Caramel Pecan Bread Pudding

Preheat the oven to 350 degrees F.

In a medium-sized saucepan, combine the caramels, sweetened condensed milk, butter, vanilla, and salt over a low heat, stirring occasionally, until the caramels are melted. Remove the saucepan from the heat and set aside.

Place the water in a large bowl and beat the eggs into the water. Add the caramel mixture and mix well. Stir in the bread cubes and the pecans. Let stand for 5 minutes, then stir again.

Pour into a greased 8-inch square baking pan and bake for 45 to 50 minutes or until a knife inserted in the center comes out clean. Serve warm.