Tombstone Ads

About Tombstone Ads

Tombstone advertisements are the simple, formal notices that investment banks place in newspapers to announce securities offerings. They list the issuing company, the amount, the price, and the underwriting syndicate. The name comes from their appearance: text heavy, no graphics, arranged like a tombstone. These ads were once the primary way securities offerings were publicized. The largest tombstones filled full pages of the Wall Street Journal. In the 1980s, investment banks competed fiercely for top placement on tombstones, which indicated prestige. In the internet era, tombstones have largely moved online. SEC rules still govern their content and disclaimers. They remain a symbol of traditional Wall Street culture.