  A wide class of N=2 reductions of the supersymmetric KP hierarchy in N=1
superspace is described. This class includes a new N=2 supersymmetric
generalization of the Toda chain hierarchy. The Lax pair representations of the
bosonic and fermionic flows, local and nonlocal Hamiltonians, finite and
infinite discrete symmetries, first two Hamiltonian structures and the
recursion operator of this hierarchy are constructed. Its secondary reduction
to new N=2 supersymmetric modified KdV hierarchy is discussed.
