Preheat oven to 180°C (350°F). Grease a 2.5-litre (10-cup) Bundt® pan. Line a baking sheet with parchment paper.
To prepare the cake:
- Beat the first 6 ingredients together in a large bowl.
- Beat in flour, baking soda, salt, spices and cocoa.
- Stir in chocolate chips.
- Pour into pan.
- Place the pan on the baking sheet.
- Bake in preheated oven for 65 to 70 minutes, or until the surface rises and cracks, and a toothpick inserted in the center comes out clean.
- Cool on a rack.
For the icing:
- Heat sweetened condensed milk and chocolate in a small saucepan over low heat, stirring until chocolate is melted.
- Remove from heat and let cool until desired thickness is reached.
- Pour over cooled cake.