Error in compiling ERROR not caught when compiling LOAD-TIME-VALUE expression

[Paul F. Dietz]

(compile nil '(lambda (n) (load-time-value (error "~s"))))

==>

error in FORMAT: No more arguments
  ~s
   ^
   [Condition of type SB-FORMAT:FORMAT-ERROR]

Restarts:
 0: [ABORT] Exit debugger, returning to top level.

Backtrace:
  0: (SB-C:COMPILER-ERROR "(during EVAL of LOAD-TIME-VALUE)~%~A" #<SIMPLE-ERROR "~s" {1002F76C73}>)
  1: ((FLET SB-C::EVAL-IT :IN SB-C::IR1-CONVERT-LOAD-TIME-VALUE) EVAL (ERROR "~s"))
  2: (SB-C::IR1-CONVERT-LOAD-TIME-VALUE #<SB-C::CTRAN 1 {1002F76A93}> #<SB-C::CTRAN 2 {1002F767E3}> #<SB-C::LVAR 3 {1002F76813}> (LOAD-TIME-VALUE (ERROR "~s")))
[...]