(Exodus 15:13) "You have led forth in lovingkindness (chesed)": You have done chesed with us, for we were without (redeeming) deeds, viz. (Isaiah 63:7) "The lovingkindnesses of the L–rd will I proclaim, etc.", (Psalms 89:2) "The lovingkindnesses of the L–rd will I ever sing, etc." And the world in its very beginning was built only with chesed, viz. (Ibid. 3) "I said that the world (with) chesed will be built."
You Have Led Forth in Lovingkindness
Mekhilta Tractate Shirah 9:6