Gordon Kerr's Credit Compass: Navigating European Credit Markets

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, investigates the potential impact of the plans outlined in the State of the European Union address by Ursula von der Leyen. The UK continues to struggle along, but a US visit could offer some reprieve as growth outlooks for European economies are revised upwards. Learn more about your ad choices. Visit megaphone.fm/a...

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, outlines the challenges facing the governments of France and the UK. France grapples with political turmoil and the UK delays its budget, yet bond markets remain resilient with issuance staying strong. Further, Gordon outlines the challenges facing Europe’s automakers from electric vehicle (EV) competition and fragil...

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, outlines the challenges facing Europe’s largest economies as they are tested by their budgetary plans. Further, Gordon provides some highlights of the bright signs of change starting to emerge in the eurozone. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, outlines how the new EU-US tariff agreement is affecting European auto manufacturers, as revealed through their Q2 earnings and updated guidance. Further, Gordon provides some insight into the UK auto finance market, UK directors’ views, and European bank stability. Learn more about your ad choices. Visit megaphone.f...

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, outlines the European Union’s new trade deal with the US. Gordon analyses the impact this deal may have and what is still missing, as well as highlights an example of the types of divergent data signals we are likely to see in the months ahead as economies adjust to the new norms. Further, Gordon highlights the lates...

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, highlights the growing fiscal pressures for the UK and France alongside Germany’s bold investment-led growth push. Gordon outlines what these divergent strategies mean for credit markets, with a closer look at shifting survey expectations on expected defaults. Learn more about your ad choices. Visit megaphone.fm/adch...

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, highlights the impact of the heatwave on Europe. Gordon also discusses his look forward as outlined in his recent publication, The Forward Look—European and UK Credit Views: Q3 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, highlights the shifting global trade order, with the European Union balancing a fine line between the US and China. Gordon discusses the challenges in Germany, the benefits this could bring to Europe, and bond investor scrutiny of European governments. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, outlines a number of tailwinds supporting European credit investment. The accelerating flow of capital into European private credit is set to continue. Gordon outlines these private credit developments as well as improvements in trade positions and regulatory changes. Further, Gordon highlights some of the outlooks f...

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, outlines the improving sentiment in Europe among consumers and corporate management. Gordon also comments on the increased spending plans by NATO countries and their impact on European economies. In addition, he highlights the heightened uncertainty and the market’s apparent indifference to potential risks. Learn mor...

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, highlights the impact of escalating conflict and its effect on European energy prices. Gordon outlines what this means for inflation and growth as well as the impact of the UK’s spending review. Further, Gordon comments on banking consolidation in Europe as more cross-border deals are emerging. Learn more about your...

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, highlights the outlook for defaults in Europe, according to a Deutsche Bank study. Gordon also covers recent data in the UK and what that may mean for rates. Further, Gordon recorded this episode in Spain while attending the Global ABS securitisation conference, where a positive tone is developing for the asset class...

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, highlights a fresh challenge to global investors in a small section of the US administration’s “Big, Beautiful Bill” that could have far-reaching implications outside the US. Gordon also outlines some potential upcoming changes to securitisation regulations and explores the conclusions from a World Economic Forum sur...

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist can’t escape trade discussion. Gordon explores the early negotiations between Europe and the US. He also outlines the shifting sentiment in Europe, UK growth expectations, and regulatory changes. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, explores yet another trade deal, this time between the UK and the European Union. Gordon delves into central bank debates as policies approach neutral and the hawks and doves split. This leads to a discussion of market valuation and taking stock of where we go from here. Learn more about your ad choices. Visit megaph...

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, explores the UK’s new trade deals with India and the US. Gordon further delves into the prospects for European trade negotiations as the US turns its attention to the bloc. He also examines the Bank of England’s rate cut, the reaction in credit markets, and the growing pressure on Ireland’s pharma sector amid US pric...

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, explores how early signals from April’s Purchasing Managers' Index (PMI) and GDP data reflect the market's reaction to newly announced US trade tariffs. Gordon unpacks regional dynamics across the eurozone and UK, assesses the resilience of European manufacturing, and takes a closer look at what’s driving growth bene...

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, hosts Van Hesser, our Chief Strategist, to discuss their new research series, The Forward Look. Gordon and Van—pulling on themes from the recently published inaugural report—highlight the outlook for the US economy as well as Van’s views on the US consumer and the direction of credit markets. Further, Gordon covers h...

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, dissects recent earnings results to reveal the relative appeal of Europe to investors. As Gordon discusses, risks remain for companies exposed to the US, but so far most European corporates have attractive qualities to global investors. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, discusses the pause in US global tariffs and how this presents investors with an opportunity to reassess the potential impacts and prospects for negotiated terms. Gordon also highlights where to look for insights in the weeks ahead. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, discusses the global market reaction to the announcement of US tariffs, with an emphasis on Europe’s response. Gordon also interviews two of his colleagues from KBRA DLD (a division of KBRA Analytics) about their launch of a European default index in private credit. Learn more about your ad choices. Visit megaphone.f...

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, discusses the UK Spring Statement as well as boardroom reactions to potential tariff plans. Soon to be announced tariffs will impact European corporates, but many executives have already announced plans ahead of the 2 April announcements. Gordon highlights a few of these in today’s episode. Learn more about your ad c...

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, discusses the European consumer. The relative health of the consumer in Europe varies by country, but remains in a relatively healthy position overall. Gordon explores the challenges currently facing consumers and how their position compares to prior periods. Learn more about your ad choices. Visit megaphone.fm/adcho...

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, discusses recent economic survey results from Bloomberg News and the Organisation for Economic Co-operation and Development (OECD). Growth expectations have barely shifted despite the announcements for massive stimulus. This episode primarily focuses on the challenges and opportunities for Germany, France, Italy, Spa...

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, discusses the European yield shift, bonds and their relative appeal, as well as a changing picture for European growth. The episode covers the recent movement in the German bund market and evaluates the latest data on European growth prospects. Learn more about your ad choices. Visit megaphone.fm/adchoices