i have been trying to find a solution to this for a while (but with no luck). We use CK editor and CK finder for creating html emails (with a few tweaks to the config on load this works ok).
The problem is when that when a link is selected and a color, font, size or weight is added (well any style really) it wraps around the link instead of either applying to the link (inline) or change the style within the link.
an example of this would be when selecting the anchor text and clicking bold the following happens
<strong><a href="#">This is the anchor text</a></strong>