How do you understand Isaiah 43:1

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Isaiah 43:1 "But now thus says the LORD, he who created you, O Jacob, he who formed you, O Israel: “Fear not, ***for I have redeemed you;***I have called you by name, you are mine.”
 
Well it seems that God is just reassuring Israel and reminding then of the covenant that they made with Him.

You bolded section is trickier:
#1- He redeemed Israel by giving him what he promised.
#2- It also was a foreshadowing passage for the sacrifice of Jesus given the alternate definition for “redeem” in this usage is “to deliver from sin and its consequences by means of a sacrifice offered for the sinner”

So, I think He’s just saying “don’t lose faith, remember our covenant and what I’ve given you.”.
 
In the literal sense of Sacred Scripture, the “redemption” mentioned in verse 1 probably refers to the temporal redemption of the Jews from their Babylonian captivity, as indicated a little later in verses 3 and 4:
… I give Egypt as your ransom, Ethiopia and Seba in exchange for you. Because you are precious in my eyes, and honored, and I love you, I give men in return for you, peoples in exchange for your life.
Typical of prophecies, the future redemption of the Jews from their Babylonian captivity is so certain that it is spoken of in the past tense, as if it has already taken place.

In the spiritual sense of Sacred Scripture, it probably refers the eternal redemption of mankind won by Christ’s sacrifice on the Cross.
 
Isaiah 43:1 "But now thus says the LORD, he who created you, O Jacob, he who formed you, O Israel: “Fear not, ***for I have redeemed you;***I have called you by name, you are mine.”
D-R Bible, Haydock Commentary:

Ver. 1. And. Notwithstanding the sins of his people, God will deliver them, that they may be his witnesses, ver. 10. (Calmet) — Name. As an intimate friend, (Haydock) or slave, chap. xlix. 1. (Calmet) — God grants grace without any preceding merit. (Worthington) — Forerius explains this mostly of the Gentile church, though it regards the converted Jews. (Houbigant)
 
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