Combine the water, creamer, and butter in a large bowl and beat for 30 seconds. Add the sugar, vanilla, eggs, and salt. Beat at high speed for 1 to 2 minutes.
Transfer 1 1/2 cups of this mixture to an ungreased 2-quart casserole dish and sprinkle with raisins. Add the bread pieces, toss lightly, and pour the remaining mixture evenly over the bread. Sprinkle lightly with cinnamon.
Bake for 40 to 45 minutes. Remove from the oven and let cool completely.
To make the nutmeg sauce, combine the sugar, cornstarch, nutmeg, milk, and butter in a small saucepan over medium heat. Cook until the sauce starts to thicken slightly. Add the vanilla, stirring constantly until thickened. Do not boil.
Drizzle the nutmeg sauce over the cooled bread pudding.