Preheat oven to 350°F. Gently stretch each biscuit into 4-inch circle. Mix cinnamon and brown sugar in small bowl. Sprinkle 1/4 teaspoon cinnamon mixture and 1 tablespoon raisins over half of each biscuit. Fold over plain biscuit half onto raisin half. Fold again, pinching edges to seal. Gently shape into a ball. Repeat with remaining biscuits. Place buns in lightly greased 9-inch cake pan, evenly spacing them apart. Brush bun tops with beaten egg.
Bake 15 to 20 minutes or until golden brown. Remove buns onto cooling rack; cool completely.
Mix confectioners’ sugar and water in small bowl. Spoon into small resealable plastic bag. Cut a small piece from one of the bottom corners of bag. Close bag tightly then pipe the shape of an X on top of each bun.