New Asset-Backed Conduit Launched

Paramax Capital Group plans to launch a new multi-seller, asset-backed commercial paper program, Paramax Capital Funding.The new vehicle will target financing various asset pools including trade receivables, consumer credit assets, mortgages and highly rated securities. Paramax is broadening its product set to provide additional services to complement its "expected loss note activities." Gordon Baird, chief executive officer of Paramax Capital, said the company's executives believe "there is a need and demand for third party conduits in this new structured finance paradigm." Paramax Capital Group is a specialty structured finance firm headquartered in Stamford, Conn., with over $8 billion of consolidated assets. Paramax provides subordinated capital to the structured finance markets including FIN 46 expected loss and mezzanine ABS capital as well as the advisory and administrative services.