Sorry, I don't know the name of this typographic effect, it's been years since I read The Elements of Typographic Style. This is more than kerning. I'm referring to the "tail" of the N going under the following letters. Or is it a particular font with this feature?
The image is from page 2 of http://www.tsengbooks.com/images/6176s.pdf
I'll update the question if I learn the proper typographical term.
Update: as Lev Bishop indicated, the effect is called swash (wikipedia)