Place half of bread cubes in buttered baking dish. Top with banana slices and remaining bread cubes. In large bowl, combine eggnog, eggs, sugar, and nutmeg; blend well. Pour over bread cubes.
Bake at 350F for 40 to 50.
Sauce
Soak raisins in the rum.
Meanwhile, in small saucepan, combine all sauce ingredients except rum. Simmer over medium heat, stirring constantly, until mixture boils and thickens. Reduce heat to low; simmer 5 minutes, stirring constantly. Stir in rum and raisins. Drizzle sauce over pudding.