<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

                                December 15, 2005
                Date of report (Date of earliest event reported)


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



            Delaware                001-31975                   13-3447441
(State or Other Jurisdiction      (Commission File            (I.R.S. Employer
     of Incorporation)               Number)                 Identification No.)



745 Seventh Avenue
New York, New York                                                 10019
(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))


                                     - 1 -
<PAGE>

The Corporate Bond-Backed Certificates, Series 1998-ADM-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 30, 1998.

Item 8.01.   OTHER EVENTS

On December 15, 2005, 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.

Archer-Daniels-Midland Company, 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 more information on
Archer-Daniels-Midland Company please see its periodic and current reports
report filed with the Securities and Exchange Commission (the "Commission")
under the issuer's Exchange Act file number, 001-00044. 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. 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 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 nor the Trustee has verified the accuracy or
completeness of such documents or reports. There can be no assurance that events
affecting Archer-Daniels-Midland Company or the underlying securities 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-ADM-1 Trust for the period ending
             December 15, 2005.

                                     - 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: December 15, 2005



                                                 Lehman ABS Corporation

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


                                     - 3 -
<PAGE>

                                            EXHIBIT INDEX


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

         99.1              Trustee's Distribution Statement to the Corporate
                           Bond-Backed Certificates, Series 1998-ADM-1 Trust for
                           the period ending December 15, 2005.



                                     - 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

                                December 15, 2005
                Date of report (Date of earliest event reported)

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

            Delaware                001-31975                   13-3447441
(State or Other Jurisdiction      (Commission File            (I.R.S. Employer
     of Incorporation)               Number)                 Identification No.)

745 Seventh Avenue
New York, New York                                                 10019
(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))

                                     - 1 -
The Corporate Bond-Backed Certificates, Series 1998-ADM-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 30, 1998.

Item 8.01.   OTHER EVENTS

On December 15, 2005, 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.

Archer-Daniels-Midland Company, 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 more information on
Archer-Daniels-Midland Company please see its periodic and current reports
report filed with the Securities and Exchange Commission (the "Commission")
under the issuer's Exchange Act file number, 001-00044. 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. 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 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 nor the Trustee has verified the accuracy or
completeness of such documents or reports. There can be no assurance that events
affecting Archer-Daniels-Midland Company or the underlying securities 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-ADM-1 Trust for the period ending
             December 15, 2005.

                                     - 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: December 15, 2005

                                                 Lehman ABS Corporation

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

                                     - 3 -
EXHIBIT INDEX

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

         99.1              Trustee's Distribution Statement to the Corporate
                           Bond-Backed Certificates, Series 1998-ADM-1 Trust for
                           the period ending December 15, 2005.

                                     - 4 -