The example I illustrated with the macro does not appear to have the overflow 
issue that Robert mentions ... at least, not with the z390 assembler. A 
slightly modified example (with LHI instead of LA) follows:

Assembler Listing
000000                                        (1/1)1          MACRO
000000                                        (1/2)2 &L       WIPE  &DEST,&FILL
000000                                        (1/3)3 &L       LA    0,&DEST
000000                                        (1/4)4          LHI   1,L'&DEST
000000                                        (1/5)5          LFI   
2,&FILL*X'1000000'
000000                                        (1/6)6          MVCL  0,2
000000                                        (1/7)7          MEND
000000                                        (1/9)8 MAIN     CSECT 
000000                                       (1/10)9          USING MAIN,15
LISTUSE MAIN     ESD=0001 LOC=00000000 LEN=01000 REG=F OFF=00000 LAB=
000000                                      (1/12)10          WIPE  BUF,C'A'
000000 4100F010                000010        (1/3)11+         LA    0,BUF
000004 A7180200                              (1/4)12+         LHI   1,L'BUF
000008 C029C1000000            000000        (1/5)13+         LFI   
2,C'A'*X'1000000'
00000E 0E02                                  (1/6)14+         MVCL  0,2
000010                                      (1/14)16 BUF      DS    CL512
000210                                      (1/15)17          END 

(It would be really swell if the Assembler List knew about a fixed-width font 
for such examples.)

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