Reset URL variable — odd behavior

Hello,

We just discovered that the %reseturl% link in the password retrieval email is rendering differently if it’s in a hyperlink or not. Weird! Here’s a bit from the email template:

<li>Visit our <a href="%reseturl%">Reset Password</a> page now.</li>
<li>Or, if you cannot for any reason open the link above, you can also copy and paste this URL into your browser: <strong>%reseturl%</strong></li>

The hyperlink reset URL comes out as a link to https://login.microsoftonline.com with more after it… and for my client, it was a link to the correct URL — except that the domain name was changed to “email.domainname.com.”

What do you think could be happening?

The page I need help with: [log in to see the link]