I compared the “S” to other S’s in the document and while there are slight differences, it’s still a little hard to believe that the S remains that strong over a fold. The “a” in Page is distorted enough to be believed. It angles slightly into the fold as one would expect.
The Y crossing over the D is explained away as the inverted dark black being stronger than the inverted lighter Y. It’s similar to a grey pen being written on white paper and crossing a black line. When inverted, the grey will appear below the now white line because the black can’t get any blacker. Same principle applies.
The only reason the ‘Y’ appears below the ‘s’ in Registrar is because of the lightness of the font of ‘s’.