Grund liggr und bǫr bundin
breið holmfjǫturs leiðar
— heinlands hoddum grandar
Hǫðr — eitrsvǫlum naðri.
Breið grund, bundin eitrsvǫlum naðri, liggr und bǫr leiðar holmfjǫturs; Hǫðr heinlands grandar hoddum.
The broad land, surrounded by the poison-cold serpent <Miðgarðsormr>, lies under the tree of the path of the island-fetter [SERPENT > GOLD > MAN = Knútr]; the Hǫðr <god> of the whetstone-land [SWORD > WARRIOR] harms hoards.
[2] ‑fjǫturs: ‘‑fio᷎trs’ Tˣ, ‘‑fiotrs’ C
[2] holmfjǫturs ‘of the island-fetter [SERPENT]’: Taken here as a kenning for Miðgarðsormr (see the previous Note); so also Skj B and SnE 1998, II, 316 (cf. Meissner 238). Kock (NN §1126) argues that this cpd is not another kenning for Miðgarðsormr, but rather for ‘sea’, and this idea is also entertained in LP: holmfjǫturr. In that case the larger kenning would be ‘the tree of the path of the island-fetter [SEA > SEAFARER]’. Alternatively, a kenning for ‘seafarer’ could be achieved by taking ‘the path of the world serpent’ as a kenning for ‘sea’.
case: gen.