Understanding BLE 4.2 Data Length, Security, Privacy Example Project

I've been going over this project and am having a tough time figuring out the order when it comes to Authenticating/Bonding/Pairing versus connecting to a bonded peer.  It jumps back and forth through main.c, so I can't really get a clear understanding of the StackEvent order.

I'm coding both central and peripheral roles on 2 separate devices.  I understand that when 2 unbonded devices go through the authentication procedure, the CYBLE_EVT_GAP_AUTH_COMPLETE event is returned, but what is returned when the devices are bonded and a connection is made?