Crude runes are etched onto the massive chains and shackles. Fenrir himself instructed their creation, so he could be bound when he becomes too much of a threat to his own people. However, they are also a potent ward that he carries wrapped around him into battle, projecting him from enemy spells and other blows.
Source: Warhammer Armies Project: Unofficial 9th Edition (v2.2)
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Talisman
The Runic Shackles grant Fenrir a Ward Save (6+). and the Magic Resistance (2) special rule.