Hebrew in saved MSG file in Outlook 365 is partially corrupted

In Outlook all messages look good.

When saved in MHT format, the result looks good.

When saved in MSG format, either Unicode or not, the result shows some Hebrew words corrupted.

See the comparison of the code of the two messages - the code of a message in Outlook on the left, the code of the same message saved in MSG format on the right.

Please help.