Morgan Stanley Finance LLC Files FWP for Asset-Backed Securities

TL;DR

**Morgan Stanley Finance LLC just filed an FWP for new asset-backed securities, business as usual.**

AI Summary

Morgan Stanley Finance LLC, a subsidiary of Morgan Stanley, filed a Free Writing Prospectus (FWP) on March 24, 2026, related to Preliminary Pricing Supplement No. 15,113. This FWP, with SEC Accession No. 0001839882-26-016722, indicates that Morgan Stanley Finance LLC is actively engaged in offering asset-backed securities. For investors, this means the company is continuing its financing activities, which can impact its overall financial health and ability to generate returns, as these offerings are a key part of its business model.

Why It Matters

This filing shows Morgan Stanley Finance LLC is continuing its normal course of business by offering asset-backed securities, which is a common way for financial institutions to raise capital and manage their balance sheets.

Risk Assessment

Risk Level: low — This FWP filing is a routine disclosure for a financial institution and does not inherently signal new or elevated risks.

Analyst Insight

An investor should view this as a standard operational filing for Morgan Stanley Finance LLC, indicating ongoing capital market activities. It doesn't provide new information to warrant immediate action but confirms the company's continued engagement in asset-backed securities offerings.

Key Players & Entities

• Morgan Stanley Finance LLC (company) — the entity filing the FWP
• Morgan Stanley (company) — parent company of the filer
• 0001666268 (person) — CIK of Morgan Stanley Finance LLC
• 0001839882-26-016722 (person) — SEC Accession No. for the filing
• 15,113 (dollar_amount) — Preliminary Pricing Supplement Number
• March 24, 2026 (person) — filing date

FAQ

Key Financial Figures

• $1,172.50 — 13, 2027 100% of the initial level $1,172.50 to $1,182.50 #2 May 10, 2027 $1,1
• $1,182.50 — 00% of the initial level $1,172.50 to $1,182.50 #2 May 10, 2027 $1,186.875 to $1,
• $1,186.875 — 2.50 to $1,182.50 #2 May 10, 2027 $1,186.875 to $1,197.708 #3 June 10, 2027 $1
• $1,197.708 — .50 #2 May 10, 2027 $1,186.875 to $1,197.708 #3 June 10, 2027 $1,201.25 to $1,
• $1,201.25 — 75 to $1,197.708 #3 June 10, 2027 $1,201.25 to $1,212.917 #4 July 12, 2027 $1
• $1,212.917 — 708 #3 June 10, 2027 $1,201.25 to $1,212.917 #4 July 12, 2027 $1,215.625 to $1
• $1,215.625 — 25 to $1,212.917 #4 July 12, 2027 $1,215.625 to $1,228.125 #5 August 10, 2027
• $1,228.125 — 17 #4 July 12, 2027 $1,215.625 to $1,228.125 #5 August 10, 2027 $1,230.00 to $
• $1,230.00 — to $1,228.125 #5 August 10, 2027 $1,230.00 to $1,243.333 #6 September 10, 2027
• $1,243.333 — 5 #5 August 10, 2027 $1,230.00 to $1,243.333 #6 September 10, 2027 $1,244.375
• $1,244.375 — $1,243.333 #6 September 10, 2027 $1,244.375 to $1,258.542 #7 October 11, 2027
• $1,258.542 — #6 September 10, 2027 $1,244.375 to $1,258.542 #7 October 11, 2027 $1,258.75 to
• $1,258.75 — to $1,258.542 #7 October 11, 2027 $1,258.75 to $1,273.75 #8 November 10, 2027
• $1,273.75 — #7 October 11, 2027 $1,258.75 to $1,273.75 #8 November 10, 2027 $1,273.125 t
• $1,273.125 — to $1,273.75 #8 November 10, 2027 $1,273.125 to $1,288.958 #9 December 10, 2027

Filing Documents

• ms15113_fwp-10738.htm (FWP) — 165KB
• 0001839882-26-016722.txt ( ) — 166KB

From the Filing

WRITING PROSPECTUS TO PRELIMINARY PRICING SUPPLEMENT NO. 15,113 Free Writing Prospectus to Preliminary Pricing Supplement No. 15,113 Registration Statement Nos. 333-275587; 333-275587-01 Dated March 24, 2026; Filed pursuant to Rule 433 M organ S tanley SPUMP40 Buffered Jump Securities with Auto-Callable Feature due April 16, 2031 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 Underlier: S&P U.S. Equity Momentum 40% VT 4% Decrement Index (SPUMP40) Automatic early redemption: Determination date: Call threshold level: Early redemption payment (per security): #1 April 13, 2027 100% of the initial level $1,172.50 to $1,182.50 #2 May 10, 2027 $1,186.875 to $1,197.708 #3 June 10, 2027 $1,201.25 to $1,212.917 #4 July 12, 2027 $1,215.625 to $1,228.125 #5 August 10, 2027 $1,230.00 to $1,243.333 #6 September 10, 2027 $1,244.375 to $1,258.542 #7 October 11, 2027 $1,258.75 to $1,273.75 #8 November 10, 2027 $1,273.125 to $1,288.958 #9 December 10, 2027 $1,287.50 to $1,304.167 #10 January 10, 2028 $1,301.875 to $1,319.375 #11 February 10, 2028 $1,316.25 to $1,334.583 #12 March 10, 2028 $1,330.625 to $1,349.792 #13 April 10, 2028 $1,345.00 to $1,365.00 #14 May 10, 2028 $1,359.375 to $1,380.208 #15 June 12, 2028 $1,373.75 to $1,395.417 #16 July 10, 2028 $1,388.125 to $1,410.625 #17 August 10, 2028 $1,402.50 to $1,425.833 #18 September 11, 2028 $1,416.875 to $1,441.042 #19 October 10, 2028 $1,431.25 to $1,456.25 #20 November 10, 2028 $1,445.625 to $1,471.458 #21 December 11, 2028 $1,460.00 to $1,486.667 #22 January 10, 2029 $1,474.375 to $1,501.875 #23 February 12, 2029 $1,488.75 to $1,517.083 #24 March 12, 2029 $1,503.125 to $1,532.292 #25 April 10, 2029 $1,517.50 to $1,547.50 #26 May 10, 2029 $1,531.875 to $1,562.708 #27 June 11, 2029 $1,546.25 to $1,577.917 #28 July 10, 2029 $1,560.625 to $1,593.125 #29 August 10, 2029 $1,575.00 to $1,608.333 #30 September 10, 2029 $1,589.375 to $1,623.542 #31 October 10, 2029 $1,603.75 to $1,638.75 #32 November 12, 2029 $1,618.125 to $1,653.958 #33 December 10, 2029 $1,632.50 to $1,669.167 #34 January 10, 2030 $1,646.875 to $1,684.375 #35 February 11, 2030 $1,661.25 to $1,699.583 #36 March 11, 2030 $1,675.625 to $1,714.792 #37 April 10, 2030 $1,690.00 to $1,730.00 #38 May 10, 2030 $1,704.375 to $1,745.208 #39 June 10, 2030 $1,718.75 to $1,760.417 #40 July 10, 2030 $1,733.125 to $1,775.625 #41 August 12, 2030 $1,747.50 to $1,790.833 #42 September 10, 2030 $1,761.875 to $1,806.042 #43 October 10, 2030 $1,776.25 to $1,821.25 #44 November 11, 2030 $1,790.625 to $1,836.458 #45 December 10, 2030 $1,805.00 to $1,851.667 #46 January 10, 2031 $1,819.375 to $1,866.875 #47 February 10, 2031 $1,833.75 to $1,882.083 #48 March 10, 2031 $1,848.125 to $1,897.292 Buffer amount: 15% (85% maximum loss) 1 Pricing date: April 10, 2026 Final determination date: April 10, 2031 Maturity date: April 16, 2031 CUSIP: 61778J7G9 Estimated value: $901.50 per security, or within $51.50 of that estimate Preliminary pricing supplement: https://www.sec.gov/Archives/edgar/data/895421/000183988226016601/ms15113_424b2-10737.htm 1 All payments are subject to our credit risk Hypothetical Examples Automatic Early Redemption 1 Determination Date % Change in Closing Level of the Underlier Early Redemption Payment (per Security) #1 -20% -- #2 +20% $1,186.875* The securities are automatically redeemed on the second early redemption date. Investors will receive a payment of $1,186.875 per security on the related early redemption date. Hypothetical Payment at Maturity 1 (if the securities have not been automatically redeemed prior to maturity) % Change in Closing Level of the Underlier Payment at Maturity (per Security) +100.00% $1,862.50* +80.00% $1,862.50* +60.00% $1,862.50* +40.00% $1,862.50* +20.00% $1,862.50* 0.00% $1,862.50* -10.00% $1,000.00 -15.00% $1,000.00 -16.00% $990.00 -20.00% $950.00 -40.00% $750.00 -60.00% $550.00 -80.00% $350.00 -100.00% $150.00 *Assumes a call return of approximately 17.25% per annum 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 w

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View this FWP filing on SEC EDGAR