Morgan Stanley Finance LLC Files FWP for New Securities Offering

TL;DR

**Morgan Stanley Finance LLC just filed an FWP, likely prepping a new securities offering.**

AI Summary

Morgan Stanley Finance LLC filed a Free Writing Prospectus (FWP) on March 24, 2026, related to Preliminary Pricing Supplement No. 15,151. This filing, with SEC Accession No. 0001839882-26-016708, indicates that Morgan Stanley Finance LLC is actively marketing or providing information about a new securities offering. For investors, this means Morgan Stanley Finance LLC is likely raising capital, which could impact its financial structure and future investment opportunities or risks.

Why It Matters

This FWP signals Morgan Stanley Finance LLC is preparing to issue new securities, which could dilute existing shareholder value or provide capital for growth, impacting the company's financial health.

Risk Assessment

Risk Level: medium — The filing of an FWP itself is not high risk, but the underlying securities offering could introduce new risks or dilute existing equity.

Analyst Insight

Investors should monitor subsequent filings (like the final pricing supplement or prospectus) to understand the terms, risks, and potential impact of the securities offering mentioned in Preliminary Pricing Supplement No. 15,151.

Key Players & Entities

• Morgan Stanley Finance LLC (company) — the entity filing the FWP
• 0001666268 (company) — CIK of Morgan Stanley Finance LLC
• March 24, 2026 (date) — filing date of the FWP
• 15,151 (dollar_amount) — number of the Preliminary Pricing Supplement

FAQ

Key Financial Figures

• $1,000 — e date* April 9, 2026 Face amount $1,000 per security Contingent coupon paymen
• $23.25 — LLC will receive a commission of up to $23.25 for each security it sells. Dealers, in
• $17.50 — y receive a selling concession of up to $17.50 per security, and WFA may receive a dis
• $0.75 — y receive a distribution expense fee of $0.75 for each security sold by WFA. CUSIP
• $962 — the pricing date will be approximately $962.40, or within $35.00 of that estimate.
• $35.00 — ill be approximately $962.40, or within $35.00 of that estimate. Our estimate of the v

Filing Documents

• ms15151_fwp-10775.htm (FWP) — 67KB
• image1.gif (GRAPHIC) — 30KB
• 0001839882-26-016708.txt ( ) — 110KB

From the Filing

WRITING PROSPECTUS TO PRELIMINARY PRICING SUPPLEMENT NO. 15,151 Morgan Stanley Finance LLC Structured Investments Free Writing Prospectus to Preliminary Pricing Supplement No. 15,151 Filed pursuant to Rule 433 Registration Statement Nos. 333-275587; 333-275587-01 March 24, 2026 Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Broadcom Inc. and the Common Stock of NVIDIA Corporation due April 11, 2028 Fully and Unconditionally Guaranteed by Morgan Stanley Summary of terms Issuer and guarantor Morgan Stanley Finance LLC (issuer) and Morgan Stanley (guarantor) Underlying stocks Common stock of Broadcom Inc. (the "AVGO Stock") and common stock of NVIDIA Corporation (the "NVDA Stock") Pricing date* April 6, 2026 Original issue date* April 9, 2026 Face amount $1,000 per security Contingent coupon payments On each contingent coupon payment date, you will receive a contingent coupon payment at a per annum rate equal to the contingent coupon rate if, and only if, the stock closing price of the lowest performing underlying stock on the related calculation day is greater than or equal to its coupon threshold price. Each "contingent coupon payment", if any, will be calculated per security as follows: ($1,000 contingent coupon rate) / 12. Contingent coupon rate At least 17.05% per annum , to be determined on the pricing date Automatic call If, on any calculation day (other than the final calculation day), beginning in October 2026, the stock closing price of each underlying stock is greater than or equal to its respective starting price, the securities will be automatically called for a cash payment per security equal to the face amount plus a final contingent coupon payment on the related call settlement date. Calculation days Monthly, on the 6 th of each month, commencing in May 2026 and ending on the final calculation day. We also refer to the April 2028 calculation day as the final calculation day. Contingent coupon payment dates Three business days after the applicable calculation day; provided that the coupon payment date for the final calculation day is the maturity date. Call settlement date Three business days after the applicable calculation day. Maturity payment amount (per security) if the stock closing price of each underlying stock on the final calculation day is greater than or equal to its respective downside threshold price: $1,000; or if the stock closing price of either underlying stock on the final calculation day is less than its respective downside threshold price: $1,000 performance factor of the lowest performing underlying stock on the final calculation day Maturity date* April 11, 2028 Starting price For each underlying stock, its stock closing price on the pricing date Lowest performing underlying stock On any calculation day, the underlying stock with the lowest performance factor on that calculation day Performance factor With respect to each underlying stock, on any calculation day, its stock closing price on such calculation day divided by its starting price Coupon threshold price 60% of the starting price for each underlying stock Downside threshold price 50% of the starting price for each underlying stock Calculation agent Morgan Stanley & Co. LLC, an affiliate of the issuer Denominations $1,000 and any integral multiple of $1,000 Agent discount** Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC will act as the agents for this offering. Wells Fargo Securities, LLC will receive a commission of up to $23.25 for each security it sells. Dealers, including Wells Fargo Advisors ("WFA"), may receive a selling concession of up to $17.50 per security, and WFA may receive a distribution expense fee of $0.75 for each security sold by WFA. CUSIP 61781E2X3 Tax considerations See preliminary pricing supplement *Subject to change **In addition, selected dealers may receive a fee of up to 0.20% for marketing and other services Hypothetical payout profile (excluding contingent coupon payments) If the securities are not automatically called prior to the maturity date and the stock closing price of either underlying stock on the final calculation day is less than its downside threshold price, you will lose more than 50%, and possibly all, of the face amount of your securities at the maturity date. Any return on the securities will be limited to the sum of your contingent coupon payments, if any. You will not participate in any appreciation of either underlying stock, but you will have full downside exposure to the lowest performing underlying stock on the final calculation day if the stock closing price of that underlying stock on the final calculation day is less than its downside threshold price. The face amount of each security is $1,000. This price

View Full Filing

View this FWP filing on SEC EDGAR