The text was first published in the British Methodist supplementary hymnal Hymns and Songs (1969) but has since been altered in various other hymnals, including the Psalter Hymnal. The controlling thought comes from Romans 6:3-5, in which Paul teaches that in baptism we are united with Christ in his resurrection–that is the basis for our new life. Like 269, this song ends each stanza with a note of praise–in this case with an "alleluia" refrain line.
Bert Polman, Psalter Hymnal Handbook
When we sing in stanza 2 “We share by water in his saving death,” we find the same truth echoed in the Catechism’s assurance. First, Heidelberg Catechism, Lord’s Day 25, Question and Answer 66 tells us that the promise of the Gospel comes with a seal and assurance that we are “as truly washed of our sins spiritually as our bodies are washed with water physically” (Heidelberg Catechism, Lord’s Day 27, Question and Answer 73).