<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-K

                 Annual Report Pursuant to Sections 13 or 15(d)
                     of the Securities Exchange Act of 1934


For Fiscal Year Ended:                                   Commission file number:
  December 31, 1999                                                333-32105
  -----------------


           Corporate Bond-Backed Certificates, Series 1998-CAT-1 Trust
             (Exact name of registrant as specified in its charter)

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

I.R.S. Employer Identification Number: 13-3447441

The Bank of New York, as Trustee
101 Barclay Street, Floor 12 East
New York, New York                                          10286
(Address of Principal Executive Offices)                  (Zip Code)

Registrant's telephone number, including area code: (212) 815-5098

Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None

               Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No .

               Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K. X.

               Aggregate market value of the voting and non-voting common equity
held by non-affiliates of the Registrant as of December 31, 1999: Not
Applicable.

<PAGE>

               Number of shares of common stock outstanding as of December 31,
1999: Not Applicable.

               Documents in Part II and Part IV incorporated herein by reference
are as follows:

               Trustee's  Distribution  Statement to the Certificate Holders for
               the six-month  periods ending March 1, 1999 and September 1, 1999
               are hereby  incorporated by reference as exhibits to Registrant's
               Current Report on Form 8-K filed with the Securities and Exchange
               Commission on May 26, 2000.

INTRODUCTORY NOTE Lehman ABS Corporation (the "Depositor") is the depositor
under the Standard Terms for Trust Agreements, dated as of February 25, 1998, as
supplemented by a Series Supplement, dated as of March 30, 1998, by and between
the Depositor and The Bank of New York, a New York banking corporation, as
trustee (the "Trustee"), which together formed the Corporate Bond-Backed
Certificates, Series 1998-CAT-1 Trust (the "Trust" or the "Registrant"), and
which provided for the issuance of the Corporate Bond Backed Certificates,
Series 1998-CAT-1 (the "Certificates"). The Certificates do not represent
obligations of or interests in the Depositor. Pursuant to staff administrative
positions established in various no-action letters, Registrant is not required
to respond to various items of Form 10-K. Such items are designated herein as
"Not Applicable."

Information with respect to the distribution of payments to the Certificate
Holders is accurately summarized in the Trustee's Distribution Statement(s) to
the Certificate Holders which are filed on Form 8-K with the Securities and
Exchange Commission.

                                     PART I

Item 1.  Business.

Not Applicable

Item 2.  Properties.

Not Applicable

Item 3.  Legal Proceedings.

None

Item 4.  Submission of Matters to a Vote of Security Holders.

None

<PAGE>

                                     PART II

Item 5.  Market for Registrant's Common Equity and Related Stockholder Matters.

(a) Market Information: Not Applicable. To the best knowledge of the Trustee,
there is no established public trading market for the Certificates.

(b) Holders: The Certificates issued by the Trust representing investors'
interest in the Trust are represented by one or more physical Certificates
registered in the name of Cede & Co., the nominee of The Depository Trust
Company.

(c)  Dividends:  Not Applicable.

Item 6.  Selected Financial Data.

Not Applicable

Item 7.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations.

Not Applicable

Item 7A. Quantitative and Qualitative Disclosures About Market
         Risk.

Not Applicable

Item 8.  Financial Statements and Supplementary Data.

Trustee's Distribution Statement to the Certificate Holders for the six-month
periods ending March 1, 1999 and September 1, 1999 are hereby incorporated by
reference as exhibits to Registrant's Current Report on Form 8-K filed with the
Securities and Exchange Commission on May 26, 2000.

Item 9.  Changes in and Disagreements on Accounting and Financial
         Disclosure.

None

                                    PART III

Item 10.  Directors and Executive Officers of the Registrant.

Not Applicable

Item 11.  Executive Compensation.

<PAGE>

Not Applicable

Item 12.  Security Ownership of Certain Beneficial Owners and
          Management.

(a)  Not Available

(b)  Not Applicable

(c)  Not Applicable

Item 13.  Certain Relationships and Related Transactions.

(a)  None

(b)  None

(c)  Not Applicable

(d)  Not Applicable

                                     PART IV

Item 14.  Exhibits, Financial Statement Schedules and Reports
          on Form 8-K.

(a)  The following documents are filed as a part of the report:

               Trustee's  Distribution  Statement to the Certificate Holders for
               the six-month  periods ending March 1, 1999 and September 1, 1999
               are hereby  incorporated by reference as exhibits to Registrant's
               Current Report on Form 8-K filed with the Securities and Exchange
               Commission on May 26, 2000.

(b)  None

(c)  See item 14(a) above.

(d)  Not Applicable


<PAGE>



                                    SIGNATURE

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

Date: May 26, 2000

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



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