There is provided an aerosol generating article (2). The aerosol generating article comprises a combustible heat source (4) having a longitudinal outer surface, an aerosol-forming substrate (10) downstream of the combustible heat source, and a retaining wrap (35). The retaining wrap comprises a an upstream portion (31) extending at least about 50 percent of the way along the length of the combustible heat source on the longitudinal outer surface of the combustible heat source. The upstream portion of the retaining wrap comprises at least one opening (41, 42) overlaying at least about 30 percent of the longitudinal outer surface of the combustible heat source. The retaining wrap further comprises a downstream portion (33) circumscribing at least a portion of the aerosol-forming substrate.