Hjálms fylli spekr hilmir
hvatr Vindhlés skatna;
hann kná hjǫrvi þunnum
hræs þjóðár ræsa.
Ýgr hilmir lætr eiga
ǫld dreyrfá skjǫldu;
styrs rýðr stillir hersum
sterkr járngrá serki.
Hvatr hilmir spekr skatna fylli hjálms Vindhlés; hann kná ræsa þjóðár hræs þunnum hjǫrvi. Ýgr hilmir lætr ǫld eiga dreyrfá skjǫldu; sterkr stillir rýðr járngrá serki styrs hersum.
The brave lord subdues men with Vindhlér’s <= Heimdallr’s> filling of the helmet [HEAD > SWORD]; he can make mighty rivers of carrion [BLOOD] rush with the slender sword. The terrifying lord makes people possess bloodstained shields; the strong ruler reddens the iron-grey shirts of battle [BYRNIES] of the hersar.
[5] lætr: so U, ‘hetr’ R, Tˣ, ‘[…]etr’ W
[5] lætr ‘makes’: So U. The word is damaged in W, and the R, Tˣ reading, ‘hetr’, cannot be construed as an Old Norse word. It has been altered in R to ‘hvetr’ (R*), which could be taken as the 3rd pers. sg. pres. indic. of hvetja ‘sharpen, egg on, urge on’ (cf. st. 15/8), but that makes no sense in the context.