Preheat the oven to 325 degrees . Using an electric mixer, beat the eggs, then beat in the milk, 2 tablespoons melted butter and the vanilla. Gradually add the sugar and mix until dissolved.
Place the bread cubes in a 9-inch round baking dish and pour the egg mixture on top. Sprinkle the pecans on top and press them into the bread. Bake until set, about 50 minutes.
A few minutes before the pudding is done, in a medium saucepan, heat the remaining 1 stick melted butter with the honey, cinnamon, cayenne and salt over medium heat, whisking to combine. Remove from the heat and whisk in the cream. Drizzle half of the warm honey sauce over the bread pudding and serve the rest alongside.