In a market that has seen nothing but change over the last 12 months, at least one thing is consistent: Citi remained the top underwriter in 2008.

But the turmoil in the credit markets had an impact on just about everything else about the rankings - with more changes on the way this year.Click here to see ranking tables.Even Citi did not escape unscathed. Almost perfectly mirroring the overall downturn in total volume, it worked on 514 issues with a par value of $56.2 billion in 2008, down more than 9% from 2007, according to Thomson Reuters. The gap came solely from a nearly 55% reduction in its competitive underwriting volume, compared to the total 26.9% decrease in competitive new issues for the entire market.

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