Credit strains linger, Pimco pleads for help

Primary credit borrowings by banks from the Fed averaged a record $18.98 billion per day in the latest week, surpassing last week's average of $18.47 billion per day.

"There are still some concerns about credit availability. Banks' unwillingness to lend to each other remains elevated," said Kevin Nicholson, senior fixed-income strategist at Wachovia Securities in St. Louis.

Dallas Fed President Richard Fisher said credit markets were getting better, but added that the "healing process" had some way to go.

(Additional reporting by John Parry; Editing by Leslie Adler)