The Financial Post reports in its Saturday, Dec. 7, edition that National Bank of Canada likes buying back its preferred shares. The Post's Barry Critchley writes last week it announced the redemption of its Series 24 and the Series 26 shares. The redemption is slated to happen February, 2014. Holders will receive $25 plus accrued and unpaid dividends. The two series pay 6.60 per cent. This is the bank's second attempt to buy back two of the same class of pref shares. In February, 2011, it offered to buy back three issues of rate reset pref shares. Back then it offered a premium. Originally $516-million was raised from the three issues; after the offer, $189-million remained outstanding. Mr. Critchley says the bank is not refinancing for financial advantage. He says the bank is not replacing higher rate prefs with lower rate prefs. At the end of October, 2013, preferred shares outstanding stood at $677-million. One year earlier it was $762-million. The reduction is reflected in annual dividend payments: $40-million was paid in 2013, down from $43-million in 2012.