01 - Preheat oven to 350°F. Generously grease a 9x13-inch baking dish with butter.
02 - Place bread cubes in a large mixing bowl. Pour milk and cream over the bread, tossing gently to coat. Let stand for 10 minutes to absorb liquid.
03 - In a separate bowl, whisk together eggs, sugar, vanilla extract, cinnamon, nutmeg, and salt until smooth. Add melted butter and whisk to incorporate.
04 - Pour the egg mixture over the soaked bread. Add raisins and fold gently until evenly distributed throughout the mixture.
05 - Transfer mixture to the prepared baking dish, spreading evenly. Bake for 45 to 50 minutes until golden brown and set—a knife inserted in the center should emerge clean. Allow to cool slightly.
06 - While pudding bakes, combine sugar and water in a medium saucepan over medium heat. Swirl pan gently (do not stir) until sugar dissolves and mixture turns deep amber, approximately 8 to 10 minutes.
07 - Remove from heat. Carefully whisk in cubed butter—mixture will bubble vigorously. Gradually add heavy cream while whisking constantly until smooth. Stir in vanilla and salt.
08 - Serve warm bread pudding drizzled generously with caramel sauce.