Our Team


Stephen Cavalier

Managing Director
Fixed Income Trading

Email  |  Tel: +1 612 303-8235

Stephen Cavalier

Stephen Cavalier is a managing director and head of municipal underwriting at Piper Sandler. He manages a team of eight underwriters that underwrite high grade municipal new issues across the country. Cavalier has over 32 years of experience in the municipal markets as both a municipal institutional trader and underwriter. He represents underwriting on the firm’s commitment committee and is responsible for all market risk associated with new issue municipals.

Prior to joining the firm in 2003, Cavalier was a senior member of the municipal institutional trading groups at Seattle Northwest, Greenwich Partners and Kemper Securities.

Cavalier graduated from Santa Clara University in 1987 with a bachelor’s degree in finance.