PIMCO Research Analyst interview questions

Applied online for Research Analyst position. 1st phone interview was with HR representative. Basically discussed my interest in the position, career experiences to date, and educational background. Received an email approximately a week later stating I would get a chance to speak with one of the hiring managers for the position. The 2nd phone interview was with the Managing Director for Credit Research. The questions in this interview were very challenging and consisted of going through credit research questions and the application of credit research knowledge to hypothetical scenarios that you would be expected to examine on a day-to-day basis. Did not perceive I did as well in this phone interview than in the 1st interview with the HR representative, and subsequently, did not receive an offer.