Muon-spin-rotation and relaxation studies on single-crystalline HoNi2B
2C show two magnetic phase transitions at T-N1=6.0 K and at T-N2=5.0 K
. While the low-temperature phase displays a commensurate antiferromag
netic structure, the higher-temperature phase exhibits an incommensura
tely sinusoidal modulation of the spin amplitude. The nature of the in
commensurate state, along with the causes of the reentrant superconduc
tivity near 5 K, are discussed.