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Preheat oven to 350 degrees and liberally coat a Bundt pan with non stick cooking spray.
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Beat butter and sugar at until light and fluffy.
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Add condensed milk and beat until well blended.
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Add eggs, one at a time and beat well after each addition, scraping down sides after each additional.
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Add flour one cup at a time and beat well after each addition.
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Add vanilla and 1 cup shredded coconut and mix well and beat well.
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Bake 1 hour and 30 minutes or until a toothpick inserted comes out clean.
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Remove from oven and allow to cool for 30 minutes in pan before removing from pan.
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For hibiscus glaze: Gently warm milk in microwave then whisk together with jelly and powdered sugar until smooth.
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When ready to serve drizzle Bundt cake with warm glaze and sprinkle ½ cup shredded coconut over glaze.