DZ Bank is hiring an analyst from Moody’s as part of a new pairing for its covered bond research, as Sebastian Sachs leaves the bank to head up research at another.

Joerg Homey, a vice president and senior analyst at Moody’s, is set to join DZ in April to work alongside Michael Spies, who joined DZ in November and has been working as a covered bond analyst since January.

Sachs: off to Berenberg Bank

Sachs, who has worked at DZ since February 2006, is leaving on Monday for Berenberg Bank, where he will be establishing credit and rates research. Berenberg Bank, which claims to be Germany’s oldest private bank, is headquartered in Hamburg, but Sachs will be based in the bank’s Düsseldorf office when he joins in April.

André Hovora, who previously worked alongside Sachs as a covered bond analyst, recently moved to work in the bank’s credit department.