Preheat oven to 350 degrees F. Combine first 4 ingredients in large mixing bowl. Beat at medium speed with an electric beater 3 minutes. Pour batter into 4 greased 3"x6" loaf pans.
Bake 30 minutes or until a toothpick inserted in center comes out clean. Remove from pans. Cool on wire racks. Combine powdered sugar and 2 tablespoons eggnog,stirring well. Drizzle over bread. Store in refrigerator.