Combine 2 cups water, the wine, vinegar, olive oil, fennel seeds, garlic, bay leaf, 1/2 teaspoon salt, and pepper to taste in a deep skillet. Bring to a simmer over medium heat, then add the carrots and reduce the heat to medium low; cover and cook until just tender, 25 to 30 minutes.
Transfer the carrots to a bowl using a slotted spoon.
Add the raisins to the skillet, increase the heat to medium high and cook until the vinaigrette is reduced to 1 cup, 15 to 20 minutes. Discard the bay leaf, then pour the vinaigrette over the carrots and let cool. Cover and refrigerate at least 2 hours or overnight.
Remove the carrots from the vinaigrette and arrange on a platter.
Whisk the mustard into the vinaigrette; season with salt and pepper.
Drizzle over the carrots; sprinkle with chives. (Refrigerate any remaining vinaigrette for up to 1 week.)
