Preheat the oven to 350 degrees F. Generously butter a 9×13 inch baking dish.
In a large mixing bowl, beat the eggs with an electric mixer or a whisk until frothy.
Beat in the sugar, milk, vanilla, and nutmeg. Mix thoroughly.
Add the bread and raisins and stir well by hand. Set aside and let the bread soak for 15 minutes.
Pour the bread mixture into the prepared dish and smooth the top.
Bake just until set, about 45 minutes.
Make the Whiskey Sauce
Meanwhile, combine the water, brown sugar, and nutmeg in a medium saucepan and bring to a boil over high heat.
In a small bowl, stir together the bourbon and corn-starch, then stir into the sugar mixture and cook until the mixture thickens and is smooth, about 8 to 10 minutes (you will have to lower the heat as high will cause the mixture to bubble over).
Stir in the butter and serve over warm bread pudding.