<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

                                SEPTEMBER 1, 2006
                Date of report (Date of earliest event reported)


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



          Delaware                      001-31980               13-3447441
(State or Other Jurisdiction         (Commission File       (I.R.S. Employer
     of Incorporation)                   Number)            Identification No.)



                                                                  10019

745 7th Avenue                                                 (Zip Code)
New York, New York
(Address of Principal Executive Offices)

                                 (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))

<PAGE>


The Corporate Bond-Backed Certificates, Series 1998-CAT-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 March 31, 1998.



Item 8.01         OTHER EVENTS

On SEPTEMBER 1, 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.

Caterpillar Inc., 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, 001-00768. 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-CAT-1 Trust for the period ending
                  SEPTEMBER 01, 2006.


<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: SEPTEMBER 01, 2006


                                       Lehman ABS Corporation

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




<PAGE>





EXHIBIT INDEX


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

      99.1         Trustee's Distribution Statement to the Corporate Bond-Backed
                   Certificates, Series 1998-CAT-1 Trust for the period ending
                   SEPTEMBER 01, 2006.
[{"type": "8-K", "sequence": "1", "filename": "b414823_8k.txt", "description": "FORM 8-K", "secsgml_size_bytes": 5186}]
{"company-data": {"conformed-name": "CORPORATE BOND BACKED CERT TR SER 1998-CAT 1", "cik": "0001059376", "assigned-sic": "6189"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-31980", "film-number": "061073849"}, "business-address": {"street1": "THE BANK OF NEW YORK CORPORATE TRUST ADM", "street2": "101 BARCLAY ST 12TH FL EAST", "city": "NEW YORK", "state": "NY", "zip": "10286"}, "mail-address": {"street1": "THE BANK OF NEW YORK CORPORATE TRUST ADM", "street2": "101 BARCLAY ST 12TH FL EAST", "city": "NEW YORK", "state": "NY", "zip": "10286"}}
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, 2006
                Date of report (Date of earliest event reported)

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

          Delaware                      001-31980               13-3447441
(State or Other Jurisdiction         (Commission File       (I.R.S. Employer
     of Incorporation)                   Number)            Identification No.)

                                                                  10019

745 7th Avenue                                                 (Zip Code)
New York, New York
(Address of Principal Executive Offices)

                                 (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))
The Corporate Bond-Backed Certificates, Series 1998-CAT-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 March 31, 1998.

Item 8.01         OTHER EVENTS

On SEPTEMBER 1, 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.

Caterpillar Inc., 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, 001-00768. 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-CAT-1 Trust for the period ending
                  SEPTEMBER 01, 2006.
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: SEPTEMBER 01, 2006

                                       Lehman ABS Corporation

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

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

      99.1         Trustee's Distribution Statement to the Corporate Bond-Backed
                   Certificates, Series 1998-CAT-1 Trust for the period ending
                   SEPTEMBER 01, 2006.