In a medium saucepan over medium-low heat, add the confectioners' sugar. Cook, without moving the pot, until the sugar begins to melt, about 3 minutes. Continue to cook, whisking occasionally to break up any lumps, until the sugar is completely melted and golden brown, 3 to 4 minutes.
Pour in the warm cream. The mixture may solidify. Raise the heat to medium and simmer, stirring, until the mixture melts again and is smooth, about 3 minutes. Take the pot off the heat and carefully add the bourbon. Return to the heat, bring to a boil, and simmer 1 minute to cook off some of the harshness of the bourbon. Let cool at least 10 minutes before serving, but serve warm.