Morgan Stanley Files FWP for New Securities Offering

TL;DR

**Morgan Stanley just filed an FWP, signaling new securities are hitting the market.**

AI Summary

Morgan Stanley filed a Free Writing Prospectus (FWP) on March 23, 2026, related to Preliminary Pricing Supplement No. 15,091. This filing, with accession number 0001839882-26-016506, indicates that Morgan Stanley is actively engaged in offering new securities, likely complex financial products, to investors. For stockholders, this matters because it signals ongoing capital markets activity, which can impact the company's revenue streams from underwriting and trading, potentially affecting future earnings and stock performance.

Why It Matters

This FWP indicates Morgan Stanley is marketing new securities, which is a core part of its investment banking business and can generate significant fee income.

Risk Assessment

Risk Level: low — This FWP is a routine disclosure for a financial institution like Morgan Stanley and does not inherently signal high risk.

Analyst Insight

A smart investor would view this as routine business for a major financial institution and look for details on the specific securities being offered in the underlying pricing supplement to assess potential revenue impact.

Key Numbers

• 2026-03-23 — Filing Date (The date Morgan Stanley submitted this FWP.)
• 15,091 — Preliminary Pricing Supplement Number (The specific pricing supplement this FWP relates to, indicating a particular offering.)
• 59097 — Size of FWP document (The size in bytes of the primary FWP document (ms15091_fwp-10566.htm).)
• 0001839882-26-016506 — SEC Accession No. (The unique identifier for this specific SEC filing.)
• 333-275587 — File No. (The registration statement number under which these securities are being offered.)

Key Players & Entities

• MORGAN STANLEY (company) — the filer and subject of the FWP
• 0000895421 (company) — Morgan Stanley's CIK
• 2026-03-23 (date) — the filing date of the FWP
• 1585 BROADWAY NEW YORK NY 10036 (company) — Morgan Stanley's business and mailing address
• 333-275587 (dollar_amount) — the File No. for the underlying registration statement

Forward-Looking Statements

• Morgan Stanley will continue to issue similar FWP filings as part of ongoing capital markets activities. (MORGAN STANLEY) — high confidence, target: 2027-03-23
• The securities related to Preliminary Pricing Supplement No. 15,091 will be successfully offered to investors. (MORGAN STANLEY) — medium confidence, target: 2026-06-23

FAQ

Key Financial Figures

• $972.90 — CUSIP: 61781EZH2 Estimated value: $972.90 per security, or within $45.00 of that
• $45.00 — alue: $972.90 per security, or within $45.00 of that estimate Preliminary pricing
• $1,687.00 — nt at Maturity per Security +60.00% $1,687.00* +40.00% $1,458.00* +20.00% $1,
• $1,458.00 — rity +60.00% $1,687.00* +40.00% $1,458.00* +20.00% $1,229.00* 0.00% $1,00
• $1,229.00 — .00* +40.00% $1,458.00* +20.00% $1,229.00* 0.00% $1,000.00 -18.00% $1,180
• $1,000.00 — 58.00* +20.00% $1,229.00* 0.00% $1,000.00 -18.00% $1,180.00 -19.00% $990.
• $1,180.00 — 229.00* 0.00% $1,000.00 -18.00% $1,180.00 -19.00% $990.00 -20.00% $980.00
• $990.00 — 00.00 -18.00% $1,180.00 -19.00% $990.00 -20.00% $980.00 -40.00% $780.00
• $980.00 — ,180.00 -19.00% $990.00 -20.00% $980.00 -40.00% $780.00 -60.00% $580.00
• $780.00 — $990.00 -20.00% $980.00 -40.00% $780.00 -60.00% $580.00 -80.00% $380.00
• $580.00 — $980.00 -40.00% $780.00 -60.00% $580.00 -80.00% $380.00 -100.00% $180.0
• $380.00 — $780.00 -60.00% $580.00 -80.00% $380.00 -100.00% $180.00 *Assumes a lever
• $180.00 — 580.00 -80.00% $380.00 -100.00% $180.00 *Assumes a leverage factor of 114.50%

Filing Documents

• ms15091_fwp-10566.htm (FWP) — 58KB
• image1.gif (GRAPHIC) — 29KB
• 0001839882-26-016506.txt ( ) — 99KB

From the Filing

WRITING PROSPECTUS TO PRELIMINARY PRICING SUPPLEMENT NO. 15,091 Free Writing Prospectus to Preliminary Pricing Supplement No. 15,091 Registration Statement Nos. 333-275587; 333-275587-01 Dated March 23, 2026; Filed pursuant to Rule 433 M organ S tanley Worst-of RTY and SPX Dual Directional Buffered PLUS due April 19, 2029 This document provides a summary of the terms of the securities. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement, index supplement and prospectus, and the "Risk Considerations" on the following page, prior to making an investment decision. Terms Issuer: Morgan Stanley Finance LLC Guarantor: Morgan Stanley Underliers: Russell 2000 Index (RTY) and S&P 500 Index (SPX) Leverage factor: 114.50% Absolute return participation rate: 100% Buffer amount: 18% (82% maximum loss) 1 Pricing date: April 15, 2026 Observation date: April 16, 2029 Maturity date: April 19, 2029 CUSIP: 61781EZH2 Estimated value: $972.90 per security, or within $45.00 of that estimate Preliminary pricing supplement: https://www.sec.gov/Archives/edgar/data/895421/000183988226016448/ms15091_424b2-10565.htm 1 All payments are subject to our credit risk Hypothetical Payment at Maturity 1 The payment at maturity will be based solely on the performance of the worst performing underlier, which could be any underlier. The payoff diagram and table below illustrate the payment at maturity for a range of hypothetical performances of the worst performing underlier over the term of the securities. % Change in Closing Level of the Worst Performing Underlier Payment at Maturity per Security +60.00% $1,687.00* +40.00% $1,458.00* +20.00% $1,229.00* 0.00% $1,000.00 -18.00% $1,180.00 -19.00% $990.00 -20.00% $980.00 -40.00% $780.00 -60.00% $580.00 -80.00% $380.00 -100.00% $180.00 *Assumes a leverage factor of 114.50% The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-584-6837. Underlier(s) For more information about the underlier(s), including historical performance information, see the accompanying preliminary pricing supplement. Risk Considerations The risks set forth below are discussed in more detail in the "Risk Factors" section in the accompanying preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision. Risks Relating to an Investment in the Securities The securities provide for only the minimum payment at maturity and do not pay interest. Any positive return on the securities that is based on the depreciation of the worst performing underlier is effectively capped. The amount payable on the securities is not linked to the values of the underliers at any time other than the observation date. The market price of the securities may be influenced by many unpredictable factors. The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the securities. As a finance subsidiary, MSFL has no independent operations and will have no independent assets. The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the securities in the original issue price reduce the economic terms of the securities, cause the estimated value of the securities to be less than the original issue price and will adversely affect secondary market prices. The estimated value of the securities is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price. The securities will not be listed on any securities exchange and secondary trading may be limited. As discussed in more detail in the accompanying product supplement, investing in the securities is not equivalent to investing in the underlier(s). The U.S. federal income tax consequences of an investment in the securities are uncertain. Risks Relating to the Underlier(s) Because your return on the securities will depend upon the performance of the underlier(s), in addit

View Full Filing

View this FWP filing on SEC EDGAR