ANZ has moved $2.5 billion of asset-backed commercial paper issued by conduit clients onto its balance sheet over the past month, in response to the drying up of demand in the commercial paper market.In a briefing yesterday ANZ chief financial officer Peter Marriott said that the bank had a total of $5.5 billion of limits to conduits, of which $4.6 billion was drawn (a conduit is a special purpose vehicle that funds its assets with short-term paper). Marriott predicted that over the next six weeks most of the remaining $2.1 billion would be taken on balance sheet as the bank provided liquidity to its customers.The bulk of the assets of those conduits are high-quality prime mortgages. Other assets include rural, auto and structured loans; all of these have been structured so that a third party must take the first loss. There are some corporate assets and a $25 million exposure to a AAA rated collateralised debt obligation maturing in December 2007.Marriott's comments, at an investor update, left no doubt that the credit markets are still in lock-down. Standard & Poor's reported that the only securitisation issue of the past week (and the only one for the past three weeks) was a $20 million issue by ALE Property Group tapping an existing program, ALE Finance Company Series 1.Rams Home Loans reported on Tuesday that it had called on its bankers for liquidity support and had extended its commercial paper program out to 180 days at a cost of Libor plus 25 basis points. Bankers also reported no activity in the corporate bond market.Fitch Ratings' Ben McCarthy said it was business as usual for him. "We are still doing as much ratings work as before. It's just that no one knows when they will issue."