Check off each step as you cook.

1. 01Make the caramel.Lightly butter the sides of a solid metal loaf pan; for the base batch, use one about 9 by 5 inches / 23 by 13 cm. Heat caramel sugar and its measured water in a small saucepan, swirling gently after the sugar dissolves, until amber. Carefully pour into the loaf pan and tilt to coat the base. Hot caramel burns severely, so use oven gloves and keep fingers away.
2. 02Soak the bread.Whisk evaporated milk, condensed milk, eggs, melted butter, vanilla, cinnamon, and salt in a large bowl. Stir in bread and leave for 20 minutes, then mash thoroughly with a spoon or potato masher until evenly softened. Fold in raisins.
3. 03Set up the water bath.Heat the oven to 350°F / 180°C. Spoon the mixture into the caramel-lined pan. Place the pan inside a larger roasting dish, set it on the oven rack, and carefully add hot water to the outer dish to reach about halfway up the loaf pan. Keep water out of the pudding.
4. 04Bake until set.Bake for 50–60 minutes until the center is set and a thin knife comes out without liquid custard. The center should reach at least 160°F / 71°C. Add a little hot water to the bath if needed, keeping it below the pan rim.
5. 05Cool and chill.Carefully lift the loaf pan out of the hot water bath and cool on a rack for about 40 minutes. Cover and refrigerate for at least 4 hours until thoroughly cold.
6. 06Turn out and slice.Run a thin knife around the sides. Briefly dip the base of the pan in warm water if needed to loosen the caramel, dry it, then invert onto a rimmed serving platter. Let the caramel run over the pudding and cut into slices.

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