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As the general nature of the Helgi tradition has been considered in the introductory note to Helgakvitha Hjorvarthssonar, it is necessary here to discuss only the characteristics of this particular poem. The second Helgi Hundingsbane lay is in most respects the exact opposite of the first one: it is in no sense consecutive; it is not a narrative poem, and all or most of it gives evidence of relatively early composition, its origin probably going well back into the tenth century.

It is frankly nothing but a piece of, in the main, very clumsy patchwork, made up of eight distinct fragments, pieced together awkwardly by the annotator with copious prose notes. One of these fragments (stanzas 13-16) is specifically identified as coming from "the old Volsung lay." What was that poem, and how much more of the extant Helgi-lay compilation was taken from it, and did the annotator know more of it than he included in his patchwork? Conclusive answers to these questions have baffled scholarship, and probably always will do so. My own guess is that the annotator knew little or nothing more than he wrote down; having got the first Helgi Hundingsbane lay, which was obviously in fairly good shape, out of the way, he proceeded to assemble all the odds and ends of verse about Helgi which he could get hold of, putting them together on the basis of the narrative told in the first Helgi lay and of such stories as his knowledge of prose sagas may have yielded.

Section I (stanzas 1-4) deals with an early adventure of Helgi's, in which he narrowly escapes capture when he ventures into Hunding's home in disguise. Section II (stanzas 5-12) is a dialogue between Helgi and Sigrun at their first meeting. Section III (stanzas 13-16, the "old Volsung lay" group) is another dialogue between Helgi and Sigrun when she invokes his aid to save her from Hothbrodd. Section IV (stanzas 17-21), which may well be from the same poem as Section III, is made up of speeches by Helgi and Sigrun after the battle in which Hothbrodd is killed; stanza 21, however, is certainly an interpolation from another poem, as it is in a different meter. Section V (stanzas 22-27) is the dispute between Sinfjotli and Gothmund, evidently