Hello YouTube, Todd Ault here, and Welcome to Wall Street Words! Today's Wall Street term is "Tombstone"
I'm not talking about Tombstone, Arizona. I'm talking about our tombstone filed by an investment bank when they've raised capital for a public or private company. Now, this tombstone, when it's published, like usually in The Wall Street Journal or One Financial magazine. There's lots of places the tombstone can be public but it's effectively an advertisement that says, "Hey, we closed this transaction. Here's all the investment banks that were involved. Here's the lead underwriter. Here's the codebook runner." All the things needed when raising capital for public and private companies. These tombstones are published in publications all over the country. It's also a way of an investment bank to pound his chest and say, 'Look what I did!." Now, it usually provides a link or a way for you to find out about the prospectus that this investment bank issued. Tombstones are important part of the process. Now, secondarily to this, I'll point out that lots of tombstones are sent out now on the Internet. If you're on a mailing list, they posted them on their web sites, they send you an e-mail saying, 'hey, look what we did." Today's word is "Tombstone."
Definition - A written advertisement of a public offering placed by investment bankers who are underwriting the issue. It gives basic details about the issue and lists each of the underwriting groups involved in the deal. The tombstone provides investors with some general information and directs the prospective investors to a link where they can obtain a prospectus. A tombstone is one component of the disclosure requirements for public security offerings required by the Securities and Exchange Commission (SEC).
While a tombstone ad is just a brief announcement alerting investors to the upcoming security sale, a prospectus goes into greater detail and gives investors the information they need to make an investing decision. When a company issues securities to the public, the SEC requires that each investor receive a prospectus. The tombstone describes the types of securities that are offered, the date they are available, the number of shares or bonds to be sold, and how the securities can be purchased. If a new debt security receives a credit rating, that rating can be included in the tombstone. A tombstone advertisement gets its name from the black border and heavy black print one typically has in print media. The tombstone lists the syndicate members who are involved in the underwriting of the security, with the primary members listed in larger type at the top of the advertisement.
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Wall Street Words word of the day = Tombstone
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