In a large saucepan, bring water, 1 ½ cups of the brown sugar, and cinnamon sticks to a boil. Stir gently and simmer until it thickens slightly — about 10 minutes. Remove from heat and let it sit while you prep the bread.

Tip: The longer the syrup simmers, the thicker and richer it gets!

Toast your sliced bolillo bread until golden. You can do this in a 350°F oven for about 8–10 minutes or until nice and crisp.

Tip: Toasted bread holds its shape better and soaks up the syrup perfectly without getting soggy.

Spread the softened butter lightly over the toasted bread slices. Arrange a layer of bread in your baking dish. Sprinkle on a handful of peanuts, raisins, cheese, and a dusting of ground cinnamon, nutmeg, and cloves. Pour some syrup evenly over the layer.

Repeat until all the bread, toppings, and syrup are used up, finishing with syrup and a generous handful of cheese.

Cover the dish loosely with foil and bake at 350°F for 25–30 minutes, until the cheese is melted and everything is heated through.