Preparation

• Preheat your oven to 350°F (175°C).
• Melt butter in a large skillet over medium heat. Add bread cubes in batches and toast, stirring frequently until golden brown and crisp around the edges. Once done, transfer the toasted bread to a 9x13 inch baking dish and spread it evenly.
• While the bread toasts, make the syrup: In a saucepan, combine piloncillo (or brown sugar), cinnamon sticks, and water. Bring this to a simmer over medium heat, stirring until the sugar dissolves. Let it simmer for 5-7 minutes until slightly thickened. Remove from heat and discard the cinnamon sticks.
• In a large bowl, whisk together evaporated milk, sweetened condensed milk, whole milk, and vanilla extract.
• Slowly pour the warm cinnamon syrup into the milk mixture while whisking constantly to combine.
• Scatter raisins and chopped nuts evenly over the toasted bread in the baking dish.
• Pour the warm milk and syrup mixture evenly over the bread, raisins, and nuts. Press down gently with a spatula to ensure all bread is submerged.
• Sprinkle the shredded cheese evenly over the top.
• Place the baking dish in a larger roasting pan. Carefully pour hot water into the roasting pan until it comes about halfway up the sides of the baking dish, creating a water bath.
• Carefully transfer the nested pans to the preheated oven. Bake for 50-60 minutes until the top is golden brown, the cheese is bubbly, and the center is set but has a slight jiggle.
• Remove the baking dish from the water bath and place it on a wire rack. Let the pudding rest for at least 20 minutes before serving warm.