PREHEAT oven to 350° F. Grease 12 x 8-inch baking dish.
COMBINE bread and cranberries in large bowl. Combine evaporated milk, eggs, butter, sugar, vanilla extract, cinnamon and nutmeg in medium bowl. Pour egg mixture over bread mixture; combine well. Pour mixture into prepared baking dish. Let stand for 10 minutes.
BAKE for 35 to 45 minutes or until knife inserted in center comes out clean. Top with caramel sauce.