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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
May 17, 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, 1996, as supplemented by a Series
Supplement, dated as of February 25, 1998, which together formed the Corporate
Bond-Backed Certificates, Series 1998-NSC-1 Trust.
LEHMAN ABS CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
Delaware 333-32105-01 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 May 15, 1998, November 16, 1998, May 17, 1999, November 15, 1999 and May 17,
2000 distributions were made to the Holders of the Corporate Bond Backed
Certificates, Series 1998-NSC-1 (the "Certificate Holders"). Specific
information with respect to the distributions are filed as Exhibits 99.1 through
99.5 hereto.
No other reportable transactions or matters have occurred during the current
reporting period.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) The following exhibits were filed as part of this report:
99.1 Trustee's Distribution Statement to the Certificate Holders for the
six-month period ending May 15, 1998.
99.2 Trustee's Distribution Statement to the Certificate Holders for the
six-month period ending November 16, 1998.
99.3 Trustee's Distribution Statement to the Certificate Holders for the
six-month period ending May 17, 1999.
99.4 Trustee's Distribution Statement to the Certificate Holders for the
six-month period ending November 15, 1999.
99.5 Trustee's Distribution Statement to the Certificate Holders for the
six-month period ending May 17, 2000.
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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: May 26, 2000
THE BANK OF NEW YORK
AS TRUSTEE, FOR
CORPORATE BOND-BACKED
CERTIFICATES, SERIES
1998-NSC-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 May 15, 1998.
99.2 Trustee's Distribution Statement to the Certificate
Holders for the six-month period ending November 16, 1998.
99.3 Trustee's Distribution Statement to the Certificate Holders
for the six-month period ending May 17, 1999.
99.4 Trustee's Distribution Statement to the Certificate Holders
for the six-month period ending November 15, 1999.
99.5 Trustee's Distribution Statement to the Certificate Holders
for the six-month period ending May 17, 2000.
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TRUSTEE'S DISTRIBUTION STATEMENT
TO THE HOLDERS OF: 98-NSC-1
The Bank of New York, as Trustee under the
Lehman Bros. Lehman Corporate Bond Backed Certificates
Class A2
CUSIP NUMBER: 219-87H-AN5
in accordance with the Standard Terms and Conditions of Trust, The Bank of
New York, as trustee submits the following cash basis statement for the period
ending : May 15, 1998
INTEREST ACCOUNT
Balance as of February 25, 1998 0
Schedule Income received on securities.................. 987500
Unscheduled Income received on securities............... 0
Schedule Interest received from Swap Counterparty....... 0
Unscheduled Interest received from Swap Counterparty.... 0
Interest Received on sale of Securties................ 0
LESS:
Distribution to Beneficial Holders............. 710587
Distribution to Swap Counterparty.............. 0
Trustee Fees................................... 2250
Fees allocated for third party expenses.... 750
Balance as of December 16, 1998 Subtotal 273913
PRINCIPAL ACCOUNT
Balance as of February 27, 1998 0
Scheduled Principal payment received on securities...... 0
Principal received on sale of securities......... 0
LESS:
Distribution to Beneficial Holders............... 273913
Distribution to Swap Counterparty................... 0
Balance as of December 16, 1998 Subtotal 0
Balance 273913
UNDERLYING SECURITIES HELD AS OF: December 16, 1998
Principal Title of Security
Amount NORFOLK SOUTHERN CORPORATION
25000000 CUSIP# : 655-844-AK4
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TRUSTEE'S DISTRIBUTION STATEMENT
TO THE HOLDERS OF: 98-NSC-1
The Bank of New York, as Trustee under the
Lehman Bros. Lehman Corporate Bond Backed Certificates
Class A2
CUSIP NUMBER: 219-87H-AN5
in accordance with the Standard Terms and Conditions of Trust, The Bank of
New York, as trustee submits the following cash basis statement for the period
ending : November 16, 1998
INTEREST ACCOUNT
Balance as of May 15, 1998 0
Schedule Income received on securities.................. 987500
Unscheduled Income received on securities............... 0
Schedule Interest received from Swap Counterparty....... 0
Unscheduled Interest received from Swap Counterparty.... 0
Interest Received on sale of Securties............... 0
LESS:
Distribution to Beneficial Holders............. 701684
Distribution to Swap Counterparty.............. 0
Trustee Fees................................... 2250
Fees allocated for third party expenses..... 750
Balance as of December 16, 1998 Subtotal 282816
PRINCIPAL ACCOUNT
Balance as of February 27, 1998 0
Scheduled Principal payment received on securities...... 0
Principal received on sale of securities........... 0
LESS:
Distribution to Beneficial Holders............. 282816
Distribution to Swap Counterparty.............. 0
Balance as of December 16, 1998 Subtotal 282816
Balance 0
UNDERLYING SECURITIES HELD AS OF: December 16, 1998
Principal Title of Security
Amount NORFOLK SOUTHERN CORPORATION
25000000 CUSIP# : 655-844-AK4
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TRUSTEE'S DISTRIBUTION STATEMENT
TO THE HOLDERS OF: 98-NSC-1
The Bank of New York, as Trustee under the
Lehman Bros. Lehman Corporate Bond Backed Certificates
Class A2
CUSIP NUMBER: 219-87H-AN5
in accordance with the Standard Terms and Conditions of Trust, The Bank of
New York, as trustee submits the following cash basis statement for the period
ending May 17,1999
INTEREST ACCOUNT
Balance as of November 16,1998 0
Schedule Income received on securities.................. 987500
Unscheduled Income received on securities............... 0
Schedule Interest received from Swap Counterparty....... 0
Unscheduled Interest received from Swap Counterparty.... 0
Interest Received on sale of Securties............... 0
LESS:
Distribution to Beneficial Holders............... 692493
Distribution to Swap Counterparty................ 0
Trustee Fees..................................... 2250
Fees allocated for third party expenses....... 750
Balance as of May 17,1999 Subtotal 292007
PRINCIPAL ACCOUNT
Balance as of November 16,1998 0
Scheduled Principal payment received on securities...... 0
Principal received on sale of securities........... 0
LESS:
Distribution to Beneficial Holders............. 292007
Distribution to Swap Counterparty.................. 0
Balance as of May 17,1999 Subtotal 292007
Balance 0
UNDERLYING SECURITIES HELD AS OF May 17,1999
Principal Title of Security
Amount NORFOLK SOUTHERN CORPORATION
25,000,000 CUSIP# : 655-844-AK4
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TRUSTEE'S DISTRIBUTION STATEMENT
TO THE HOLDERS OF: 98-NSC-1
The Bank of New York, as Trustee under the
Lehman Bros. Lehman Corporate Bond Backed Certificates
Class A2
CUSIP NUMBER: 219-87H-AN5
in accordance with the Standard Terms and Conditions of Trust, The Bank of
New York, as trustee submits the following cash basis statement for the period
ending : November 15, 1999
INTEREST ACCOUNT
Balance as of May 17, 1999 0
Schedule Income received on securities.................. 987500
Unscheduled Income received on securities............... 0
Schedule Interest received from Swap Counterparty....... 0
Unscheduled Interest received from Swap Counterparty.... 0
Interest Received on sale of Securties............... 0
LESS:
Distribution to Beneficial Holders............. 683003
Distribution to Swap Counterparty.............. 0
Trustee Fees................................... 2250
Fees allocated for third party expenses...... 750
Balance as of November 15, 1999 Subtotal 301497
PRINCIPAL ACCOUNT
Balance as of May 17, 1999 0
Scheduled Principal payment received on securities...... 0
Principal received on sale of securities.......... 0
LESS:
Distribution to Beneficial Holders.................. 301497
Distribution to Swap Counterparty...................... 0
Balance as of November 15, 1999 Subtotal 301497
Balance 0
UNDERLYING SECURITIES HELD AS OF: November 15, 1999
Principal Title of Security
Amount NORFOLK SOUTHERN CORPORATION
25000000 CUSIP# : 655-844-AK4
<PAGE>
TRUSTEE'S DISTRIBUTION STATEMENT
TO THE HOLDERS OF: 98-NSC-1
The Bank of New York, as Trustee under the
Lehman Bros. Lehman Corporate Bond Backed Certificates
Class A2
CUSIP NUMBER: 219-87H-AN5
in accordance with the Standard Terms and Conditions of Trust, The Bank of
New York, as trustee submits the following cash basis statement for the period
ending : May 17, 2000
INTEREST ACCOUNT
Balance as of November 15, 1999 0
Schedule Income received on securities.................. 987500
Unscheduled Income received on securities............... 0
Schedule Interest received from Swap Counterparty....... 0
Unscheduled Interest received from Swap Counterparty.... 0
Interest Received on sale of Securties............. 0
LESS:
Distribution to Beneficial Holders............. 673204
Distribution to Swap Counterparty.............. 0
Trustee Fees................................... 2250
Fees allocated for third party expenses...... 750
Balance as of May 17, 2000 Subtotal 311296
PRINCIPAL ACCOUNT
Balance as of November 15, 1999 0
Scheduled Principal payment received on securities...... 0
Principal received on sale of securities............ 0
LESS:
Distribution to Beneficial Holders.................... 311296
Distribution to Swap Counterparty....................... 0
Balance as of May 17, 2000 Subtotal 311296
Balance 0
UNDERLYING SECURITIES HELD AS OF: November 15, 1999
Principal Title of Security
Amount NORFOLK SOUTHERN CORPORATION
25000000 CUSIP# : 655-844-AK4
