Trim crusts from bread slices, and cut each slice into thirds. Lay out the slices on cookie sheets to dry out - a few hours or overnight. Turn over once for even drying. It is important that they dry out thoroughly like croutons.
Preheat the oven to 350 degrees F (175 degrees C). Coat cookie sheets with cooking spray.
Pour the sweetened condensed milk into a shallow dish, and put the coconut in a separate bowl. Dip bread pieces in the condensed milk, and then in the coconut. Lay on the greased baking sheets.
Bake for 6 to10 minutes in the preheated oven, until lightly toasted. Be careful, as the sweetened coconut flakes tend to burn easily. Remove from baking sheets and allow to cool.
