Is Baptism Regeneration in the Reform Tradition?

The debate about baptism really centers on the structure of the covenants in Scripture and how these things relate to each other. I'm very familiar with both of the arguments because I was a Reform Baptist and then I became a Presbyterian. That's a big debate about the nature of the church. But what it gets into with the sacramental positions, both in Reformed Baptists and in Reformed Presbyterians is on the highest end you're going to see people holding that baptism does regenerate for the elect.