If damage is prevented, then it never happens. In the case of Swans, all damage is prevented (and its controller draws cards). Since it was never dealt damage, Arcbond doesn't do anything.
Your question is a bit misleading; this isn't a case of the interaction between a damage prevention effect and a damage redirection effect (like Shaman en-Kor). This is the case of a damage trigger (Arcbond) and a damage prevention effect.
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Will damage put into a Swan currently affected by the Bond still pass along or will the damage stop at the Swan?