Combine first 4 ingredients in a large mixing bowl; beat at medium speed of an electric mixer 3 minutes. Pour batter into 4 greased 6" x 3" x 2" loafpans. Bake at 350° for 30 minutes or until a wooden pick inserted in center comes out clean. Remove from pans; cool on wire racks.
Combine powdered sugar and 1 tablespoon eggnog, stirring well; drizzle over bread.