:%s//\=@o/gce ignores c flag in key mapping

In a key mapping I use the command ':%s//\=@o/gce'.

The command executes as expected except that it behaves as if the c flag were not set.  Is this flag unavailable in a key mapping, or is there some other option that needs to be set for it to work.  It works as expected at the command line.

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Graham Lawrence

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