 The conduit finances the assets by selling asset-backed commercial paper to outside investors such as money market funds or other “safe asset” investors like retirement funds.The financial assets that serve as collateral for ABCP are ordinarily a mix of many different assets, mostly asset-backed securities (ABS), residential mortgages (RMBS), commercial loans and CDOs.Most of the assets are AAA-rated, some are un-rated assets generated by the sponsor financial institution, the mixture are jointly judged to have a low risk of bankruptcy by a ratings agency.