Accredited Home Lenders is in the market with its first-ever senior/subordinated offering this week, a $998 million fixed- and floating-rate transaction via Lehman Brothers. The third securitization of the year features 25 tranches and offers investors exposure to just about all areas of the investment-grade credit spectrum and ABS yield curve.

Accredited has completed two wrapped deals thus far in 2004, a $504.8 million series 2004-1 deal via Morgan Stanley on Feb. 10 and a $688 million series 2004-2 via Lehman Brothers on May 26, both of which were wrapped by Ambac. Additionally, Accredited has backed the $170 million ABFC 2004-HE1 transaction led by Banc of America Securities and 20% of the self-led $200 million Terwin Mortgage Trust 2004-2SL that priced on Feb 26.

For full details, see below:

Accredited Mortgage Loan Trust 2004-3
Seller: Accredited Home Lenders Inc.    Amount: $997.53 million     Sector: real estate ABS

Class  Amount MDY/S&P/FTC Avg. Life Benchmark  Guidance           

1A1     $69.20   Aaa/AAA/AAA      1.00y    EDSF  +45bp A
1A2     $18.36   Aaa/AAA/AAA      2.00y    Swaps  +50bp A
1A3     $48.16   Aaa/AAA/AAA      3.00y    Swaps   low60bp A

1A4     $24.09   Aaa/AAA/AAA      5.00y    Swaps   +105bp A     
1A5     $31.02   Aaa/AAA/AAA      7.83y    Swaps   +115bp A 
1A6     $21.2    Aaa/AAA/AAA       6.52y    Swaps   +60-65bp

1M1     $9.83    Aa2/AA+/AA         6.16y    Swaps    +135bp A
1M2     $7.99    A2/A+/A+              6.16y   Swaps    +175bp A  

1M3     $6.52    Baa2/BBB+/BBB+  6.16y   Swaps   +205bp A
1M4     $2.46    Baa3/BBB/BBB      6.16y   Swaps   +375bp A  

1B      $1.84      NR/BBB/BBB-       6.16y    Swaps   n/a 

2A1    $310.3    Aaa/AAA/AAA       2.14y    1ML       n/a            

2A2     $42.95   Aaa/AAA/AAA       7.31y    1ML  high 50bp
2A3     $120.8   Aaa/AAA/AAA       1.00y    1ML  +15bp A 
2A4     $109.1   Aaa/AAA/AAA       3.00y    1ML  low 30bp          

2A5     $49.42   Aaa/AAA/AAA       6.87y    1ML  low 50bp
2A6     $23.08   Aa1/AAA/AA+       5.16y    1ML   high 50bp
2B       $15.38   NR/BBB/BBB-       5.06y    1ML  n/a          

2M1     $21.15   Aa2/AA+/AA+       5.15y    1ML  low 60bp 
2M2     $12.31   Aa3/AA/AA           5.14y    1ML  high 60bp  
2M3     $19.23   A2/A+/A+             5.14y    1ML  +115-120bp

2M4      $10.0    A3/A/A                 5.13y   1ML  +140bp A
2M5      $7.69    Baa1/A-/A-            5.12y   1ML +185bp A
2M6     $7.69     Baa2/BBB+/BBB+  5.12y  1ML  +195bp A 

2M7     $7.69     Baa3/BBB/BBB      5.12y  ML   +350-375bp
Credit Enhancement: sr/sub                                                                                    Manager: Lehman Brothers

Notes: n/a; Collateral: home equity

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