• create a circle
• create a rectangle
  (you can see my sizes in the pictures)
• select both and align the center

now you have to add a point on the lower side

• select the rectangle and choose edit node
• add a node in the center
• now drag the center down 
  or
• select the two corners and drag them upwards

adapt the text and center it

importent for filigran fonts use the bold function for thicker lines
now write the word that is to be cut
now you can clearly see that the F separates from the rest of the word 
We work around this as follows

create a text field with the F
and another one with the rest of the word but put a letter in front of it so that the loops remain
with edit node you now remove the first letter and keep the loops
move both text fields together so that it fits
viola we have it :) Easy way

take care the delicate text is very fragile

glue only very little on the thicker areas