The Jockey Club Racecourse Bond

Next to none in them going to the wall. The risk is that over the term of the bond the divi could become less attractive if other new bonds offer a higher divi. (i.e it's possible that they could trade under water during the term of the bond & if you needed to sell them you might lose out)
This is of most interest to people who are going to use the racing points at their courses.
£30 worth of points per k invested. For non racing fans, the 4.5% part of the coupon might not be of great appeal.

In 2012, the Group generated its largest ever turnover (£150.3m) and operating profits (£19.8m), while making a record contribution to prize money (£16.5m). The Group’s turnover grew 8% year-on-year, while operating profits were up 3%. In the last ten years, it has successfully invested more than £155m in its venues.

Further to this I'd say that the 4.5% must be close to the "real" rate of inflation and so this coupon perhaps represents standing still in a safe haven. If you are investing in them in a pension or ISA, then maybe this is fine for the safe(ish) part of your portfolio, but you might want to take some risk with the rest of it to try to beat inflation. e.g. the recently launched International personal finance retail bond offered 6.125%. Another thing to remember is that for retail bonds, the divi is tax free in an ISA or pension, unlike shares, where the divis are taxed.

Stow,Thanks for that.Planning to put £10k in.The vouchers will pay for my Sandown badge and a years worth of racecards.