* Deutsche Bank shares surge on bond buyback
* Commerzbank shares jump after results
* But FTSEurofirst still set for weekly loss
By Sudip Kar-Gupta
LONDON, Feb 12 (Reuters) - European shares rebounded on Friday as Deutsche Bank and Commerzbank rallied, helping stock markets to partly recover from the week's losses.
The pan-European FTSEurofirst 300 index was up 2.2 percent going into the close of trading, rising from its lowest level in more than two years.
Fears about how well European banks can cope with slow growth and low interest rates had pushed European banking shares to multi-year lows this week.
But Deutsche Bank gained 9.6 percent on Friday after saying it would buy back more than $5 billion in senior debt, easing concern about its bonds. Its rival, Commerzbank , reported a return to profit in the fourth quarter, and its shares jumped 16 percent nL8N15R0KN].
The STOXX 600 Europe Banks index rose 4.2 percent. Germany's DAX advanced 2.2 percent, although it remains nearly 30 percent below a record high reached in April 2015.
Paras Anand, head of European equities at Fidelity International, said the threat to banks had been exaggerated, as had the general market slump this week.
"We do not have a structurally weak banking sector at the moment," he said. "The current market moves look overdone and we are, for the first time, drawn to some of the harder hit areas."
Others remained more cautious. Credit Suisse's investment committee kept a "neutral" position on global equity markets and said it was still too early to buy back into stocks.
The FTSEurofirst 300 remains down by nearly 5 percent so far this week. It is down 15 percent since the start of 2016, amid worries about a slowdown in China, the world's second-biggest economy.
Today's European research round-up (Additional reporting by Alistair Smout; Editing by Jeremy Gaunt, Larry King)