Investors have started to show that they're willing to put up a pretty penny for high yield plays.

Sprint Corp. (S) was the most actively traded high-yield bond Tuesday, Feb. 21, with new 7.625% bullet notes due 2026 rising to 100.25, according to new data from S&P Global Market Intelligence.

"Sources note the $1 billion offering, which was upsized by $500 million during marketing, was met with orders totaling roughly $3.75 billion," S&P wrote. "The deal was placed at the tight end of talk and tight of whispers in the 8% area. Proceeds are slated to fund general corporate purposes."

Sprint most recently jumped into the high yield market in February 2015, S&P said, with a $1.5 billion print of 7.625% notes due 2025. On Wednesday, that paper was trading hands at 101.5.

As of Dec. 31, Sprint reported total long-term debt of roughly $32.8 billion, according to the company's most recent filing with the Securities & Exchange Commission. That included $10.5 billion in aggregate principal of senior notes outstanding at the parent company Sprint Corp. In addition, there was $22 billion outstanding in principal of senior notes issued by Sprint Communications and Sprint Capital Corporation, senior secured notes issued by Sprint Communications, guaranteed notes issued by Sprint Communications, a secured term loan and secured revolving credit, S&P said.

Overall, risk-sentiment proxies dipped slightly Wednesday, S&P found, as the SPDR Bloomberg Barclays High Yield Bond ETF (JNK) traded at $36.17, down narrowly from Friday's close of $36.19. That came after the fund hit a 12-month low of $35.68 on Feb. 12.

S&P added that bonds backing Dish Network Corp. (DISH) were "off" after Dish reported $597 million in fourth-quarter earnings, about 9.5% below Wall Street's forecasts. Sales for the quarter also missed on expectations at $3.48 billion.

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