Al Cappelli

Al Cappelli is a fixed income managing director and a member of the municipal credit team at Piper Sandler. Cappelli’s focus is on investment grade municipals, providing credit and pricing related support for the firm’s sales and trading activities in the U.S. public finance market. He has more than 20 years of municipal credit experience across all major sectors, with specialties in healthcare, higher education, utilities and land-based transactions. 

Prior to joining the firm in 2011, Cappelli spent several years at the Vanguard Group as a senior analyst specializing in healthcare, higher education and high-yield credits. Prior to Vanguard, he helped maintain Columbia Management’s $30 billion money-market and short-term municipal fund. He spent several years as a senior analyst at the AAA-rated municipal bond insurer Financial Security Assurance and three years at Standard & Poor’s rating healthcare and higher education credits. Prior to public finance, he supported operations at Kaiser Permanente, a large healthcare provider in California, and worked two years supporting operations at General Public Utility’s two nuclear power plants.  

Cappelli is a graduate of Manhattan College, where he earned a bachelor’s degree in engineering, and of Tulane University, where he earned his Master of Business Administration degree. Cappelli is a United States Air Force veteran.