Citigroup has fallen out of the top 10 underwriters in the European bond market for the first time in nearly a decade in the latest sign of how the day-to-day business of investment banks is being hit by the credit crisis.

Citigroup has been one of the powerhouses of the international bond markets and has occupied a top-three place in the league table for bond issuance in euros for most of the past decade. Citigroup has fallen to 11th this year up to June 19, down from fourth at the end of last year as an underwriter of euro-denominated bonds, according to data provider Dealogic. Its market share has dropped by a third to 3.7%. It also ranks 12th this year in debt issuance by European issuers in any currency, compared to third for the past three years.