diff --git a/__snapshots__/default-changelog-notes.js b/__snapshots__/default-changelog-notes.js
index 1116f347e..0ebca5644 100644
--- a/__snapshots__/default-changelog-notes.js
+++ b/__snapshots__/default-changelog-notes.js
@@ -153,6 +153,15 @@ exports['DefaultChangelogNotes buildNotes with commit parsing should handle html
 * render all imagesets as <picture> ([383fb14](https://github.com/googleapis/java-asset/commit/383fb14708ae91f7bb7e64bf0bacab38))
 `
 
+exports['DefaultChangelogNotes buildNotes with commit parsing should handle html tags as inline code 1'] = `
+## [1.2.3](https://github.com/googleapis/java-asset/compare/v1.2.2...v1.2.3) (1983-10-10)
+
+
+### Features
+
+* render all imagesets as &lt;picture&gt; \`<picture>\` \`\` \`<picture>\` \`\` ([82fcfaf](https://github.com/googleapis/java-asset/commit/82fcfaf039487566a6e2d49a215afe09))
+`
+
 exports['DefaultChangelogNotes buildNotes with commit parsing should handle inline bug links 1'] = `
 ## [1.2.3](https://github.com/googleapis/java-asset/compare/v1.2.2...v1.2.3) (1983-10-10)
 
diff --git a/src/changelog-notes/default.ts b/src/changelog-notes/default.ts
index 49405aa08..e3e47f6b6 100644
--- a/src/changelog-notes/default.ts
+++ b/src/changelog-notes/default.ts
@@ -123,5 +123,7 @@ function replaceIssueLink(
 }
 
 function htmlEscape(message: string): string {
-  return message.replace('<', '&lt;').replace('>', '&gt;');
+  return message.replace(/``[^`].*[^`]``|`[^`]*`|<|>/g, match =>
+    match.length > 1 ? match : match === '<' ? '&lt;' : '&gt;'
+  );
 }
diff --git a/test/changelog-notes/default-changelog-notes.ts b/test/changelog-notes/default-changelog-notes.ts
index e78e48d10..ffb9baa9d 100644
--- a/test/changelog-notes/default-changelog-notes.ts
+++ b/test/changelog-notes/default-changelog-notes.ts
@@ -276,6 +276,20 @@ describe('DefaultChangelogNotes', () => {
         expect(notes).to.is.string;
         safeSnapshot(notes);
       });
+      it('should handle html tags as inline code', async () => {
+        const commits = [
+          buildMockCommit(
+            'feat: render all imagesets as <picture> `<picture>` `` `<picture>` ``'
+          ),
+        ];
+        const changelogNotes = new DefaultChangelogNotes();
+        const notes = await changelogNotes.buildNotes(
+          parseConventionalCommits(commits),
+          notesOptions
+        );
+        expect(notes).to.is.string;
+        safeSnapshot(notes);
+      });
       // it('ignores reverted commits', async () => {
       //   const commits = [buildCommitFromFixture('multiple-messages')];
       //   const changelogNotes = new DefaultChangelogNotes();