Butter the bowl well.
Rip up the panettone and place into the bowl.
Whisk all the remaining ingredients together and over the panettone then cover with foil.
Pour 500ml water into the Instant Pot, put the trivet in place, and then place the bowl on top and put the lid on.
Select Manual High Pressure and set to 25 minutes, followed by Natural Pressure Release (if you are not serving straight away) or Quick Pressure Release for a quick serve.