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Article 2(10) of Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general legal framework for securitisation, states that "'synthetic securitisation' means a securitisation where the transfer of risk is achieved by the use of credit derivatives or guarantees, and the exposures being securitised remain exposures of the originator." This article explores the structuring of synthetic securitisations where risk is transferred by using guarantees that enable the originator to obtain the necessary credit protection. We analyse the most common structures that players in the European market use and the interest and benefits deriving from them for banking institutions acting as originators, as well as how they are implemented and organised in the Portuguese legal system. [ABSTRACT FROM AUTHOR]