Moodle uses actually an TinyMCE version 3.x.x (don't know exactly which 3-version is used). This version is incompatible with IE 11. See http://www.tinymce.com/wiki.php/TinyMCE3x:Browser_compatiblity
Its not possible to create links to text with the editor. I heard also about problems with switch to HTML mode, but could not confirm this.
May be an update to TinyMCE 3.5.9. could solve the problem. http://tracker.modx.com/issues/10273
See Tracker MDL-43912