A good question is how a paired-trade of long these stocks and short these bonds could go wrong. (I've never tried shorting a bond, but I assume it is possible).
The key thing to observe is that the carry cost of the trade after tax (and to a lesser extent before tax) is substantially negative - in other words you get paid to hold the paired position. So pretty much the only thing that can go wrong is that the dividends get cut, and even then you have some protection. I guess if we saw massive deflation or a serious crash of some sort then you get run into some margin trouble if you levered up to make the trade.
I wonder if any of these companies have ever cut their dividend?
But bottom line, this is support for your position that stocks are underpriced compared with bonds.
Peter
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