The poem begins with a prose section in which Sigurd chooses a horse for himself from Hialprek's stud. Regin, a wise and ferocious dwarf, comes to Hialprek and offers to foster Sigurd. As part of his fosterage, Regin tells Sigurd about his parents and the following story. Odin, Haenir, and Loki come to Andvara-falls which is full of fish. A dwarf named Andvari lives as a pike in the falls. Regin tells Sigurd about Ottar who likes to swim in the falls and is Regin's brother. Once Ottar catches a salmon and, while sitting on the bank eating his catch, is killed by Loki. The ZHsir view this as good fortune and make a bag out of the otter skin. That night they stay with Hreidmar, Regin's father, and show.....
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