1.Heat oven to 425°F. Lightly grease 13x9-inch baking dish.
2.In small saucepan, melt 1 tablespoon butter over medium heat. Stir in flour, salt, paprika, nutmeg and pepper. Stir in milk. Cook 5 to 6 minutes, stirring constantly, until mixture thickens and boils. Add cheese; stir until melted. Keep warm.
3.Cook asparagus according to package directions; drain. Cut asparagus crosswise into 1/2-inch pieces. In bowl, combine asparagus, SPAM® Classic and 1/4 cup cheese sauce; mix well.
4.Remove crusts from bread; flatten by rolling with rolling pin. Spread remaining butter lightly on one side of each slice bread. Spoon SPAM® mixture evenly along one edge on unbuttered side of each slice bread; roll up.
5.Place rollups seam-side-down close together in baking dish. Bake 15 minutes or until rollups are lightly browned. Serve with remaining cheese sauce.