Morgan Stanley Finance LLC filed Free Writing Prospectus No. 19,662 on October 26, 2026, outlining preliminary terms for auto-callable, principal-at-risk securities linked to the lowest performing of Fabrinet ordinary shares and SoFi Technologies common stock, due November 2, 2028.

Key Highlights

  • Underlying stocks: The securities are linked to the lowest performing of Fabrinet ordinary shares and SoFi Technologies, Inc. common stock.
  • Contingent coupon rate: At least 21.00% per annum, to be determined on the pricing date of October 28, 2026.
  • Estimated value: Approximately $956.20 per $1,000 face amount security on the pricing date, or within $25.00 of that estimate, according to the filing.
  • Call threshold price: 80% of the starting price for each underlying stock; automatic call begins in January 2027.
  • Downside threshold price: 50% of the starting price for each underlying stock; breach at maturity exposes investors to full loss of the lowest performer's decline.
  • Agent commission: Wells Fargo Securities, LLC will receive a commission of up to $20.75 per security it sells, with dealers including Wells Fargo Advisors eligible for a selling concession of up to $15.00 per security.
  • CUSIP: 61781TKW2, with the securities guaranteed fully and unconditionally by Morgan Stanley.

Terms and Structure of Morgan Stanley Finance LLC Preliminary Pricing Supplement No. 19,662

According to the filing, Morgan Stanley Finance LLC is the issuer and Morgan Stanley is the full and unconditional guarantor of these Market Linked Securities. The securities carry a face amount of $1,000 per security, with a pricing date of October 28, 2026, an original issue date of November 2, 2026, and a maturity date of November 2, 2028. The starting price for each underlying stock is its closing price on October 26, 2026. Calculation days occur monthly on the 28th of each month, commencing in November 2026.

The filing discloses that contingent coupon payments are made only if the stock closing price of the lowest performing underlying stock on the applicable calculation day is greater than or equal to its coupon threshold price, set at 50% of the starting price. Each monthly coupon, if paid, equals ($1,000 times the contingent coupon rate) divided by 12. If the securities are automatically called before maturity, the holder receives the $1,000 face amount plus a final contingent coupon payment. Automatic call eligibility begins in January 2027 and requires both underlying stocks to close at or above 80% of their respective starting prices on a calculation day.

At maturity, the filing states that if either underlying stock closes below its 50% downside threshold price on the final calculation day, the investor receives $1,000 multiplied by the performance factor of the lowest performing underlying stock, meaning investors "will lose more than 50%, and possibly all, of the face amount." The filing further notes that "the estimated value of the securities on the pricing date will be less than $1,000 per security" because the face amount includes costs associated with issuing, selling, structuring, and hedging. Morgan Stanley and Co. LLC serves as calculation agent and, alongside Wells Fargo Securities, LLC, acts as agent for the offering.

What Was Disclosed

Morgan Stanley Finance LLC filed a free writing prospectus outlining preliminary terms for auto-callable, principal-at-risk securities linked to Fabrinet and SoFi Technologies, with a contingent coupon rate of at least 21.00% per annum, an estimated pricing-date value of approximately $956.20 per security, and a maturity date of November 2, 2028.