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The Citibank analysts, in their latest client note, warned about the impending risks of the coronavirus pandemic that the market has failed to price-in, thus far.

Key quotes

“We definitely feel that the markets are way ahead of reality. We really are telling every client to tap the market if they can because we think the pricing now couldn’t get any better.

Second quarter … we start seeing the pain, and the collateral effects of that, we think this is going to be much tougher than it looks.

Markets are pricing a V [shaped recovery], everyone’s coming back to work, and this is going to be fine.

Don’t think it’s going to be that easy quite frankly.”