From the Joy of Cooking
Butter a 2 quart baking dish.
1/2 to whole loaf (about a lb) of stale panetone or raisin bread
Cut into 1/2 inch cubes. You should have 4-5 lightly packed cups. If it is fresh, toast in 400 degree oven for 5-10 minutes.
Whisk together thouroughly in a bowl:
4 large eggs
3 cups whole milk
3/4 cup sugar
1 tsp vanilla
3/4 tsp ground allspice
1/4 tsp ground nutmeg
1 pinch of salt
Pour the mixture over the bread and let stand for 30 minutes, or prepare the night ahead and refrigerate over night. Preheat oven to 350 degrees. Bake the pudding in a water bath until a knife in the center comes out clean. About 55-60 minutes.
Serve warm with whipped cream or vanilla ice cream.