Morgan Stanley Finance LLC filed Pricing Supplement No. 17,090 on August 4, 2026, covering Contingent Income Auto-Callable Securities due November 4, 2027, linked to the Nasdaq-100 Technology Sector Index and the Russell 2000 Index, fully and unconditionally guaranteed by Morgan Stanley (NYSE: MS).

Key Highlights

  • Aggregate principal amount: $2,255,000, at a stated principal amount of $1,000 per security.
  • Contingent coupon rate: 12.75% per annum, payable only if each underlier closes at or above its coupon barrier level on the relevant observation date.
  • Coupon barrier levels: 75% of each index's initial level - 12,244.208 for the NDXT Index and 2,198.504 for the RTY Index.
  • Call threshold levels: 100% of each index's initial level - 16,325.61 for the NDXT Index and 2,931.339 for the RTY Index.
  • First redemption determination date: January 29, 2027; early redemption cannot occur before that date.
  • Estimated value on pricing date: $980.40 per security, against an issue price of $1,000 per security.
  • Principal at risk: If either underlier's final level falls below its downside threshold, investors lose 1% for every 1% decline in the worst performing underlier, and the payment "could be zero."

Structure and Risk Terms of the MSFL Auto-Callable Securities

According to the filing, the securities are unsecured obligations of Morgan Stanley Finance LLC, issued under its Series A Global Medium-Term Notes program, with Morgan Stanley acting as full and unconditional guarantor. The pricing date and strike date are both July 31, 2026, with an original issue date of August 5, 2026, and a maturity date of November 4, 2027. Morgan Stanley & Co. LLC served as agent and the securities were sold exclusively to investors in fee-based advisory accounts, with no sales commission paid to the agent.

The filing describes the coupon as contingent: a 12.75% annual rate is paid on each coupon payment date only if the closing level of each underlier is greater than or equal to its coupon barrier level (75% of the initial level for both indexes) on the related observation date. If either underlier closes below its coupon barrier on any observation date, no coupon is paid for that period. Automatic early redemption occurs if each underlier closes at or above its call threshold level (100% of initial level) on any of nine scheduled redemption determination dates running from January 29, 2027 through September 30, 2027.

The filing states that the securities "do not guarantee the repayment of principal." At maturity, if neither underlier has triggered automatic early redemption and the final level of either underlier falls below its downside threshold level, investors "will lose 1% for every 1% decline in the level of the worst performing underlier over the term of the securities," and the payment "could be zero." The filing also discloses that linking the securities to two underliers "does not provide any asset diversification benefits" and that investors "will not participate in any appreciation of either underlier." All payments are subject to the credit risk of the issuer and guarantor.

What Was Disclosed

Morgan Stanley Finance LLC disclosed the final terms of $2,255,000 in principal at risk auto-callable securities linked to the NDXT and RTY indexes, with a 12.75% contingent annual coupon, an estimated value of $980.40 per security, and a maturity date of November 4, 2027.