01 - Preheat oven to 350°F. Generously butter a 9x13-inch baking dish.
02 - Place bread cubes in a large bowl. Pour milk and cream over bread, tossing gently to coat. Let stand for 10 minutes to absorb liquid.
03 - Whisk together eggs, sugar, vanilla, cinnamon, nutmeg, and salt until well combined. Whisk in melted butter.
04 - Pour custard mixture over soaked bread. Add raisins and fold gently until evenly distributed.
05 - Spread bread mixture evenly in prepared baking dish.
06 - Bake for 45-50 minutes until golden brown and set. A knife inserted in center should come out clean. Cool slightly.
07 - Combine sugar and water in medium saucepan over medium heat. Swirl pan (do not stir) until sugar dissolves and turns deep amber, 8-10 minutes.
08 - Remove from heat. Carefully whisk in butter (mixture will bubble). Slowly whisk in cream until smooth. Stir in vanilla and salt.
09 - Serve bread pudding warm, generously drizzled with caramel sauce.