Investment Banking Analyst 1st Year

A colleague forwarded my CV to the person in charge of the recruiting process. On that same day, received an e-mail from the staffer, asking for a phone interview.

Scheduled the phone interview for one week later.

Main questions included:

1) "Tell me about yourself"
2) "How does a $100 increase in depreciation affect the 3 financial statements?"
3) "Why do you think the BRL is currently so depreciated against the USD currency?"
4) "Tell me about a recent deal you have worked on"
4) "If I am the CEO of a company and would like to raise capital. You are the investment banker advising the company. Would you tell me to raise debt or equity? Why?" -> Key thing here is to talk about cost of equity x cost of debt. When to raise equity / when to raise debt. Pay dividends? Pay down debt? Buyback stock? Adjust current capital structure?
5) "Can you name some recent deals our bank has advised on recently?"

After the phone interview, received feedback and proceeded to next round. Process went very well, but I did not get the offer.

Very polite team members and professional hiring process.