Can you add html to an IF expression?

Can you add html styling to an expression such as
{{trading_name != NULL ? <b>' t/a '</b> + trading_name : ''}}
where I am trying to style the t/a as bold?

Or is this the only way to do it?
<b>{{trading_name != NULL ? ' t/a ' : ''}}</b>{{trading_name != NULL ? trading_name : ''}}

Or is there an alternative way?