The Big Four Chinese state-owned banks will soon have to issue billions of dollars of offshore bonds, out of an urgent need to meet an international financial standard, the Total Loss Absorbing Capacity TLAC. The People’s Bank of China PBOC recently said that the Big Four banks probably need to implement TLAC ahead of schedule, because China’s corporate debt has risen to perilously high levels. This massive offshore fundraising will boost the non-bank institutional investor base of…