rediscount

1. The act of rediscounting.
2. Commercial paper that is discounted a second time. Often used in the plural.

The act of discounting a short-term negotiable debt instrument for a second time. Banks may rediscount these short-term debt securities to assist the movement of a market that has a high demand for loans. When there is low liquidity in the market, banks can generate cash by rediscounting short-term securities.

Investopedia Says:
A central bank's discount facility is often called a discount window. The term comes from the days when a clerk would go to a window at the central bank to rediscount a company’s securities.

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Discount short-term negotiable debt instruments, such as banker's Acceptances andCommercial Paper that have been discounted with a bank-in other words, exchanged for an amount of cash adjusted to reflect the current interest rate. The bank then discounts the paper a second time for its own benefit with another bank or with a Federal Reserve bank. Rediscounting was once the primary means by which banks borrowed additional reserves from the Fed. Today most banks do this by discounting their own notes secured by Government Securities or other Eligible Paper. But rediscount rate is still used as a synonym for Discount Rate, the rate charged by the Fed for all bank borrowings.