HTML in XML not getting to my html output.

Why when I have

<note>
	<b>Please note that I am a British and Australian citizen who is a green
card holder as of 12th May, 1999.</b>Also, email is my preferred method of
correspondence.
</note>

does the bolding HTML tag not get in my translated html?

This html it outputed thus

<xsl:template match="notes">
<p>
<xsl:call-template name="separated-list">
	<xsl:with-param name="nodes" select="note"/>
	<xsl:with-param name="separator">
		<br/><br/>
	</xsl:with-param>
</xsl:call-template>
</p>
</xsl:template>

<xsl:template name="separated-list">
	<xsl:param name="nodes"/>
	<xsl:param name="separator"/>
	<xsl:for-each select="$nodes">
		<xsl:value-of select="normalize-space(.)"/>
		<xsl:if test="position() != last()">
			<xsl:copy-of select="$separator"/>
		</xsl:if>
	</xsl:for-each>
</xsl:template>





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