By the latter, he means the particular way the Christ story functions in each letter. Matera provides a synthesis of the Pauline Christ story at the outset that relates to God, Israel, and humanity. Then he looks for elements of this story in each letter. Overall, the letters depict Paul reinterpreting the story of Israel in light of what God has done in Christ. Despite my initial reservation, I think the narrative approach flourishes under the author's observant eyes.
Due weight is given to the distinct christological and soteriological features of each letter.
Yet Matera also sees the broader picture of the Christ story in Thessalonians, Corinthians, Galatians, Romans, and Philippians. The chapter concludes with seven statements on Paul's Christology useful for teaching. While recognizing new themes, Matera regards them as authentic developments of Pauline Christology. Colossians centers on the uniqueness of Christ and cosmic reconciliation in response to uncertain philosophical speculation. In Ephesians, ecclesiology comes to the fore, yet against Kasemann the author argues persuasively that ecclesiology remains subservient to Christology.