Step 1

In a small saucepan, combine evaporated milk, butter, and 1/3 cup granulated sugar over medium heat until incorporated; remove from heat. Let cool slightly, and stir in vanilla; set aside.

Step 2

Stir 1 tablespoon granulated sugar into warm water. Add yeast, and set aside until mixture begins to bubble, about 5 minutes. Meanwhile, butter a large bowl; set aside.

Step 3

Combine flour and salt in a medium bowl; set aside. In the bowl of an electric mixer fitted with the paddle attachment, mix together eggs and milk mixture on medium speed; add yeast mixture. Mix until combined. Gradually add flour, beating until fully incorporated.

Step 4

Turn dough out onto a lightly floured work surface; knead until smooth. Place in prepared bowl, turning several times to coat. Let rise, covered with wax paper and a clean damp towel, in a warm place until doubled in size, about 1 hour.

Step 5

Once dough has doubled, punch down with your fist, and knead a few times in the bowl. Turn out onto a lightly floured work surface; and divide evenly into six pieces. Roll each piece into a log, about 24 inches long. Braid 3 logs together; shape each braid into an oval, pressing the ends together to seal. Transfer to two buttered baking sheets; cover with wax paper, and let sit in a warm place until dough has doubled in size, about 1 hour.

Step 6

Preheat oven to 350 degrees. Once dough has doubled in size, discard wax paper, and bake until just golden, 25 to 30 minutes. Transfer to a wire rack; let cool slightly.

Step 7

In a medium bowl, stir together confectioners' sugar with remaining 1/4 cup milk to form a smooth, thick glaze. Add more sugar or milk, if necessary, for desired consistency. Working quickly, coat cakes with glaze, and sprinkle with sanding sugar. Serve warm or at room temperature.