What is the trend regarding ATM programs?

The trend regarding ATM programs shows an increase in both the value and the number of programs. This reflects a growing interest from companies in utilizing at-the-market (ATM) offerings as a flexible method of raising equity capital. An ATM program allows companies to sell shares directly into the market over time, which can be an attractive option in favorable market conditions.

By utilizing these programs, companies can better manage their capital structure and respond to favorable market opportunities without the need for a full-blown public offering. The rise in the number of programs suggests increased awareness and accessibility of ATM strategies among different issuers, ranging from small-cap firms to large corporations.

Moreover, the increase in value indicates that companies are recognizing the effectiveness of ATM programs for raising significant capital while maintaining more control over pricing and timing. This trend aligns with a broader move towards capital market solutions that can adapt to the changing conditions and needs of the market.