<PAGE>

                       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 15, 2006
                Date of report (Date of earliest event reported)


                      Lehman ABS Corporation, on behalf of:
           Corporate Bond-Backed Certificates, Series 1998-NSC-1 Trust



            Delaware                  001-31976                13-3447441
(State or Other Jurisdiction      (Commission File         (I.R.S. Employer
     of Incorporation)                 Number)             Identification No.)





745 Seventh Avenue                                                10019
New York, New York
(Address of Principal Executive Offices)                       (Zip Code)

                                 (212) 526-7000
                         (Registrant's Telephone Number,
                              Including Area Code)

      Check the appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under
         any following provisions (see General Instruction A.2. below):

[  ]  Written communications pursuant to Rule 425 under the Securities act
      (17 CRF 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act
      (17 CFR 240.14a-12(b))

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-12(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR  240.13e-4(c))

                                     - 1 -
<PAGE>


The Corporate Bond-Backed Certificates, Series 1998-NSC-1 Trust, which we refer
to herein as the "Trust" was formed pursuant to the Standard Terms for Trust
Agreements, dated as of February 25, 1998, as supplemented by the Series
Supplement in respect of the Trust dated as of February 25, 1998.

Item 8.01         OTHER EVENTS

On MAY 15, 2006, distributions were made to the holders of the certificates
issued by the Trust. Specific information with respect to the distributions is
filed as Exhibit 99.1 hereto.

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

Norfolk Southern Corporation, the issuer of the underlying securities, is
subject to the information reporting requirements of the Securities Exchange Act
of 1934, as amended (the "Exchange Act"). For information on the issuer of the
underlying securities please see its periodic and current reports filed with the
Securities and Exchange Commission (the "Commission") under the issuer's
Exchange Act file number, 001-08339. The Commission maintains a site on the
World Wide Web at "http://www.sec.gov" at which users can view and download
copies of reports, proxy and information statements and other information filed
electronically through the Electronic Data Gathering, Analysis and Retrieval
system, or "EDGAR." Periodic and current reports and other information required
to be filed pursuant to the Exchange Act by the issuer of the underlying
securities may be accessed on this site. Neither Lehman ABS Corporation nor the
Trustee has participated in the preparation of such reporting documents, or made
any due diligence investigation with respect to the information provided
therein. Neither Lehman ABS Corporation nor the Trustee has verified the
accuracy or completeness of such documents or reports. There can be no assurance
that events affecting the issuer of the underlying securities, or the underlying
securities themselves, have not occurred or have not yet been publicly disclosed
which would affect the accuracy or completeness of the publicly available
documents described above.


Item 9.01         FINANCIAL STATEMENTS AND EXHIBITS

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

          99.1    Trustee's Distribution Statement to the Corporate Bond-Backed
                  Certificates, Series 1998-NSC-1 Trust for the period ending
                  MAY 15, 2006.




                                     - 2 -
<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: MAY 15, 2006



                                       Lehman ABS Corporation

                                       By: /s/ Charles M. Weaver
                                       -------------------------
                                       Name: Charles M. Weaver
                                       Title: Senior Vice President







                                     - 3 -
<PAGE>



                                  EXHIBIT INDEX


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

     99.1             Trustee's Distribution Statement to the Corporate
                      Bond-Backed Certificates, Series 1998-NSC-1 Trust for the
                      period ending MAY 15, 2006















                                     - 4 -
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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 15, 2006
                Date of report (Date of earliest event reported)

                      Lehman ABS Corporation, on behalf of:
           Corporate Bond-Backed Certificates, Series 1998-NSC-1 Trust

            Delaware                  001-31976                13-3447441
(State or Other Jurisdiction      (Commission File         (I.R.S. Employer
     of Incorporation)                 Number)             Identification No.)

745 Seventh Avenue                                                10019
New York, New York
(Address of Principal Executive Offices)                       (Zip Code)

                                 (212) 526-7000
                         (Registrant's Telephone Number,
                              Including Area Code)

      Check the appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under
         any following provisions (see General Instruction A.2. below):

[  ]  Written communications pursuant to Rule 425 under the Securities act
      (17 CRF 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act
      (17 CFR 240.14a-12(b))

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-12(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR  240.13e-4(c))

                                     - 1 -
The Corporate Bond-Backed Certificates, Series 1998-NSC-1 Trust, which we refer
to herein as the "Trust" was formed pursuant to the Standard Terms for Trust
Agreements, dated as of February 25, 1998, as supplemented by the Series
Supplement in respect of the Trust dated as of February 25, 1998.

Item 8.01         OTHER EVENTS

On MAY 15, 2006, distributions were made to the holders of the certificates
issued by the Trust. Specific information with respect to the distributions is
filed as Exhibit 99.1 hereto.

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

Norfolk Southern Corporation, the issuer of the underlying securities, is
subject to the information reporting requirements of the Securities Exchange Act
of 1934, as amended (the "Exchange Act"). For information on the issuer of the
underlying securities please see its periodic and current reports filed with the
Securities and Exchange Commission (the "Commission") under the issuer's
Exchange Act file number, 001-08339. The Commission maintains a site on the
World Wide Web at "http://www.sec.gov" at which users can view and download
copies of reports, proxy and information statements and other information filed
electronically through the Electronic Data Gathering, Analysis and Retrieval
system, or "EDGAR." Periodic and current reports and other information required
to be filed pursuant to the Exchange Act by the issuer of the underlying
securities may be accessed on this site. Neither Lehman ABS Corporation nor the
Trustee has participated in the preparation of such reporting documents, or made
any due diligence investigation with respect to the information provided
therein. Neither Lehman ABS Corporation nor the Trustee has verified the
accuracy or completeness of such documents or reports. There can be no assurance
that events affecting the issuer of the underlying securities, or the underlying
securities themselves, have not occurred or have not yet been publicly disclosed
which would affect the accuracy or completeness of the publicly available
documents described above.

Item 9.01         FINANCIAL STATEMENTS AND EXHIBITS

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

          99.1    Trustee's Distribution Statement to the Corporate Bond-Backed
                  Certificates, Series 1998-NSC-1 Trust for the period ending
                  MAY 15, 2006.

                                     - 2 -
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 15, 2006

                                       Lehman ABS Corporation

                                       By: /s/ Charles M. Weaver
                                       -------------------------
                                       Name: Charles M. Weaver
                                       Title: Senior Vice President

                                     - 3 -
EXHIBIT INDEX

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

     99.1             Trustee's Distribution Statement to the Corporate
                      Bond-Backed Certificates, Series 1998-NSC-1 Trust for the
                      period ending MAY 15, 2006

                                     - 4 -