Melt sugar in a small saucepan at low heat, until golden. Caramelize a tube cake pan and set aside.
Crumble bread and place in a medium size bowl, pour milk and soak bread pressing with a fork. Add eggs, sugar, melted butter, wine, vanilla, cinnamon, raisins and orange peel. Combine thoroughly.
Pour into caramelized pan and bake in preheated moderate oven 350 °F (175 °C) for 45 minutes approximately. Remove from oven and let cool. Unmold.