I was first asked to build a cash flow model for the given terms of the Collateralized Loan Obligation transaction, which I had to provide within 24 hours. This was to test my ability to understand a standard transaction. After I had successfully submitted the model, I had one-on-one interview with two senior members. The first one was more conversational where the interviewer explained the whole product in detail with a few standard fixed income finance questions. The second one was to decide whether I was a fit in terms of personality, given a small team.