The Oxandrolone hormone does not carry any estrogenic related side effects. It does not aromatize and cannot lead to gynecomastia or water retention due to increases in estrogen levels. It further carries no progestin related activity, which again supports no estrogenic related side effects. Due to water retention being impossible with this steroid, this will decrease the risk of high blood pressure. Excess water retention can promote high blood pressure. Some steroids that do not aromatize can lead to high blood pressure, such as Trenbolone , but Anavar is rarely associated with this trait.
Sex hormone-binding globulin (SHBG) is thought to mainly function as a transporter and reservoir for the estradiol and testosterone sex hormones. However it has also been demonstrated that SHBG can bind to a cell surface receptor (SHBG-R). The SHBG-R has not been completely characterized. A subset of steroids are able to bind to the SHBG/SHBG-R complex resulting in an activation of adenylyl cyclase and synthesis of the cAMP second messenger.  Hence the SHBG/SHBG-R complex appears to act as a transmembrane steroid receptor that is capable of transmitting signals to the interior of cells.