Found strange behaviour with tier 4/5 tokens.
Tokens are not displayed under their corresponding bosses when the following is met:

• ATT in character-mode (not account), regardless of unique-model / completionist.
• Character must not complete introduction quest in Shattrath (not chose aldor/scryer) for what it seems.
  Token's tooltip/window still displays not-full progress and uncollected items that can be redeemed.

What I have gathered:
Vendors that redeem this token's are not listed under factions, plainly [ Open World / Outland / Shattrath / Vendors ].
Character's chosen faction will filter out vendors of another one.
Character's that did not choose faction have BOTH faction's vendors filtered out. (Even though such character's have 0 neutral rep with both, and can interact with any vendor)

2.3.0 didn't have it, 2.3.2 has. It looks like new covenant based filtering have some side-effect to do with it.

I believe this was fixed in cfa74b3. It will be in the next release.