Evidence suggesting rates won't rise any time soon continues to pile up.

Evidence suggesting rates won't rise any time soon continues to pile up.

Bank of New Zealand is redeeming its $350 million of subordinated callable bonds five years early but is encouraging investors to reinvest the money in other BNZ securities.

NZF Group says the receivers of its former finance company won't let it pay interest on its capital notes.

It was a huge week in the mortgage market with banks slashing fixed-term rates across the board and, if Friday's sharp move lower in wholesale interest rates is any guide, there should be further cuts in the coming week.

Kiwibank, who kicked off the latest mortgage rate war last month with a one-year fixed "special" on the same day Reserve Bank governor Alan Bollard opened the door to a possible official cash rate (OCR) cut, has belatedly matched most of the rest of the market's across the board cuts.

Partners Life continued to gain market share in the March quarter for the fourth successive quarter, although new business was down for most companies compared with both the December quarter and the March quarter last year.

New business in most product categories of life insurance written by Financial Services Council members fell sharply in the March quarter compared with both the previous quarter and the March quarter last year.

The banks are competing fiercely over fixed-rate mortgages but none have cut their floating rates.

OPI Pacific Finance's receivers aren't having much luck in collecting on supposed guarantees provided by its Australian parent.

ASB Bank has joined a number of other banks in cutting fixed-term mortgage rates, slashing its one, two and three-year rates.

Highlighting the intense competition building up in the mortgage market, BNZ has slashed its 18-month fixed “Classic” mortgage rate to 5.10% “for a limited time.”

Hard on the heels of slashing its one-year fixed mortgage rate nationally, ANZ National Bank has launched a 4.55% one-year fixed rate for Christchurch residents and committed to lend up to $500 million as part of a package of measure aimed at supporting the residential rebuild in the quake devastated city.

AMP provides an update on its performance and also some terse comments about changes to superannuation.

BNZ says it's winning market share in both deposits and mortgages.

ANZ Bank has slashed its one-year fixed mortgage rate to 5.25% from 5.65% citing "a window for cheaper longer-term wholesale interest rates that ANZ is taking advantage of and we're passing this on to customers."