CORPORATE BOND BACKED CERT TR SER 1998-CAT 1
8-K, 2000-12-14
ASSET-BACKED SECURITIES
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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549




                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the

                         Securities Exchange Act of 1934

                                September 1, 2000

                Date of report (Date of earliest event reported)


Lehman ABS Corporation is the depositor under the Standard Terms for Trust
Agreements, dated as of February 25, 1998, as supplemented by the Series
Supplement, dated as of March 30, 1998, which together formed the Corporate
Bond-Backed Certificates, Series 1998-CAT-1.

                             LEHMAN ABS CORPORATION
             (Exact Name of Registrant as Specified in Its Charter)



         Delaware                   333-32105-03                13-3447441
(State or Other Jurisdiction      (Commission File           (I.R.S. Employer
     of Incorporation)                 Number)               Identification No.)



Three World Financial Center                                            10285

200 Vesey Street                                                      (Zip Code)
New York, New York
(Address of Principal Executive Offices)

                                 (212) 526-5594
                         (Registrant's Telephone Number,
                              Including Area Code)

                                 Not Applicable
          (Former Name or Former Address, if Changed Since Last Report)


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Item 5.  OTHER EVENTS

On September 1, 2000 distributions were made to the Holders of the Corporate
Bond-Backed Certificates, Series 1998-CAT-1 (the "Certificate Holders").
Specific information with respect to the distributions is filed as Exhibit 99.1.

No other reportable transactions or matters have occurred during the current
reporting period.

Item 7.  FINANCIAL STATEMENTS AND EXHIBITS

(c)      The following exhibit was filed as part of this report:

         99.1     Trustee's Distribution Statement to the Certificate Holders
                  for the six-month period ending September 1, 2000.



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<PAGE>



                                    SIGNATURE

   Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

Date: December 13, 2000

                                                     THE BANK OF NEW YORK
                                                     AS TRUSTEE, FOR
                                                     CORPORATE BOND-BACKED
                                                     CERTIFICATES, SERIES
                                                     1998-CAT-1 TRUST


                                                     By: /s/ Enrico D. Reyes
                                                        ---------------------
                                                        Enrico D. Reyes
                                                        Vice President


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                                  EXHIBIT INDEX


Exhibit Number             Description
--------------             -----------

99.1                       Trustee's Distribution Statement to the Certificate
                           Holders for the six-month period ending September 1,
                           2000.



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