Tombstone is an advertisement that publicizes a security offering. They are placed in newspapers and magazines by the managing investment bank to advertise its role in forming a syndicate and helping distribute the new issue. The advertisement lists the name of the issuer, the type of security issued, the quantity sold, the offering price, and the members of the investment banking syndicate. The managing investment bank is listed first, for a particularly large or lucrative offering, two or more managing investment banks may share the top position. Members of the syndicate are listed below, in different tiers, with the firms in each tier typically listed in alphabetical order. The most prestigious investment banks are listed in higher tiers; less prestigious banks appear in the lower alphabetized lists. Investment bankssometimesquarrel,andsomehave even pulled out of deals, over objections to the placement of their name in the tombstone ad. Firms in a tier that are listed out of alphabetical order are less prestigious members of that tier.