Goldman's Hunger Bonds Dodge U.S. Sanctions That Bypass Traders

The U.S. levied additional sanctions on Venezuela on Friday, but one of the nation’s largest bondholders may be breathing a sigh of relief.

Goldman Sachs Asset Management, which bought $2.8 billion of notes issued by the state oil company in May, has faced sharp criticism for a deal that appeared to supply fresh funds to President Nicolas Maduro. While observers thought the securities would be a prime target for new penalties, they were exempt from the order. In fact, the only bonds covered by the trading ban are notes due in 2036 that appear to never have been sold outside Caracas.