1Spray bottom and sides of 13x9-inch pan with cooking spray. In large bowl, place cereal, peanuts and raisins; stir to mix. Set aside.
2In 2-quart saucepan, heat jelly, sugar and corn syrup over medium heat, stirring occasionally, until mixture begins to boil. Boil 2 minutes, stirring frequently. Remove from heat. Stir in peanut butter until mixture is smooth.
3Pour peanut butter mixture over cereal mixture in bowl; stir until cereal is evenly coated. Pour mixture into pan. With buttered back of spoon, press mixture in pan until even. Cool completely, about 1 hour.
4With table knife, cut cereal mixture into 6 rows by 4 rows to make 24 bars. Store in loosely covered container.