Securitisation technology has moved from the exotic to the mainstream, and in so doing is revolutionising the global bond markets. Synthetic credit derivatives technology, CDOs, the covered bond market, the mortgage-backed market and M&A financing have all come together to make securitisation the fastest growing, most widely applicable and most flexible area of the global credit markets, which can be used to raise efficient financing, to improve return on capital, to reduce credit exposure, to restructure and manage balance sheets, to diversify funding sources, to increase liquidity and to improve strategic profile.