Leading Voices in Credit with Van Hesser

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, reviews Europe’s standout year in credit markets—from record issuance to tight spreads—and explores the forces behind the strength. Gordon then outlines a ChatGPT synthesis of 60 industry outlooks to reveal the emerging consensus for 2026 and potential tail risks.

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, discusses two structural shifts facing Europe as 2026 approaches: Bulgaria’s entry into the euro area and the early stages of the Dutch pension transition. One adds institutional depth; the other may reshape flows, duration demand, and asset-allocation trends across the continent.

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, examines rising fiscal and financial stability concerns across the UK and Europe, from the UK’s “buy now, pay later” budget to France’s tightening fiscal path. Gordon also discusses Bank of England and ECB [European Central Bank] research about the shifting risks in the private credit and insurance sectors.

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, explores Europe’s latest insolvency reform, Italy’s “golden power” dispute, and expectations for the UK’s upcoming budget. Together, they illustrate how regulation, politics, and fiscal credibility continue to shape Europe’s evolving credit landscape—offering both progress and persistent friction.

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, explores the powerful intersection of AI and energy—how data-centre expansion is reshaping electricity demand, the grid bottlenecks slowing Europe’s transition, and what that means for credit markets. He also discusses the UK economy, where policy uncertainty tests investor confidence ahead of the Budget.

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, outlines the way AI is changing the economics of labour, productivity, and credit—fast. Gordon examines how that’s feeding into hiring freezes, pay restraint, and a surge in European private credit flows, and how that is impacting credit markets.

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, discusses the recent growth data, the surprising country standouts, and what is behind the momentum. Gordon also explores how investment themes could help to support the nascent growth in the region.

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, unpacks the signals behind the continent’s fragile recovery: what central banks are really saying, how European lenders are managing risk, and why cautious optimism may finally be warranted. Gordon explores what these crosscurrents mean for growth, credit, and investor sentiment across Europe and the UK.

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, dives into the interplay between energy markets and European corporate credit. We explore how unusually low oil costs and a contango futures curve are signalling more than just margin relief. Gordon then unpacks recent earnings surprises in Europe, with a focus on forward guidance and changing expectations.

In this episode of Credit Compass, Gordon Kerr, KBRA’s European Macro Strategist, explores some insight from the society of professional economists annual event. He further comments on developments from the Eurogroup ECOFIN meetings and covers some perspective on recent market volatility.