The script may resemble the runic characters, but in a way of imitation. I don't think there is any meaning to them in the conventional sense, i.e. these are not abbreviations of anything in the Western vernacular. In other words, they have nothing to do with the abbreviated inscriptions on the Viking period swords, in my opinion.
Here's an additional shot of the blade.
Ceremonial/secret society vestment purpose might be the answer, among other things. The script may represent a societal code of some sort.
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