Heat oven to 350°F. Spray 13x9-inch (3-quart) baking dish with nonstick cooking spray.
In large bowl, combine sugar, nutmeg, milk, 1 teaspoon vanilla and eggs; beat with wire whisk until smooth. Fold in bread cubes and raisins. Pour into sprayed baking dish.
Bake at 350°F. for 40 to 45 minutes or until knife inserted in center comes out clean.
Meanwhile, in small saucepan, combine all sauce ingredients. Cook over medium heat until mixture comes to a boil, stirring constantly. Boil 1 minute. Remove from heat; cool slightly. Serve warm sauce over warm bread pudding.