Morgan Stanley Finance Files FWP for New Securities Offering

TL;DR

**Morgan Stanley Finance just filed an FWP, signaling new asset-backed securities are on the way.**

AI Summary

Morgan Stanley Finance LLC filed a Free Writing Prospectus (FWP) on March 24, 2026, related to Preliminary Pricing Supplement No. 15,150. This FWP, with SEC Accession No. 0001839882-26-016734, is a marketing communication for potential securities offerings under Securities Act Rules 163/433. For investors, this means Morgan Stanley Finance is actively preparing to issue new asset-backed securities, which could impact the company's capital structure and future financing costs.

Why It Matters

This filing indicates Morgan Stanley Finance LLC is preparing to issue new securities, which could affect its funding, liquidity, and the overall supply of its debt instruments in the market.

Risk Assessment

Risk Level: low — This FWP is a preliminary marketing document and does not inherently pose a direct risk, but rather signals future financing activity.

Analyst Insight

An investor should monitor subsequent filings, such as the final pricing supplement, to understand the specific terms, size, and impact of the new asset-backed securities offering by Morgan Stanley Finance LLC.

Key Numbers

• 15,150 — Preliminary Pricing Supplement No. (Identifies the specific pricing supplement this FWP relates to, indicating a particular offering.)
• 2026-03-24 — Filing Date (Shows when the FWP was officially submitted to the SEC, marking the start of its public availability.)

Key Players & Entities

• Morgan Stanley Finance LLC (company) — the entity filing the FWP and the subject of the offering
• 0001666268 (company) — CIK for Morgan Stanley Finance LLC
• 0001839882-26-016734 (dollar_amount) — SEC Accession No. for the filing
• 2026-03-24 (dollar_amount) — Filing Date and Accepted Date
• 15,150 (dollar_amount) — Preliminary Pricing Supplement Number

FAQ

Key Financial Figures

• $1,000 — greater than the initial share price: $1,000 + leveraged upside payment In no even
• $200 — exceed the stated principal amount plus $200. If the final share price is less tha
• $1,213 — 200% Maximum payment at maturity: $1,213 per Trigger PLUS (121.30% of the stated
• $963.30 — estimated value of the Trigger PLUS is $963.30 per Trigger PLUS, or within $35.00 of t
• $35.00 — is $963.30 per Trigger PLUS, or within $35.00 of that estimate, and is determined by

Filing Documents

• ms15150_fwp-10751.htm (FWP) — 78KB
• image1.gif (GRAPHIC) — 31KB
• 0001839882-26-016734.txt ( ) — 123KB

From the Filing

WRITING PROSPECTUS TO PRELIMINARY PRICING SUPPLEMENT NO. 15,150 Free Writing Prospectus to Preliminary Pricing Supplement No. 15,150 Registration Statement Nos. 333-275587; 333-275587-01 Dated March 24, 2026; Filed pursuant to Rule 433 M organ S tanley 1.25-Year IGV Dual Directional Trigger PLUS This document provides a summary of the terms of the Trigger PLUS. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement and prospectus, and the "Risk Considerations" on the following page, prior to making an investment decision. Summary Terms Issuer: Morgan Stanley Finance LLC Guarantor: Morgan Stanley Maturity date: July 6, 2027 Underlying shares: Shares of the iShares Expanded Tech-Software Sector ETF (IGV) Payment at maturity per Trigger PLUS: If the final share price is greater than the initial share price: $1,000 + leveraged upside payment In no event will the payment at maturity exceed the maximum payment at maturity. If the final share price is less than or equal to the initial share price but is greater than or equal to the trigger level: $1,000 + ($1,000 absolute share return) In this scenario, you will receive a 1% positive return on the Trigger PLUS for each 1% negative return on the underlying shares. In no event will this amount exceed the stated principal amount plus $200. If the final share price is less than the trigger level: $1,000 share performance factor Under these circumstances, the payment at maturity will be less than the stated principal amount of $1,000, and will represent a loss of more than 20%, and possibly all, of your investment. Leveraged upside payment: $1,000 leverage factor share percent change Leverage factor: 200% Maximum payment at maturity: $1,213 per Trigger PLUS (121.30% of the stated principal amount) Share percent change: (final share price – initial share price) / initial share price Absolute share return: The absolute value of the share percent change. For example, a –5% share percent change will result in a +5% absolute share return. Initial share price: The closing price of one underlying share on the pricing date Final share price: The closing price of one underlying share on the valuation date Trigger level: 80% of the initial share price Valuation date: June 30, 2027, subject to postponement for non-trading days and certain market disruption events Share performance factor: Final share price divided by the initial share price $1,000 per Trigger PLUS Issue price: $1,000 per Trigger PLUS Pricing date: March 31, 2026 Original issue date: April 6, 2026 (4 business days after the pricing date) CUSIP/ISIN: 61781E2W5 / US61781E2W53 Preliminary pricing supplement: https://www.sec.gov/Archives/edgar/data/895421/000183988226016664/ms15150_424b2-10750.htm 1 All payments are subject to our credit risk Hypothetical Payout at Maturity 1 Change in Underlying Shares Return on the Trigger PLUS +70.00% 21.30% +60.00% 21.30% +50.00% 21.30% +40.00% 21.30% +20.00% 21.30% +10.65% 21.30% +10.00% 20.00% +5.00% 10.00% 0.00% 0.00% -10.00% 10.00% -20.00% 20.00% -21.00% -21.00% -30.00% -30.00% -40.00% -40.00% -60.00% -60.00% -80.00% -80.00% -100.00% -100.00% 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. Underlying Shares For more information about the underlying shares, 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 Trigger PLUS The Trigger PLUS do not pay interest or guarantee return of any principal. The appreciation potential of the Trigger PLUS is limited by the maximum payment at maturity. The market price of the Trigger PLUS will be influenced by many unpredictable factors. The Trigger PLUS 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 Trigger PLUS. As a finance subsidiary, MSFL has no independent operations and will have no independe

View Full Filing

View this FWP filing on SEC EDGAR