Preheat oven to 350.

Spray a 8x8 inch baking dish with non-stick cooking spray.

Cut bread into 1 inch cubes and add to large bowl.

In another bowl whisk together heavy cream, eggs, sugar, vanilla, cinnamon and nutmeg until combined.

Pour the liquid mixture over the bread and stir to completely coat, let soak for about 30 minutes.

Spread into baking dish and bake in oven for about 45-50 minutes until center is set.

While the bread pudding is baking melt the butter in a medium saucepan and then add the sugar, heavy cream and vanilla extract.

Slowly cook over low heat, stirring occasionally until slightly thickened.

Remove the vanilla sauce from the heat and serve warm over the bread pudding.