Actually, it's %3D for "=". Every character that is not alphanumeric is displayed as % followed by two hexidecimal digits to represent the character.
It shows up in the status bar the way it would show up in a browser -- translated back into it's characters. Unfortunately, it doesn't translate them back when you click the link...
I forgot that symbols like ?, =, and & would change too, and that can be a problem. My suggestion is that you urlencode() any variable that might have characters other than alphanumeric, then build your URL.
In other words, if you think the subject variable might have spaces or strange characters, then use:
$s = urlencode($s);
That should fix your problem.