Morgan Stanley Finance Files FWP for Asset-Backed Securities Offering

TL;DR

**Morgan Stanley Finance just filed an FWP for new asset-backed securities.**

AI Summary

Morgan Stanley Finance LLC filed a Free Writing Prospectus (FWP) on March 24, 2026, related to Preliminary Pricing Supplement No. 15,114. This filing, with SEC Accession No. 0001839882-26-016732, indicates that Morgan Stanley Finance LLC is offering asset-backed securities. For investors, this means Morgan Stanley is actively raising capital through structured finance products, which can impact the company's liquidity and its ability to fund operations or new ventures, potentially affecting its overall financial health and stock valuation.

Why It Matters

This FWP signals Morgan Stanley Finance LLC is issuing new 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 filing is a routine disclosure for a financial institution offering securities and doesn't inherently signal high risk.

Analyst Insight

An investor should note that Morgan Stanley Finance LLC is actively engaged in capital markets, specifically in asset-backed securities. This is a normal course of business for a large financial institution and doesn't immediately warrant a specific action, but it's worth monitoring future filings for details on the size and terms of the offering.

Key Numbers

• 2026-03-24 — Filing Date (The date the Free Writing Prospectus was filed and accepted by the SEC.)
• 15,114 — Pricing Supplement No. (The specific preliminary pricing supplement number associated with this FWP.)
• 0001839882-26-016732 — SEC Accession No. (The unique identifier for this specific filing on the SEC's EDGAR system.)

Key Players & Entities

• Morgan Stanley Finance LLC (company) — the entity filing the FWP and the subject of the filing
• 0001666268 (company) — CIK for Morgan Stanley Finance LLC
• 0001839882-26-016732 (dollar_amount) — SEC Accession No. for the filing
• 2026-03-24 (dollar_amount) — Filing Date and Accepted Date
• 15,114 (dollar_amount) — Preliminary Pricing Supplement Number

FAQ

Key Financial Figures

• $1,125.00 — l 13, 2027 90% of the initial level $1,125.00 to $1,135.00 #2 May 10, 2027 $1,1
• $1,135.00 — 90% of the initial level $1,125.00 to $1,135.00 #2 May 10, 2027 $1,135.417 to $1,
• $1,135.417 — 5.00 to $1,135.00 #2 May 10, 2027 $1,135.417 to $1,146.25 #3 June 10, 2027 $1,
• $1,146.25 — .00 #2 May 10, 2027 $1,135.417 to $1,146.25 #3 June 10, 2027 $1,145.833 to $1
• $1,145.833 — 417 to $1,146.25 #3 June 10, 2027 $1,145.833 to $1,157.50 #4 July 12, 2027 $1,
• $1,157.50 — 25 #3 June 10, 2027 $1,145.833 to $1,157.50 #4 July 12, 2027 $1,156.25 to $1,
• $1,156.25 — 833 to $1,157.50 #4 July 12, 2027 $1,156.25 to $1,168.75 #5 August 10, 2027 $
• $1,168.75 — .50 #4 July 12, 2027 $1,156.25 to $1,168.75 #5 August 10, 2027 $1,166.667 to
• $1,166.667 — 5 to $1,168.75 #5 August 10, 2027 $1,166.667 to $1,180.00 #6 September 10, 2027
• $1,180.00 — #5 August 10, 2027 $1,166.667 to $1,180.00 #6 September 10, 2027 $1,177.083
• $1,177.083 — o $1,180.00 #6 September 10, 2027 $1,177.083 to $1,191.25 #7 October 11, 2027
• $1,191.25 — #6 September 10, 2027 $1,177.083 to $1,191.25 #7 October 11, 2027 $1,187.50 to
• $1,187.50 — to $1,191.25 #7 October 11, 2027 $1,187.50 to $1,202.50 #8 November 10, 2027
• $1,202.50 — #7 October 11, 2027 $1,187.50 to $1,202.50 #8 November 10, 2027 $1,197.917 t
• $1,197.917 — to $1,202.50 #8 November 10, 2027 $1,197.917 to $1,213.75 #9 December 10, 2027

Filing Documents

• ms15114_424b2-10784.htm (FWP) — 164KB
• 0001839882-26-016732.txt ( ) — 165KB

From the Filing

WRITING PROSPECTUS TO PRELIMINARY PRICING SUPPLEMENT NO. 15,114 Free Writing Prospectus to Preliminary Pricing Supplement No. 15,114 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 90% of the initial level $1,125.00 to $1,135.00 #2 May 10, 2027 $1,135.417 to $1,146.25 #3 June 10, 2027 $1,145.833 to $1,157.50 #4 July 12, 2027 $1,156.25 to $1,168.75 #5 August 10, 2027 $1,166.667 to $1,180.00 #6 September 10, 2027 $1,177.083 to $1,191.25 #7 October 11, 2027 $1,187.50 to $1,202.50 #8 November 10, 2027 $1,197.917 to $1,213.75 #9 December 10, 2027 $1,208.333 to $1,225.00 #10 January 10, 2028 $1,218.75 to $1,236.25 #11 February 10, 2028 $1,229.167 to $1,247.50 #12 March 10, 2028 $1,239.583 to $1,258.75 #13 April 10, 2028 $1,250.00 to $1,270.00 #14 May 10, 2028 $1,260.417 to $1,281.25 #15 June 12, 2028 $1,270.833 to $1,292.50 #16 July 10, 2028 $1,281.25 to $1,303.75 #17 August 10, 2028 $1,291.667 to $1,315.00 #18 September 11, 2028 $1,302.083 to $1,326.25 #19 October 10, 2028 $1,312.50 to $1,337.50 #20 November 10, 2028 $1,322.917 to $1,348.75 #21 December 11, 2028 $1,333.333 to $1,360.00 #22 January 10, 2029 $1,343.75 to $1,371.25 #23 February 12, 2029 $1,354.167 to $1,382.50 #24 March 12, 2029 $1,364.583 to $1,393.75 #25 April 10, 2029 $1,375.00 to $1,405.00 #26 May 10, 2029 $1,385.417 to $1,416.25 #27 June 11, 2029 $1,395.833 to $1,427.50 #28 July 10, 2029 $1,406.25 to $1,438.75 #29 August 10, 2029 $1,416.667 to $1,450.00 #30 September 10, 2029 $1,427.083 to $1,461.25 #31 October 10, 2029 $1,437.50 to $1,472.50 #32 November 12, 2029 $1,447.917 to $1,483.75 #33 December 10, 2029 $1,458.333 to $1,495.00 #34 January 10, 2030 $1,468.75 to $1,506.25 #35 February 11, 2030 $1,479.167 to $1,517.50 #36 March 11, 2030 $1,489.583 to $1,528.75 #37 April 10, 2030 $1,500.00 to $1,540.00 #38 May 10, 2030 $1,510.417 to $1,551.25 #39 June 10, 2030 $1,520.833 to $1,562.50 #40 July 10, 2030 $1,531.25 to $1,573.75 #41 August 12, 2030 $1,541.667 to $1,585.00 #42 September 10, 2030 $1,552.083 to $1,596.25 #43 October 10, 2030 $1,562.50 to $1,607.50 #44 November 11, 2030 $1,572.917 to $1,618.75 #45 December 10, 2030 $1,583.333 to $1,630.00 #46 January 10, 2031 $1,593.75 to $1,641.25 #47 February 10, 2031 $1,604.167 to $1,652.50 #48 March 10, 2031 $1,614.583 to $1,663.75 Buffer amount: 15% (85% maximum loss) 1 Pricing date: April 10, 2026 Final determination date: April 10, 2031 Maturity date: April 16, 2031 CUSIP: 61778J7H7 Estimated value: $901.30 per security, or within $51.30 of that estimate Preliminary pricing supplement: https://www.sec.gov/Archives/edgar/data/895421/000183988226016660/ms15114_424b2-10783.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% $1,135.417* The securities are automatically redeemed on the second early redemption date. Investors will receive a payment of $1,135.417 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% $1,625.00* +80.00% $1,625.00* +60.00% $1,625.00* +40.00% $1,625.00* +20.00% $1,625.00* 0.00% $1,625.00* -10.00% $1,625.00* -12.50% $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 12.50% 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 with the SE

View Full Filing

View this FWP filing on SEC EDGAR