The answer lies in the accounting for what the company is doing. These are "off balance sheet transactions". Basically, the bond holder transfers the assets to a Special Purpose Entity (trust). The trust then securizes the bond, using the asset to issue Asset Backed Securities. By removing the asset from their balance sheet and assigning it, the bond is protected in case of bankruptcy (SPE's are what Enron was hiding behind, btw). But in the end, the asset doesn't really belong to the assignee.
The most valuable commodity I know of is information