There's a mudguard called the Beaver Tail (or rather, there was one).

↑That's the one. I keep it in my bag like a backing board,
but when it rains I can slip it onto the saddle rails and it becomes a mudguard.
It works with pretty much any saddle except for Sella SMP models.
Actually, this product's been discontinued.
The reason? "Poor yield rates," apparently.
Basically, a certain percentage of units come out defective during manufacturing
and can't be sold.
Or if they're cutting this shape out from a huge sheet of plastic,
there's a fair amount of plastic waste left over.
The distributor is apparently pushing the manufacturer to bring it back,
but once you start production you need to make thousands and thousands of units,
so from a cost standpoint it's just not feasible.

There are other mudguards with a similar concept out there,
but personally I think this one is the best made.
I really wish they'd bring it back...

↑That's the one. I keep it in my bag like a backing board,
but when it rains I can slip it onto the saddle rails and it becomes a mudguard.
It works with pretty much any saddle except for Sella SMP models.
Actually, this product's been discontinued.
The reason? "Poor yield rates," apparently.
Basically, a certain percentage of units come out defective during manufacturing
and can't be sold.
Or if they're cutting this shape out from a huge sheet of plastic,
there's a fair amount of plastic waste left over.
The distributor is apparently pushing the manufacturer to bring it back,
but once you start production you need to make thousands and thousands of units,
so from a cost standpoint it's just not feasible.

There are other mudguards with a similar concept out there,
but personally I think this one is the best made.
I really wish they'd bring it back...