Tear 1 (16-oz.) loaf of sliced cinnamon-raisin bread into 1-inch pieces; place in a large bowl. Whisk together 1 (14-oz.) can sweetened condensed milk, 3/4 cup hot water, 4 large eggs, and 2 tsp. vanilla; pour over bread pieces, tossing gently to coat. Divide bread mixture evenly between 6 (10-oz.) lightly greased ramekins or custard cups. Bake at 350° for 25 to 30 minutes or until a knife inserted in center comes out clean. Stir together 1 cup powdered sugar and 2 Tbsp. milk or maple syrup; drizzle evenly over bread puddings. Serve warm.