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

                                February 1, 2000

                Date of Report (Date of Earliest Event Reported)


Lehman ABS Corporation (as depositor under the Standard Terms for Trust
Agreements, dated as of February 28, 1996, as supplemented by a Series
Supplement, dated as of July 10, 1997, which together formed the Corporate
Bond-Backed Certificates Trust, Series 1997-CHR-1, which issued Corporate Bond
Backed Certificates, Series 1997-CHR-1)

                             LEHMAN ABS CORPORATION

             (Exact Name of Registrant as Specified in Its Charter)



       Delaware                    033-73438-05             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)

                                     - 1 -






Item 5.  OTHER EVENTS

On February 2, 1998, August 3, 1998, February 1, 1999, August 2, 1999 and
February 1, 2000 distributions were made to the Holders of the Corporate Bond
Backed Certificates, Series 1997- CHR-1 (the "Certificate Holders"). Specific
information with respect to the distributions is filed as Exhibits 99.1 through
99.5.

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

Item 7.  FINANCIAL STATEMENTS AND EXHIBITS

(c)      The following exhibits are filed as part of this report:

99.1     Trustee's  Distribution  Statement to the Certificate  Holders for the
         six-month period ending February 2, 1998.
99.2     Trustee's  Distribution  Statement to the  Certificate  Holders for the
         six-month  period ending August 3, 1998.
99.3     Trustee's  Distribution  Statement to the Certificate  Holders for the
         six-month period ending February 1, 1999.
99.4     Trustee's  Distribution  Statement to the  Certificate  Holders for the
         six-month  period ending August 2, 1999.
99.5     Trustee's  Distribution  Statement to the Certificate  Holders for the
         six-month period ending February 1, 2000.


                                     - 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 26, 2000



                                              THE BANK OF NEW YORK
                                              AS TRUSTEE, FOR
                                              CORPORATE BOND-BACKED
                                              CERTIFICATES TRUST,
                                              SERIES 1997-CHR-1



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


                                     - 3 -




                                  EXHIBIT INDEX


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

99.1                 Trustee's  Distribution  Statement to the Certificate
                     Holders for the six-month period ending February 2, 1998.
99.2                 Trustee's  Distribution  Statement to the Certificate
                     Holders for the six-month period ending August 3, 1998.
99.3                 Trustee's  Distribution  Statement to the Certificate
                     Holders for the six-month period ending February 1, 1999.
99.4                 Trustee's  Distribution  Statement to the Certificate
                     Holders for the six-month period ending August 2, 1999.
99.5                 Trustee's  Distribution  Statement to the Certificate
                     Holders for the six-month period ending February 1, 2000.



                                     - 4 -