In a lg. bowl, combine the flour, sugar, baking powder, salt & nutmeg. In a sm. bowl, whisk the egg, eggnog, applesauce and oil. Stir into dry ingredients just until moistened. Fold in raisins & pecans.
Transfer to two 8-in.x4-in.x2-in. loaf pans coated with nonstick cooking spray. Bake at 350 degrees for 40-45 min. or until a toothpick inserted near the center comes out clean. Cool for 10 min. before removing from pans to wire racks.
Glaze: 1/2 c. confectioners' sugar mixed with 2 to 3 t. reduced-fat eggnog just before serving the Eggnog Bread.
Bake the day before serving to give the flavors a chance to blend.
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