Preheat oven to 325° F. Spray 12-cup Bundt pan with cooking spray. Dust lightly with flour.
Whisk together yogurt, sweetened condensed milk, 1/4 cup lemon juice and vanilla extract in medium bowl.
Beat granulated sugar and 2 tablespoons lemon peel in large mixer bowl for a few seconds or until fragrant. Add butter; beat on medium speed for a couple minutes or until creamy. Add eggs one at a time, beating well after each addition.
Combine flour, baking powder, baking soda and salt in large bowl; stir well.
Beat in flour mixture alternately with yogurt mixture on low speed, beginning and ending with flour mixture. Pour batter into prepared pan.
Bake for 65 to 75 minutes or until wooden pick inserted in cake comes out clean. Cool cake in pan on wire rack for 1 hour. Invert cake onto wire rack or serving platter to cool completely.
Whisk together powdered sugar, 2 tablespoons lemon juice and lemon peel from 1/2 lemon in small bowl until smooth. Drizzle over cooled cake.