"Watermark" opens with a same-titled track, a tradition that Enya would adopt on her next three albums. Its title derived from a poem Roma was writing at the time of recording, which inspired her to name the track accordingly. However, the track was kept as an instrumental and the poem was left unused. It was printed for the first time in the liner notes for Enya's 2002 box set, "Only Time – The Collection". Enya and Nicky dedicated the track to Bones Howe, an American producer and a friend of Nicky's who was the inspiration behind the only word that Enya sings on the track: "Howe". During a meeting with Enya, Diana, Princess of Wales revealed that "Watermark" was a favourite of hers.