Morgan Stanley Finance Files 424B2 for New Securities Offering

TL;DR

**MS is issuing new debt, watch for impact on financials.**

AI Summary

Morgan Stanley Finance LLC, a subsidiary of Morgan Stanley, filed a 424B2 prospectus on March 24, 2026, for Pricing Supplement No. 14,866. This filing indicates the offering of new securities under their existing registration statement (File No. 333-275587-01). For investors, this means Morgan Stanley Finance is actively raising capital, which can impact the company's debt levels and future financial flexibility, potentially affecting the stock's valuation.

Why It Matters

This filing signals Morgan Stanley Finance LLC is issuing new securities to raise capital, which could affect the parent company's balance sheet and future earnings.

Risk Assessment

Risk Level: low — This is a routine prospectus filing for an offering, not an event that inherently carries high risk, though the terms of the offering itself would determine specific risks.

Analyst Insight

Investors should review the full 'PRICING SUPPLEMENT NO. 14,866' to understand the specific terms, interest rates, and maturity dates of the new securities being offered, as these details will impact Morgan Stanley's financial obligations and risk profile.

Key Numbers

• 14,866 — Pricing Supplement Number (Identifies the specific offering document within the series of filings.)
• 0001666268 — CIK for Morgan Stanley Finance LLC (Unique identifier for the filing entity.)
• 0000895421 — CIK for Morgan Stanley (Unique identifier for the parent company.)

Key Players & Entities

• Morgan Stanley Finance LLC (company) — the filer of the 424B2 prospectus
• Morgan Stanley (company) — the parent company of the filer
• March 24, 2026 (date) — the filing date of the 424B2
• Pricing Supplement No. 14,866 (string) — the specific document being filed
• 333-275587-01 (string) — the file number for Morgan Stanley Finance LLC's registration statement

Forward-Looking Statements

• Morgan Stanley Finance LLC will continue to issue similar pricing supplements under its existing registration statement. (Morgan Stanley Finance LLC) — high confidence, target: 2027-03-24

FAQ

Key Financial Figures

• $1,000 — an Stanley Stated principal amount: $1,000 per security Issue price: $1,000 pe
• $722,000 — below) Aggregate principal amount: $722,000 Underlier: Accenture plc class A or
• $974.50 — Estimated value on the pricing date: $974.50 per security. See "Estimated Value of t
• $0 — eds to us (3) Per security $1,000 $0 $1,000 Total $722,000 $0 $722
• $199 — uption events Call threshold level: $199.99, which is 100% of the initial level
• $134 — aturity date. Coupon barrier level: $134.393, which is approximately 67.20% of t
• $100.00 — ecurity Hypothetical initial level: $100.00* Hypothetical call threshold level:
• $100 — Hypothetical call threshold level: $100.00, which is 100% of the hypothetical i
• $67 — Hypothetical coupon barrier level: $67.20, which is 67.20% of the hypothetical
• $15.00 — r annum (corresponding to approximately $15.00 per interest period per security). The
• $40.00 — ical Redemption Determination Date #1 $40.00 ( less than the call threshold level)
• $150.00 — ical Redemption Determination Date #2 $150.00 ( greater than or equal to the call thr
• $95.00 — ty Hypothetical Observation Date #1 $95.00 ( greater than or equal to the coupon b
• $130.00 — $0 Hypothetical Observation Date #3 $130.00 ( greater than or equal to the coupon b
• $140.00 — at Maturity per Security Example #1 $140.00 ( greater than or equal to the downside

Filing Documents

• ms14866_424b2-10666.htm (424B2) — 241KB
• ex-filingfees.htm (EX-FILING FEES) — 8KB
• image1.gif (GRAPHIC) — 101KB
• 0001839882-26-016754.txt ( ) — 483KB
• ex-filingfees_htm.xml (XML) — 2KB

Risk Factors

Risk Factors This section describes the material risks relating to the securities. For further discussion of these and other risks, you should read the section entitled "Risk Factors" in the accompanying product supplement and prospectus. We also urge you to consult with your investment, legal, tax, accounting and other advisers in connection with your investment in the securities. Risks Relating to an Investment in the Securities The securities do not guarantee the return of any principal. The terms of the securities differ from those of ordinary debt securities in that they do not guarantee the repayment of any principal. If the securities have not been automatically redeemed prior to maturity and the final level is less than the downside threshold level, the payout at maturity will be an amount in cash that is significantly less than the stated principal amount of each security, and you will lose an amount proportionate to the full decline in the level of the underlier over the term of the securities. There is no minimum payment at maturity on the securities, and, accordingly, you could lose your entire initial investment in the securities. The securities do not provide for the regular payment of interest. The terms of the securities differ from those of ordinary debt securities in that they do not provide for the regular payment of interest. Instead, the securities will pay a contingent coupon on a coupon payment date but only if the closing level of the underlier is greater than or equal to the coupon barrier level on the related observation date. However, if the closing level of the underlier is less than the coupon barrier level on any observation date, we will pay no coupon with respect to the applicable interest period. It is possible that the closing level of the underlier will remain below the coupon barrier level for extended periods of time or even throughout the entire term of the securities so that you will receive few or no contingent coupons

View Full Filing

View this 424B2 filing on SEC EDGAR