Obligation JPMorgan Chase 0.658% ( US48124AD956 ) en USD

JPMorgan Chase

99.9 % ⇌

Etas-Unis

US48124AD956 ( en USD )

0.658% par an ( paiement semestriel )

24/09/2025 - Obligation échue

Prospectus brochure de l'obligation JP Morgan US48124AD956 en USD 0.658%, échue

1 000 USD

5 000 000 USD

48124AD95

A ( Qualité moyenne supérieure )

A1 ( Qualité moyenne supérieure )

JPMorgan Chase & Co. est une société multinationale de services financiers américaine, offrant des services bancaires d'investissement, de gestion de patrimoine, de banque commerciale et de cartes de crédit à une clientèle mondiale.

L'Obligation émise par JPMorgan Chase ( Etas-Unis ) , en USD, avec le code ISIN US48124AD956, paye un coupon de 0.658% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 24/09/2025

L'Obligation émise par JPMorgan Chase ( Etas-Unis ) , en USD, avec le code ISIN US48124AD956, a été notée A1 ( Qualité moyenne supérieure ) par l'agence de notation Moody's.

L'Obligation émise par JPMorgan Chase ( Etas-Unis ) , en USD, avec le code ISIN US48124AD956, a été notée A ( Qualité moyenne supérieure ) par l'agence de notation Standard & Poor's ( S&P ).

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424B2 1 e40150-424b2.htm PRICING SUPPLEMENT NO. 822
CALCULATION OF REGISTRATION FEE
Amount of
Title of Each Class of
Maximum Aggregate
Securities Offered
Offering Price
Registration Fee
Notes
$5,000,000
$356.50
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Pricing Supplement no. 822
Registration Statement No. 333-155535
To prospectus dated November 21, 2008,
Dated September 21, 2010
prospectus supplement dated November 21, 2008 and
Rule 424(b)(2)
product supplement no. 165-A-II dated August 24, 2010

JPMorgan Chase & Co.
Structured
$5,000,000

Investments
Floating Rate Notes Linked to the 10-Year U.S. Constant Maturity Swap Rate due
September 24, 2025
General
Senior unsecured obligations of JPMorgan Chase & Co. maturing September 24, 2025.
With respect to the Initial Interest Periods (which we expect to be from September 24, 2010 through but excluding March 24, 2013), Interest on the
notes will be payable quarterly in arrears at a rate equal to 5.00% per annum. With respect to each Interest Period (other than the Initial Interest
Periods), Interest on the notes will be payable quarterly in arrears at a rate per annum equal to the 10-Year U.S. Constant Maturity Swap Rate,
provided that such Interest Rate will not be greater than the Maximum Interest Rate of 7.00% per annum or less than the Minimum Interest Rate of
0.00%.
The notes are designed for investors who seek (a) quarterly interest payments that are, for the Initial Interest Periods, fixed at 5.00% per annum,
and then for all subsequent Interest Periods are linked to the 10-Year U.S. Constant Maturity Swap Rate as determined on each Interest Reset
Date, subject to the Maximum Interest Rate of 7.00% per annum and the Minimum Interest Rate of 0.00%, and (b) return of their principal at
maturity. Any payment on the notes is subject to the credit risk of JPMorgan Chase & Co.
Interest will be payable based on 90 days for the Interest Period and a 360-day year.
Minimum denominations of $1,000 and integral multiples thereof.
The notes priced on September 21, 2010 and are expected to settle on or about September 24, 2010.
Key Terms
Maturity Date:
September 24, 2025
Interest:
With respect to each Interest Period, for each $1,000 principal amount note, the interest payment will be
calculated as follows:
$1,000 × Interest Rate × Day-Count Fraction.
Interest Rate:
With respect to each Initial Interest Period (which we expect to be from September 24, 2010 through but excluding
March 24, 2013), a rate equal to 5.00% per annum, and with respect to each Interest Period thereafter, a rate per
annum equal to the 10 year USD CMS Rate (as defined below) on each applicable Interest Reset Date, provided
that such rate will not be greater than the Maximum Interest Rate of 7.00% per annum or less than the Minimum
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Interest Rate of 0.00%.
Minimum Interest Rate:
0.00%
Maximum Interest Rate:
7.00% per annum
Initial Interest Rate:
5.00% per annum
Initial Interest Periods:
The period beginning on and including the issue date of the notes and ending on but excluding the first Interest
Payment Date and each successive period beginning on and including an Interest Payment Date and ending on
but excluding March 24, 2013.
10 year USD CMS Rate:
The 10 year USD CMS Rate refers to the rate for U.S. Dollar swaps with a Designated Maturity of 10 years that
appears on Reuters page "ISDAFIX1" (or any successor page) at approximately 11:00 a.m., New York City time,
on the applicable Interest Reset Date, as determined by the calculation agent. If, on the applicable Interest Reset
Date, the 10 year USD CMS Rate cannot be determined by reference to Reuters page "ISDAFIX1" (or any
successor page), then the calculation agent will determine the 10 year USD CMS Rate in accordance with the
procedures set forth under "Description of Notes -- Interest -- The Underlying Rates -- USD CMS Rate" in the
accompanying product supplement no. 165-A-II.
Interest Reset Date:
After the Initial Interest Periods, two U.S. Government Securities Business Days immediately prior to the beginning
of the applicable Interest Period.
Interest Periods:
The period beginning on and including the issue date of the notes and ending on but excluding the first Interest
Payment Date and each successive period beginning on and including an Interest Payment Date and ending on
but excluding the next succeeding Interest Payment Date.
Interest Payment Dates:
Interest will be payable quarterly in arrears on the 24th calendar day of each March, June, September and
December (each such date, an "Interest Payment Date"), commencing December 24, 2010, to and including the
Maturity Date. If an Interest Payment Date is not a Business Day, payment will be made on the immediately
following Business Day, provided that any interest payable on such Interest Payment Date, as postponed, will
accrue to but excluding such Interest Payment Date, as postponed, and the next Interest Period, if applicable, will
commence on such Interest Payment Date, as postponed.
Payment at Maturity:
On the Maturity Date, you will receive your initial investment in the notes back plus any accrued and unpaid
interest.
Day-Count Fraction:
90/360
U.S. Government Securities
Any day other than a Saturday, Sunday or a day on which the Securities Industry and Financial Markets
Business Day:
Association recommends that the fixed income departments of its members be closed for the entire day for
purposes of trading in U.S. government securities.
Business Day:
Any day other than a day on which banking institutions in London, England or The City of New York are authorized
or required by law, regulation or executive order to close or a day on which transactions in U.S. dollars are not
conducted.
CUSIP:
48124AD95
Investing in the Floating Rate Notes involves a number of risks. See "Risk Factors" beginning on page PS-11 of the accompanying product
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supplement no. 165-A-II and "Selected Risk Considerations" beginning on page PS-2 of this pricing supplement.
Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of the notes or passed
upon the accuracy or the adequacy of this pricing supplement, the accompanying product supplement no. 165-A-II or the accompanying prospectus
supplement and prospectus. Any representation to the contrary is a criminal offense.

Price to Public(1)
Fees and Commissions (2)
Proceeds to Us
Per note
$1,000
$33.30
$966.70
Total
$5,000,000
$166,500
$4,833,500
(1)
The price to the public includes the estimated cost of hedging our obligations under the notes.
(2)
J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Chase & Co., will receive a commission of
approximately $33.30 per $1,000 principal amount note and will use a portion of that commission to pay selling concessions to other
unaffiliated or affiliated dealers of approximately $25.00 per $1,000 principal amount note. This commission includes the projected profits that
our affiliates expect to realize, some of which will be allowed to other unaffiliated dealers, for assuming risks inherent in hedging our
obligations under the notes. Please see "Plan of Distribution (Conflicts of Interest)" beginning on page PS-32 of the accompanying product
supplement no. 165-A-II.
The agent for this offering, JPMS, is an affiliate of ours. See "Plan of Distribution (Conflicts of Interest)" beginning on page PS-32 of the accompanying
product supplement no. 165-A-II.
The notes are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, nor
are they obligations of, or guaranteed by, a bank.

September 21, 2010
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Additional Terms Specific to the Notes
You should read this pricing supplement together with the prospectus dated November 21, 2008, as supplemented by the prospectus supplement dated
November 21, 2008, relating to our Series E medium-term notes of which these notes are a part, and the more detailed information contained in product
supplement no. 165-A-II dated August 24, 2010. This pricing supplement, together with the documents listed below, contains the terms of the
notes, supplements the term sheet related hereto dated September 3, 2010, and supersedes all other prior or contemporaneous oral statements
as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for
implementation, sample structures, fact sheets, brochures or other educational materials of ours. You should carefully consider, among other
things, the matters set forth in "Risk Factors" in the accompanying product supplement no. 165-A-II, as the notes involve risks not associated with
conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the notes.
You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant
date on the SEC website):
Product supplement no. 165-A-II dated August 24, 2010:
http://www.sec.gov/Archives/edgar/data/19617/000089109210003574/e39857_424b2.pdf
Prospectus supplement dated November 21, 2008:
http://www.sec.gov/Archives/edgar/data/19617/000089109208005661/e33600_424b2.pdf
Prospectus dated November 21, 2008:
http://www.sec.gov/Archives/edgar/data/19617/000089109208005658/e33655_424b2.pdf
Our Central Index Key, or CIK, on the SEC website is 19617. As used in this pricing supplement, the "Company," "we," "us" or "our" refers to JPMorgan
Chase & Co.
Selected Purchase Considerations
PRESERVATION OF CAPITAL AT MATURITY -- At maturity, you will receive your initial investment in the notes back if the notes are held to
maturity, regardless of the 10 year USD CMS Rate during the term of the notes. Because the notes are our senior unsecured obligations, payment
of any amount at maturity is subject to our ability to pay our obligations as they become due.
QUARTERLY INTEREST PAYMENTS -- With respect to the Initial Interest Periods (expected to begin on September 24, 2010 through but
excluding March 24, 2013), a rate per annum equal to 5.00%. With respect to each Interest Period thereafter, a rate per annum equal to the 10 year
USD CMS Rate on each applicable Interest Reset Date, provided that such rate will not be greater than the Maximum Interest Rate of 7.00% per
annum or less than the Minimum Interest Rate of 0.00%. Interest will be payable quarterly in arrears on the 24th calendar day of each March, June,
September and December, commencing December 24, 2010, to and including the Maturity Date. Interest will be payable to the holders of record at
the close of business on the date that is fifteen (15) calendar days prior to the applicable Interest Payment Date. The quarterly interest payments
after the Initial Interest Periods are affected by, and contingent upon, the 10 year USD CMS Rate, subject to the Maximum Interest Rate and the
Minimum Interest Rate. The yield on the notes may be less than the overall return you would receive from a conventional debt security that you
could purchase today with the same maturity as the notes. If an Interest Payment Date is not a Business Day, payment will be made on the
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immediately following Business Day.
TAX TREATMENT -- You should review carefully the section entitled "Certain U.S. Federal Income Tax Consequences" in the accompanying
product supplement no. 165-A-II. Subject to the limitations described in the accompanying product supplement, and based on certain factual
representations received from us, in the opinion of our special tax counsel, Sidley Austin LLP, the notes should be treated for U.S. federal income
tax purposes as "variable rate debt instruments". We and you, by virtue of purchasing the notes, agree to treat the notes as variable rate debt
instruments. Accordingly, interest paid on the notes should generally be taxable to you as ordinary interest income at the time it accrues or is
received in accordance with your regular method of accounting for U.S. federal income tax purposes. In general, gain or loss realized on the sale,
exchange or other disposition of the notes will be capital gain or loss.
Subject to certain assumptions and representations received from us, the discussion in this section entitled "Tax Treatment", when read in
combination with the section entitled "Certain U.S. Federal Income Tax Consequences" in the accompanying product supplement no. 165-A-II,
constitutes the full opinion of Sidley Austin LLP regarding the material U.S. federal income tax treatment of owning and disposing of the notes.
JPMorgan Structured Investments --
PS-1
Floating Rate Notes Linked to the 10-Year U.S. Constant Maturity Swap Rate
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Selected Risk Considerations
AFTER THE INITIAL INTEREST PERIODS THE NOTES WILL PAY AN ANNUAL INTEREST RATE, WHICH MAY BE 0.00% -- For the
applicable Initial Interest Periods your notes will pay an annual interest rate equal to 5.00%, and for the applicable Interest Periods thereafter, your
notes will pay a rate per annum equal to the 10 year USD CMS Rate, subject to the Minimum Interest Rate of 0.00% and the Maximum Interest
Rate of 7.00% per annum. Therefore, if the 10 year USD CMS Rate is less than or equal to 0.00% for any Interest Period after the Initial Interest
Periods, the Interest Rate on your notes for such Interest Period will be equal to 0.00%.
FLOATING RATE NOTES DIFFER FROM FIXED RATE NOTES -- The rate of interest paid by us on the notes for each Interest Period after the
Initial Interest Periods will be equal to the 10 year USD CMS Rate subject to the Maximum Interest Rate, which may be less than returns otherwise
payable on debt securities issued by us with similar maturities. In no case will the Interest Rate for any quarterly Interest Period be less than the
Minimum Interest Rate of 0.00%. You should consider, among other things, the overall potential annual percentage rate of interest to maturity of the
notes as compared to other investment alternatives. Interest with respect to any Interest Period other than an Initial Interest Period may be equal to
0.00%, and you will not be compensated for any loss in value due to inflation and other factors relating to the value of money over time during such
period.
AFTER THE INITIAL INTEREST PERIODS, THE INTEREST RATE ON THE NOTES IS BASED ON THE 10 YEAR USD CMS RATE OVER
WHICH WE HAVE NO SUBSTANTIVE CONTROL -- The 10 year USD CMS Rate may be influenced by a number of factors, including (but not
limited to) monetary policies, fiscal policies, inflation, general economic conditions and public expectations with respect to such factors. The effect
that any single factor may have on the 10 year USD CMS Rate may be partially offset by other factors. We cannot predict the factors that may
cause the 10 year USD CMS Rate, and consequently the Interest Rate for an Interest Period other than an Initial Interest Period, to increase or
decrease. A decrease in the 10 year USD CMS Rate will result in a reduction of the applicable Interest Rate used to calculate the Interest for any
Interest Period other than an Interest Period.
CREDIT RISK OF JPMORGAN CHASE & CO. -- The notes are subject to the credit risk of JPMorgan Chase & Co. and our credit ratings and
credit spreads may adversely affect the market value of the notes. Payment on the notes is dependent on JPMorgan Chase & Co.'s ability to pay
the amount due on the notes at maturity, and therefore your payment on the notes is subject to our credit risk and to changes in the market's view
of our creditworthiness. Any decline in our credit ratings or increase in the credit spreads charged by the market for taking our credit risk is likely to
adversely affect the value of the notes.
POTENTIAL CONFLICTS -- We and our affiliates play a variety of roles in connection with the issuance of the notes, including acting as
calculation agent and hedging our obligations under the notes. In performing these duties, the economic interests of the calculation agent and other
affiliates of ours are potentially adverse to your interests as an investor in the notes.
YOUR MAXIMUM GAIN ON THE NOTES IS LIMITED BY THE MAXIMUM INTEREST RATE -- With respect to any Interest Reset Date after the
Initial Interest Periods, if the 10 year USD CMS Rate is greater than the Maximum Interest Rate of 7.00% per annum, for each $1,000 principal
amount note, you will receive on the corresponding Interest Payment Date an interest payment that will not exceed $70.00 per $1,000 principal
amount note per annum prorated on a 360 day basis, regardless of the performance of the 10 year USD CMS Rate. In other words, if the 10 year
USD CMS Rate is greater than or equal to 7.00%, your Interest Rate will be capped at 7.00% per annum.
THE 10 YEAR USD CMS RATE WILL BE AFFECTED BY A NUMBER OF FACTORS -- The amount of interest payable, if any, on notes after the
Initial Interest Periods will depend on the 10 year USD CMS Rate. A number of factors can affect the 10 year USD CMS Rate by causing changes
in the value of the 10 year USD CMS Rate including, but not limited to:
changes in, or perceptions, about future 10 year USD CMS Rate levels;
general economic conditions in the United States;
prevailing interest rates; and
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policies of the Federal Reserve Board regarding interest rates.
These and other factors may have a negative impact on the payment of interest on the notes and on the value of the notes in the secondary market.
THE 10 YEAR USD CMS RATE MAY BE VOLATILE -- The 10 year USD CMS Rate is subject to volatility due to a variety of factors affecting
interest rates generally, including but not limited to:
sentiment regarding underlying strength in the U.S. and global economies;
expectations regarding the level of price inflation;
sentiment regarding credit quality in the U.S. and global credit markets;
central bank policy regarding interest rates; and
performance of capital markets.
Increases or decreases in the 10 year USD CMS Rate could result in the corresponding Interest Rate decreasing or an Interest Rate of 0.00% and
thus in the reduction of interest payable on the notes.
CERTAIN BUILT-IN COSTS ARE LIKELY TO ADVERSELY AFFECT THE VALUE OF THE NOTES PRIOR TO MATURITY -- While the payment
at maturity described in this pricing supplement is based on the full principal amount of your notes, the original issue price of the notes includes the
agent's commission or reflects the deduction of a discount allowed to each agent and includes the estimated cost of hedging our obligations under
the notes. As a result, and as a general matter, the price, if any, at which JPMS will be willing to purchase notes from you in secondary market
transactions,
JPMorgan Structured Investments --
PS-2
Floating Rate Notes Linked to the 10-Year U.S. Constant Maturity Swap Rate
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if at all, will likely be lower than the full principal amount and may be lower than the price at which you initially purchased the notes and any
sale prior to the maturity date could result in a substantial loss to you. This secondary market price will also be affected by a number of
factors aside from the agent's commission or discount and hedging costs, including those set forth under "Many Economic and Market
Factors Will Impact the Value of the Notes" below.
The notes are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your notes to maturity.
LACK OF LIQUIDITY -- The notes will not be listed on any securities exchange. JPMS intends to offer to purchase the notes in the secondary
market but is not required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the notes
easily. Because other dealers are not likely to make a secondary market for the notes, the price at which you may be able to trade your notes is
likely to depend on the price, if any, at which JPMS is willing to buy the notes.
MANY ECONOMIC AND MARKET FACTORS WILL IMPACT THE VALUE OF THE NOTES -- In addition to the 10 year USD CMS Rate on any
day, the value of the notes will be affected by a number of economic and market factors that may either offset or magnify each other, including:
the expected volatility of the 10 year USD CMS Rate;
the time to maturity of the notes;
interest and yield rates in the market generally, as well as the volatility of those rates;
a variety of economic, financial, political, regulatory or judicial events; and
our creditworthiness, including actual or anticipated downgrades in our credit ratings.
JPMorgan Structured Investments --
PS-3
Floating Rate Notes Linked to the 10-Year U.S. Constant Maturity Swap Rate
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Hypothetical Interest Rate for an Interest Period other than an Initial Interest Period
The Interest Rate for each Initial Interest Period will be 5.00% per annum. The following table illustrates the Interest Rate determination for an Interest
Period other than an Initial Interest Period for a hypothetical range of performance for the 10 year USD CMS Rate and reflects the Minimum Interest Rate
of 0.00% and the Maximum Interest Rate of 7.00% per annum. The hypothetical 10 year USD CMS Rates and interest payments set forth in the following
examples are for illustrative purposes only and may not be the actual 10 year USD CMS Rate or interest payment applicable to a purchaser of the notes.

*The Interest Rate cannot be greater than the Maximum Interest Rate of 7.00% per annum.
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