Place raisin bread pieces in a lightly greased 8-inch square baking dish. Stir together sweetened condensed milk and next 5 ingredients; pour over bread pieces. Place dish in a large shallow pan; add hot water to pan to a depth of 1 inch.
Bake at 350° for 35 to 40 minutes or until a knife inserted in center comes out clean. Serve with warm Bourbon Sauce.