordon also discusses how rising inflation expectations, softer consumer sentiment, and delayed business investment are shaping Europe’s uncertain growth outlook.

April 22, 202610 min

BIF, Bunds, and Britain’s AI Bet

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, examines why markets are focused on Britain, Italy, and France—as higher yields and limited fiscal flexibility raise new questions for European credit. Gordon also looks at the UK’s artificial intelligence (AI)-driven growth story, Germany’s fragile recovery, and what the energy shock continues to mean for issuers, spreads, and investor sentiment.

April 15, 202615 min

Hungary Turns, Banking Reform Advances, Energy Risks Linger

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, examines how the IMF views the Strait of Hormuz disruption as reshaping Europe’s macro-credit outlook through slower growth, energy sensitivity, and renewed inflation risk. Gordon also explores Hungary’s political shift, the ECB’s banking reform proposals, and what easing volatility, but higher yields, mean for European credit markets.

April 8, 202614 min

Select Resilience Partially Offsets Broader Headwinds

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, discusses how European credit markets are navigating a complex mix of energy shocks, policy intervention, and rising refinancing risk. Gordon unpacks what Brent backwardation is signalling, how governments are responding, and why dispersion across credit is set to widen.