A worker overseas the loading of oil supplies into freight wagons at the Lukoil-Nizhegorodnefteorgsintez oil refinery. They’re both Russian, they’re both oil giants and they’re both grappling with the lowest crude prices in more than a decade. Yet for some investors, the similarities between Rosneft OJSC and Lukoil PJSC end there. While state-controlled Rosneft bonds are being punished on concern it will struggle with a $22 billion debt load amid tumbling energy prices, privately held Lukoil’s bonds are proving more resilient. The premium investors demand to hold Rosneft’s six-year securities instead of similar-maturity notes from Lukoil jumped to a three-month high of 65 basis points as of Friday. It was 20 basis points as recently as last month. As the price of a barrel of crude falls below $30 for the first time in 12 years, the sustainability of Russia’s biggest corporate debt burden at Rosneft is coming under […]