Cut the baguette into 1-inch thick slices. You should get about 16 pieces.
Mix together sugar and cinnamon in a small shallow bowl big enough to hold one or more slice bread. Set aside for after frying.
Get 2 separate bowls. In bowl 1, whisk together the condensed milk, whole milk, salt, and vanilla extract. In bowl 2, whisk the eggs.
First, soak 1-2 bread slices at a time in the milk mixture letting each side soak just until the saturated, but not too long that the bread starts to fall apart (about 30 seconds per side). Carefully lift with slotted spoon or large fork to allow excess milk to drip off. Next dip the slices in the egg mixture quickly to coat both sides. Again, gently let excess egg drip off and place the coated bread in a shallow pan or casserole dish. Continue until all slices are coated.
Fill a deep skillet or pot with oil to about 2-inches deep. Heat over medium heat until it reaches 330 F degrees(use a candy thermometer or handle of a wooden spoon to check if the oil bubbles around it).
Pan fry 2-3 bread slices for 1-2 minutes on each side or until they are golden brown and crispy. Keep the oil hot while frying (check temp), raising the heat if needed.
Remove the bread from the oil with a slotted spoon, place on paper towel and set aside. Once done frying and while the Rabanadas are still warm, dip the slices in the cinnamon sugar mixture to coat and place on a serving platter.