A bespoke portfolio is a table of reference securities. A bespoke portfolio may serve as the reference portfolio for a synthetic CDO arranged by an investment bank and selected by a particular investor or for that investor by an investment manager. A synthetic CDO can be structured as a swap between an investor and an arranger, in which case the investor does not need to fund the purchase of the synthetic CDO notes. The majority of bespoke portfolio linked CDOs, however, are embedded into credit-linked notes that are purchased by the investor.