Enabling compact fonts results in incorrect initials.

\enableexperiments[fonts.compact]
\starttext
\placeinitial
Tested with \luatexbanner and \ConTeXt\ \contextversion
\stoptext

Produces (approximately):

  ested with LuaMetaTeX, Version 2.09.35 and ConTEXt 2021.12.30 19:03

T

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Rik