ID 361766 - Gray edges on preview bakes

Problem summary
Gray edges on preview bakes

Customer reported version
modo.12.1v2

Customer reported platform
windows10

Steps to reproduce
1) Open the provided scene.
2) Select the shading tab in the item bin.
3) Select the "Example" material.
4) Select Add Layer>Image map>New image and specify a new image.
5) Select the "effect" dropdown on the new image and choose Surface Shading>Normal
6) Select the Texture Baking item and change the Texture Outputs to the image from step 4.
7) Press "f8" to open the preview renderer, then start rendering.
8) Select the cog in the top right of the preview renderer, then change "Render Mode" to "Bake." Then, select the Texture Baking item under the "Bake Output" box.
Result: The normal map will render with gray borders.

Workaround
Unknown. 

Reproduced by support
This bug has been reproduced in:
12.1v1 - Windows 10, OSX 10.13.5
12.0v1 - Windows 10
11.2v3 - Windows 10
11.2v1 - Windows 10
11.1v1 - Windows 10
11.0v3 - Windows 10
10.2v4 - Windows 10, OSX 10.13.5

Earliest version tested
10.2v4 - Windows 10, OSX 10.13.5 - This issue appears to be in all versions of the product
Expected behaviour
UV borders should be padded, extending the edge pixel color beyond the UV border.

Actual behaviour
UV borders are not padded and the bake instead has a gray border expanding from the border.