Sberbank’s Bitcoin-linked bonds are structured as synthetic call spreads with returns based on BTC/USD and USD/RUB price movements, subject to payout limits detailed in the offering.

Quotes that support claims

Structurally, the new bond functions as a synthetic call spread. Coupon payments reference the percentage change in BTC’s dollar price over a preset term, plus any appreciation of the dollar/ruble FX rate, subject to caps spelled out in the offering circular.

Sberbank’s offerings also include structure bonds that track the price of bitcoin and the dollar-to-ruble exchange rate.