The Covered Bond Report understands that Michael Spies has left DZ Bank to join Citi as a covered bond analyst, with Günther Scheppler moving internally at DZ to replace him.

Spies is understood to be joining Citi as a senior associate and covered bond strategist in the bank’s European rates strategy team. The CBR understands the position to be new, with the US bank not having previously had a specialist covered bond analyst.

Spies will report to Alessandro Tentori, head of EMEA rates strategy. He had been a member of DZ’s covered bond research team for two years.

At DZ, Günther Scheppler is as of today (Wednesday) working with Jörg Homey, head of covered bond research, and Thorsten Euler, covered bond analyst.

Scheppler started at DZ in 2004 as an emerging market analyst in London before moving back to Frankfurt in 2007 to build up the bank’s credit floor research and later established the bank’s fixed income asset allocation research.