The first thing you need to do when preparing this pudding is to place a roasting pan filled about a third of the way with boiling water in the oven as it preheats, as this "bain marie" is what is going to ensure that the pudding ends up with the proper consistency and cooks evenly through and through. Lining the baking pan with liquid caramel will help with unmolding, but you can grease it well with butter instead (or use nonstick cooking spray).
- Preheat oven to 350ºF. Make a water bath, by placing a pan filled 2-3 cm high with boiling water in the oven. Water bath must be large enough to accommodate pan holding the pudding.
- In a large bowl, beat the eggs with the sugar using a hand mixer, until creamy. Add the condensed milk and mix well. Add the milk and mix well. Add the grated coconut and mix well.
- Grease a round pan and coat the bottom with the caramel. Pour the pudding mixture over the caramel. Place the pudding in the water bath and bake for 40 to 50 minutes. Remove from the oven and allow to cool completely before unmolding.