2 cups ketchup
1/2 cup mild-flavored (light) molasses
1/3 cup bourbon
1/4 cup Dijon mustard
3 tablespoons hot pepper sauce
2 tablespoons Worcestershire sauce
2 teaspoons paprika
1 teaspoon garlic powder
1 teaspoon onion powder

Combine all ingredients in heavy large saucepan. Bring to boil over medium heat, stirring occasionally. Reduce heat to medium-low; simmer uncovered until sauce thickens and flavors blend, stirring frequently, about 15 minutes. (Can be made 1 week ahead. Cover; chill.)