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.

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