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Preheat oven to 350 degrees F. Spray a 9- x 5-inch loaf pan with cooking spray.
Carefully unroll bread dough and form into an 8-inch by 15-inch rectangle. Brush dough with melted butter.
In a small bowl, combine granulated sugar and cinnamon; sprinkle sugar mixture and raisins over melted butter. Roll up dough, starting at short side. Place dough, seam side down in loaf pan. Let stand in a warm place 30 minutes to allow it to rise slightly.
Bake bread 30 to 35 minutes or until golden. Carefully remove to a wire rack to cool slightly.
In a small bowl, combine confectioners' sugar, milk, and vanilla, stirring until smooth. Drizzle over bread and serve warm.