"I believe bond investor confidence is a better indicator of the financial strength of a company rather than day to day swings in the stock market."

I tend to agree though there is one major caveat. Some things that are really good for bond investors aren't good for lower classes in the capital structure. Like a rights offering is great for bonds, but horrible for common holders. However, with what ING has announced I think the news is great for both bond holders and preferreds equally, so I definitely like the direction of the bonds that you reported on.