Allow the unsalted butter to soften at room temperature until soft to the touch but not melted.

In a large mixing bowl, combine the room temperature milk, sweetened condensed milk, egg, salt, and active dry yeast. Whisk until well combined.

Sift the all-purpose flour into the bowl with the wet ingredients and mix until combined. The dough will be sticky.

Add the softened butter and mix until well integrated into the dough.

Knead the dough on a floured surface for 15 to 20 minutes until smooth and elastic. Add more flour if it sticks.

Place the kneaded dough in a buttered bowl, cover with a damp cloth, and let it rise for about an hour or until doubled in size.

Gently press the dough down, divide into equal sections, and shape them into loaves.

Place the shaped loaves into a loaf pan, cover, and let them rise again for 45 minutes.

Preheat the oven to 180°C (356°F).

Prepare the egg wash by whisking together the egg yolk and milk, then brush it over the tops of the loaves.

Bake the loaves for about 22 minutes until golden brown.

While the bread bakes, prepare the glaze by mixing the condensed milk with softened butter.

Brush the tops of the baked loaves with the condensed milk glaze for added sweetness.

Allow the bread to cool slightly or serve it warm.