Step 1

Preheat the oven to 350°F. Grease a 9x13-inch baking dish (or a dish that's slightly bigger) with oil or butter. Set aside.

Step 2

Place the cubed bolillo bread onto a large baking sheet. Bake it for 5 minutes so that bread become a little toasted and dried out. Remove it from oven and set aside.

Step 3

Add the milk, piloncillo, cinnamon sticks, and cloves to a large pot over medium-high heat. Whisk it together and bring it to a gentle boil.

Step 4

Reduce the heat to low and simmer it for 10 minutes, uncovered, whisking occasionally. Remove it from the heat and discard the cinnamon sticks and cloves.

Step 5

Assemble the capirotada by spreading half of the toasted bread in a single layer in the prepared baking dish. Top it with all of the banana slices, half of the raisins, half of the sliced almonds and half of the shredded cheese. Repeat the process with the remaining ingredients to make one more layer.

Step 6

Carefully pour the sweetened milk all over the capirotada, paying close attention to the bread on the edges.

Step 7

Cover the dish with aluminum foil and bake for another 15 minutes, then remove the foil and bake it uncovered for 15 more minutes.

Step 8

Remove it from the oven, let it cool for 5 minutes, and serve warm. Or let it cool completely, cover and refrigerate, and serve cold.