Preheat the oven to 350°F (180°C). Grease a 9x13 inch baking dish with butter.

In a large bowl, whisk together the milk, condensed milk, eggs, sugar, vanilla extract, cinnamon, and nutmeg.

Add the bread cubes and raisins to the bowl and stir until the bread is fully coated in the milk mixture.

Let the bread mixture sit for 10 minutes, stirring occasionally to make sure all the bread is fully soaked.

Pour the bread mixture into the prepared baking dish, spreading it out evenly.

Bake in the preheated oven for 45-50 minutes, or until the top is golden brown and the center is set.

Let the bread pudding cool for a few minutes before slicing and serving.