[mso] Watermarking looks funny

Hello all. I have a watermarking inquiry please.

If I enter the phrase "CARNEAL HISTORY" in the wartermarking (at Format >> 
Background >> Printed Watermark) I don't get that.
I get:

C_R_E_L_H_S_O_Y

(The underscore represents a space.)
Is this what is supposed to happen? Seems to me I didn't do something right.

So I tried one of the premade watermarks. I selected "SAMPLE" and it 
printed the same way: S_M_L_

If it makes a difference, I am using an HP 2100 network Laser.

Thank you.

Robert


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